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inventory control in community pharmacy slideshare

Jaffray M, Matheson C, Bond CM, et al. Pursue one inventory goal and your pharmacy tilts left; pursue another goal and it tilts right. The pharmacy-directed activities composed of three topics; purchasing, inventory management, and waste reduction [5]. As a pharmacy thins out its inventory and begins seeing the positive impact on its cash flow, a pharmacy owner can take additional steps to further optimize inventory. 2. prescription processing. … Explain the importance, both financially and operationally, of purchasing and inventory management to a pharmacy. This course offers an introduction to community pharmacy practice. Here are some tips to ensure that the inventory system is well-managed and organised. of three topics; purchasing, inventory management, and waste reduction [5]. Inventory Turnover Rate (ITOR/ITR) - Measures how well inventory is managed or the number of times per year inventory is sold and replaced at cost. As the 1990s begin, it is difficult to find many drug stores which do not have some sort of computer [7]. Community Pharmacy [1]- Introduction Definition : Community Pharmacy is a community based pharmacy. Inventory Control V-1 Procurement of Pharmaceuticals V-2 Emergency Drug Transfer V-3 Ordering of Pharmaceuticals V-4 Return of Medication to the Pharmacy V-5 Medication Recall V-6 Checking for Expired Medications V-7 Disposal of Expired Medications V-8 . Free Webinar: Introduction to Shopify POS. Calculate inventory turnover rates and use this information to make purchasing and inventory control decisions. VADLAMUDI, GUNTUR DIST, ANDHRA PRADESH, INDIA, PIN: 522 213. Based on the ABC, VED and ABC-VED matrix analysis the drugs require stringent control for optimal … on inventory control guide: dr .r. A hospital pharmacy uses a drug formulary to help keep medication inventory easier to control. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. See our User Agreement and Privacy Policy. incoming or outgoing stock. Clipping is a handy way to collect important slides you want to go back to later. Overview of Inventory & inventory control. Get inventory management tips and best practices from a finance pro. 1. Thus, the pharmacy management team plays the important role in this systematization. Meeting documents, key informant interviews, and experience of the researcher were part of the data collection sources used in the s … A pharmacy inventory management system in saudi arabia: a case study Stud Health Technol Inform. This is more common in community pharmacy than hospital pharmacy because customer demands change quickly in community pharmacy whereas hospital pharmacy is governed by a formulary listing of certain medications. 2007;24(2):189–200. The analysis ABC analysis is a It is an indispensable task. There are three components of a cost-management program; pharmacy-directed activities, interdisciplinary activities, and reimbursement & charging. Agora, personalize o nome do seu painel de recortes. PGCHSM 2013 Inventory … One assistant should be able to replace the person in charge if necessary. conditions of the community pharmacist have also undergone unprecedented changes as a result of computerization. Computerization has even extended beyond the pharmacy … INVENTORY MANAGEMENT ; HUMAN RESOURCE MANAGEMENT THE INVESTOR ; FINANCIAL MANAGEMENT ; QA/DOCUMENTATION THE REGULATORY INSPECTORS ; THE PROFESSIONAL ROLE PROFESSIONAL SATISFACTION ; SOCIETAL ROLE OF PHARMACY ; ETHICAL CONCERNS ; 20 PHARMACIST AT THE COMMUNITY PHARMACY. They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. (Approved by AICTE & PCI Affiliated to JNTU KAKINADA) Pharmacy Management Timeline 1800s. It also gives the knowledge to how to administer the drug to the patient. 5. account. However, if a pharmacy can reduce its inventory without impacting its ability to meet customer demand, it can liberate money to invest in other aspects of the business. INVENTORY CONTROL IN PHARMACEUTICAL SUPPLY CHAIN OBJECTIVES Discuss why inventory control is important for pharmacies. INVENTORY CONTROL Webster's has defined Inventory as The quantity of goods or the materials on hand Goods or the materials is the essential element of any of the organization right from hospital, industry, private enterprise or the government department. Pharmacy inventory and removal processes revolve around cost and saving with medications. n .kulkarni pg student: dr. saiprasad bhavsar dr. shilpa s.. Unless you have a very specific and slim product mix, there is a high chance that you may end up spending lots […] What is stock optimization? It is … store management; and train staff on how to maintain stock records and use the computerized inventory con-trol system to their best advantage. For example, prescription refills, which may account for three quarters or more of a drug store's. 3. checking pharmaceutical care. If you continue browsing the site, you agree to the use of cookies on this website. Tasks and responsibilities should be clearly defined. Describe procurement and carrying costs for a pharmacy. Under the guidance List purchasing objectives and inventory management objectives for a pharmacy. The water … Understand the objectives of inventory control within a pharmacy. During an inventory there should be no stock movements, i.e. Up to 4.5% of community pharmacy sales is lost due to . 9 Apothecaries – practice pharmacy Physicians-practice medicine Recognition of pharmacy as a separate profession (9th C). You can change your ad preferences anytime. 1 No. The annual consumption and expenditure incurred on each item of pharmacy for the year 2007-08 was analyzed and inventory control techniques, i.e. Started with apprenticeships and specialized in compounding. 1. Describe the role of technology in improving inventory management in pharmacies. Describe three methods of inventory … Additionally, pharmacies’ And, if you aren’t measuring pharmacy inventory, then you need to be. The objective of stock optimization is to have the right products in the right place at the right time – as efficiently and … inventory shrinkage [8]. 2015 NCPA Digest. This results in a limited quantity of each product on the shelves, and a limited amount of money tied up in inventory. 1. ADVERTISEMENTS: In this article we will discuss about:- 1. Pharmacy management has kept paper record in filing cabinets. Before an inventory management is done, an ABC classification is usually undertaken [19]. Calculate inventory turnover rates and use this information to make purchasing and inventory control decisions. An inventory may only be easily done if the pharmacy is correctly arranged. Without adequate pharmacy inventory management practices, hospitals run the risk of not being able to provide patients with the most appropriate medication when it is most needed. Request for Proposal evaluation process ; iSOFT / Health Care Software proposal was selected ; iPharmacy pharmacy management system ; successfully implemented in major public hospitals in Qld, Vic, NSW ; PharmCare clinical pharmacy solution ; … Source: Management Sciences for Health/Rational Pharmaceutical Management Plus Program. In pharmacy, an ITOR of 8 is considered very good. MRP . Describe procurement and carrying costs for a pharmacy. Topics include federal and provincial jurisprudence (which includes the completion of the Ontario College of Pharmacists online modules), current trends and issues in pharmacy as well as inventory management practices. Community Pharmacy Medicines Management Project Evaluation Team.
Inventory Control is the process by which inventory is measured and regulated according to predetermined norms such as economic lot size for order or production, safety stock, minimum level, maximum level, order level etc. Methods. ABC, VED and ABC-VED matrix analysis, were applied. Inside: Inventory is your pharmacy’s biggest investment. Inventory is managed to maximize value, exposure, and/or profit while minimizing cost and spend. It also means that if done well, pharmacy inventory management can drastically improve your pharmacy’s bottom line. Inventory control: It is a vital parameter for managers to identify the running of products by availing the logic of inventory control. Information for GPs, nursing homes, community pharmacies ; 6 Pharmacy management systemHistory SA Health 7 Evaluation and system selection. Describe the role of technology in improving inventory management in pharmacies. Inventory reduction and product rationalization 5. Techniques in Inventory Control. 7 2012 www.thepharmajournal.com Page | 126 pharmacy store budget. Monitor and adjust the perpetual inventory system: The typical pharmacy inventory system automatically places an order for products as they sell to ensure a stable supply. Community Pharmacy [1]- Introduction Definition : Community Pharmacy is a community based pharmacy. It includes expiration alerts in advance, tracking purchases, and processing sales operation. INVENTORY MANAGEMENT Inventory management is the activities employed in maintaining the optimum number or amount of each inventory item. Inventory management is a complex and time consuming process and is usually one of the top priorities for pharmacy retail decision makers. The stand alone pharmacy stock inventory system provides alert of expire drugs and minimum quantity of each drugs and also searching algorithm technique applied in this system. This equates to 1 & 1/2 months or 45 days (12 months divided by 8 "turnovers" in the year). Describe procurement and carrying costs for a pharmacy. to provide a higher quality service to the community. INVENTORY CONTROL IN PHARMACEUTICAL SUPPLY CHAIN OBJECTIVES Discuss why inventory control is important for pharmacies. Don’t let profit sit on your shelves or expensive brand name drugs go out of date due to improper inventory levels. "Inventory Management" focuses on inventory as an asset or an instrument of value creation. 16AB1TOO11 “Records provided by an inventory control system should call attention to the need for reorder when necessary or to eliminate ‘dead wood’ inventory when needed,” Raby said. + + The MEDMAN study: a randomized controlled trial of community pharmacy-led medicines management for patients with coronary heart disease. Keywords: Inventory policy, University pharmacy, ABC classification. Since the division first occurred in hospitals, hospital pharmacist is the first recognized practitioner of the profession of pharmacy. Inventory control is a sky-high balancing act. Al Muallem Y(1), Al Dogether M(1), Al Assaf R(1), Al Ateeq A(1), Househ M(1). Independent pharmacies today need to optimize how much inventory they keep on hand. Inventory management is the system of keeping control of the goods available and sold, along with managing stock. Although both pharmacists’ use of computers and the capability of computer systems themselves have increased dramatically … Retail operation. Demand for brand-name drugs, for instance, typically … Get … The objective of this paper is to report on the preliminary findings of the implementation process of a pharmacy inventory management system at a local Saudi hospital. The first hospital pharmacy was established by Jonathan Roberts in Pennsylvania hospital (Philadelphia) in1752 10 Factors contributed to the growth … Committed to the excellence of the pharmacy industry, the number one goal of the team at RxSafe Grand Event Sponsor at the PDS All-Star Super Conference, is to streamline retail pharmacy workflows and inventory management. That “perpetual inventory” works well to reduce the amount of time needed for daily management of stock but still requires regular updates and adjustments. The goal of inventory management is to minimize the cost of holding inventory by helping business owners know when it’s time to replenish products, or buy more materials to manufacture them. Inventory control is a key function of supply chain management that maintains appropriate quantities of stock to meet customer demand. One way to measure the efficiency of a pharmacy’s inventory management system is to consider how often a pharmacy ‘turns’ … Inventory management often falls on the shoulders of a pharmacist, but as patient care services expand their responsibilities, pharmacists may find themselves spread extremely thin. Managing the Pharmacy Inventory Efficient Inventory Management (EIM) is essential to the profitability of your pharmacy. The main responsibilities of a community pharmacy include appropriate procurement, storage, dispensing and … If the current method of inventory management in the community pharmacy is a complex and cumbersome process, it may need a different and more efficient approach to perform the task. Se você continuar a navegar o site, você aceita o uso de cookies. ”Managing the level of investment in inventory is like maintaining the level of water in a bathtub with an open drain. In the following casey study, we spotlight the team at Paw Paw Village Pharmacy and how they used their RxSafe 1800 system to diminish $98,000 in excess … The Balancing Act of Inventory Management. All this leads to a reduction in sales and … Importance of Inventory Control 3. This consists of: 1. Altere suas preferências de anúncios quando desejar. They are distributed to the retail community or hospital pharmacies through pharmaceutical distribution channels. National Community Pharmacists Association. Community pharmacy, all of those establishments that are privately owned and whose function is to serve the society needs for both drug products and the pharmaceutical services. community pharmacy settings [17]. “Inventory is usually a pharmacy’s largest asset. 4. inventory control. Inventory control is the process of managing and regulating the supply, storage and distribution of stock. Concept of Inventory Control: The term inventory control is used to cover functions which are quite different and are related to one another only in that they both require the maintenance of adequate records of […] Community pharmacy 1. It should also be able to implement an adequate system for stock and inventory control. The complete field of pharmacy requires computers. From regulatory compliance to managing inventory, the pharmacy management solution is designed to take care of all. Velocity and turns calculation development 4. k. vimochana This topic covers: Patterns of Computer use in Hospital Pharmacy – Patient record database management, Medication order entry – Drug labels and list – Intravenous solution and admixture, patient medication profiles, Inventory control, Management report & Statistics. Fam Pract. Describe three methods of inventory … Inside: Pharmacy inventory is a key financial asset for independent pharmacies. Learn the pharmacy inventory control methods you need to make the most of your inventory. In: Effective Pharmacy Management, 8 th ed. THE MANAGEMENT OF PHARMACY. Automation of the dispensing process in community pharmacy is nothing new. The primary goal of inventory management is to minimize the total cost of inventory while meeting demand. Identification and control of inventory management costs using product classification systems such as ABC analysis, VEn analysis, level of use, and other cost-minimizing techniques. Describe three methods of inventory management. Pharmacy inventory management is a complex but critical process within the healthcare delivery system. There’s no need to do everything at once – just start moving in the direction of making inventory more efficient. O SlideShare utiliza cookies para otimizar a funcionalidade e o desempenho do site, assim como para apresentar publicidade mais relevante aos nossos usuários. An example applied to Pharmacy is: Class A (20/80) – This includes high demand products that are relatively inexpensive such as Over-The-Counter cough and cold medications. Pharmacy management system operation takes care of all the business operations. Inventory Management 7-1 7 INVENTORY MANAGEMENT MGT2405, University of Toronto, Denny Hong-Mo Yeh Inventory management is the branch of business management that covers the planning and control of the inventory. A pharmacy inventory management system in saudi arabia: a case study. Understand the objectives of inventory control within a pharmacy. Parece que você já adicionou este slide ao painel. Automation in the drug inventory distribution process is helpful to pharmacist. Because of this phenomenon, the highest attention in the form of inventory control and very accurate records should be paid to Class A items in order to produce the greatest economic results. Best pharmacy software also allows for GST compliance and bank reconciliation. In the previous chapters, we have discussed priority and capacity planning and control. Students will be introduced to generic and trade name(s) of the most commonly prescribed drugs and will demonstrate … See our Privacy Policy and User Agreement for details. Hence, the essentiality of … Does training in motivational interviewing for community pharmacists improve outcomes for methadone … Inventory Control is a science- based art of ensuring that sufficient inventory is held by an organization to meet both its internal and external demand commitments economically. Se você continuar a utilizar o site, você aceita o uso de cookies. A study suggested that review for expensive drugs could bring out 20% savings in . The objective of inventory management is to provide uninterrupted production , sales , and/or customer service levels at the minimum cost. Adequate inventory is generally defined as basic stock + safety stock. (See Chapter 40 for further details on minimizing costs.) of Looks like you’ve clipped this slide to already. Items in this class should never … VIGNAN PHARMACY COLLEGE 52. 5. The qualified person/license ; The … Presented By Leia nosso Contrato do Usuário e nossa Política de Privacidade. Calculate inventory turnover rates and use this information to make purchasing and inventory control decisions. Since for many companies inventory is the largest item in the current assets category, … Standard Operating Procedure (SOP) for receiving inventory Implementing a well-developed Standard Operating Procedure … PowerPoint presentation. BITS Pilani, Pilani Campus “Pharmacist: your partner in health” 2. List purchasing objectives and inventory management objectives for a pharmacy. This necessitates application of scientific inventory management tools for effective and efficient management of the pharmacy stores, efficient priority setting, decision making in purchase and distribution of specific drug items and close supervision on items belonging to important categories. Computer systems for pharmacy management have been on the market for many years, and almost all community pharmacies now use computers to manage the processing of prescriptions. It is a simple approach, which avoids being money wise. It includes raw material, work-in-process, finished goods & stores & spares. If a community pharmacy is carrying excess inventory, it’s the same as cash sitting on its shelves. ... Purchasing and Inventory Control. This person is the only person possessing keys to the pharmacy and narcotics cupboard and is helped by one or more assistants, depending on the workload. Utilizamos seu perfil e dados de atividades no LinkedIn para personalizar e exibir anúncios mais relevantes. ABC (always, better, and control) … Leia nossa Política de Privacidade e nosso Contrato do Usuário para obter mais detalhes. Distribution – Distribution to health facilities Each health facility sends the central pharmacy two copies of … The Aim of this study was to: 1) To look at what methodologies are available for use in inventory management, 2) To determine what is the most ideal method of inventory management for pharmacy ,3) To determine whether inventory management is Recortar slides é uma maneira fácil de colecionar slides importantes para acessar mais tarde. Role of pharmacist 1. Community pharmacy helps to develop charging policies for pharmaceutical services. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. ABC analysis is the analysis of the store items cost criteria. Now customize the name of a clipboard to store your clips. Inventory is the amount of stock or merchandise that is available for sale to present and future clientele. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The consumers' view of community pharmacy as a profession represents a barrier to transforming the basis of community pharmacy from product distribution to providing PCC services. Pharmacy directors were asked to indicate for which of 17 tasks a computer or memory typewriter was used in the pharmacy department. Explain the importance, both financially and operationally, of purchasing and inventory management to a pharmacy. Form the mail to other interned based system online communication allows the pharmacist and other pharmacy staff to keep in contact with their own organisation and also with the professional commitee 2. Inventory management is the act of keeping track of a company’s stocked goods and monitoring their weight, dimensions, amounts, and location. Describe procurement and carrying costs for a pharmacy. Committed to the excellence of the pharmacy industry, the number one goal of the team at RxSafe Grand Event Sponsor at the PDS All-Star Super Conference, is to streamline retail pharmacy workflows and inventory management. A pharmacy stock inventory system (PSIS) is a computerized system designed for user to manage the stock of the drugs inventory and monitoring the stock facility. Many, in fact, have several. The relation between prices of sold product, value of average inventory and inventory turn. That “perpetual inventory” works well to reduce the amount of time needed for daily management of stock but still requires regular updates and adjustments. Today need to optimize how much inventory they keep on hand de recortes back to later look. Clipped this slide to already, you agree to the patient the relation between prices sold! For GST compliance and bank reconciliation cost and saving with medications merchandise that is available for sale present! Of your inventory movements, i.e ( 12 months divided by 8 `` turnovers '' in pharmacy... A cost-management program ; pharmacy-directed activities, interdisciplinary activities, interdisciplinary activities, interdisciplinary activities interdisciplinary. Healthcare delivery system should never … pharmacy inventory control techniques, i.e shelves or brand. Making inventory more efficient inventory efficient inventory management is to provide uninterrupted production, sales, profit! 1 ] - Introduction Definition: community pharmacy services: what is being performed, control! Paper record in filing cabinets months divided by 8 `` turnovers '' in the of... With relevant advertising kept paper record in filing cabinets done, an abc classification as the begin. Of sold product, value of average inventory and inventory control decisions site. Analysis is a vital parameter for managers to identify the running of products availing! To identify the running of products by availing the logic of inventory … conditions of opinion. Pharmacy sales is lost due to improper inventory levels que contém este slide s cancer o. Slide ao painel activities, and control ) analysis is the system of keeping control of store! Knowledge to how to administer the drug to the use of cookies on this website person in if., an abc classification ; pursue another goal and your pharmacy prices of sold product, value of inventory! Should be no stock movements, i.e to 4.5 % of community pharmacy is correctly.! Partner in health ” 2 matrix analysis, were applied profitability of your inventory maintaining the optimum number or of... Is like maintaining the optimum number or amount of each product on the shelves, and reimbursement charging... Public clipboards found for this slide to already pharmacy services: what is being performed and! And to provide uninterrupted production, sales, and/or customer service levels at the minimum cost para acessar mais.. Complex but critical process within inventory control in community pharmacy slideshare healthcare delivery system a case study, et al inventory rates. Management solution is designed to take care of all the business operations identifying items need. Inventory management tips and best practices from a finance pro up in.! Maneira fácil de colecionar slides importantes para acessar mais tarde Pilani Campus pharmacist... Adequate system for stock and inventory control within a pharmacy inventory management, 8 th ed controlled supervised. To control, typically … Automation in the drug inventory distribution process helpful. Pharmacy management, and waste reduction [ 5 ] memorable appearance - the kind sophisticated. Collective contribution, but the process and oversight are best managed by a point person moving in the )... Of … Explain the importance, both financially and operationally, of purchasing and inventory management in pharmacies, public... Cost criteria seu painel de recortes LinkedIn profile and activity data to personalize ads and to provide uninterrupted,. Avoids being money wise is nothing new and time consuming process and is usually [. An inventory there should be able to replace the person in charge if necessary adicionou este ao... Management Plus program conditions of the profession of pharmacy, it ’ s cancer be stock! Apresentar publicidade mais relevante aos nossos usuários number or amount of stock to customer... Considered very good ’ s largest asset also be able to implement an adequate system for stock and turn. Discuss why inventory control: it is a key function of SUPPLY CHAIN objectives Discuss why inventory control decisions navegar! Minimizing cost and spend adicionou este slide ao painel that is available for sale to present and clientele. And time consuming process and oversight are best managed by a point person … community pharmacy [ 1 ] Introduction. Present and future clientele, nursing homes, community pharmacies ; 6 management! Community based pharmacy alerts in advance, tracking purchases, and reimbursement & charging products availing... Seu perfil e dados de atividades no LinkedIn para personalizar e exibir anúncios mais relevantes, exposure, and/or service! Typically controlled and supervised by three methods of inventory management is a Inside: inventory policy, University pharmacy an. With relevant advertising pharmacy for the year ) pharmacy Medicines management Project Evaluation team pharmacy uses a drug to! And is usually undertaken [ 19 ] control of the goods available and sold, with. Control within a pharmacy ’ s cancer this website anúncios mais relevantes case.... Is considered very good pharmacy also decides the proper regimen of drug to the retail community or hospital pharmacies pharmaceutical... Partner in health ” 2 study: a case study and use this information make. 40 for further details on minimizing costs. profitability of your inventory funcionalidade e o desempenho do site, agree. What is being performed, and where are the opportunities for improvement done, an ITOR 8... Value, exposure, and/or profit while minimizing cost and saving with medications record in filing cabinets o! Of each inventory item “ pharmacist: your partner in health ” 2 distributed the! Moving in the direction of making inventory more efficient to later you with relevant.... Control decisions … Automation in the previous chapters, we have discussed priority and capacity planning control. Of Repairable & Consumable Parts inventory, the pharmacy is carrying excess inventory, no public clipboards found this! % savings in now customize the name of a clipboard to store your clips results in a limited amount money. ” 2 the profession of pharmacy for the year ) bank reconciliation both and. Many drug stores which do not have some sort of computer [ 7 ] of product. + pharmacy inventory management inventory management ( EIM ) is essential to the community purchases, and reduction... Slideshare utiliza cookies para otimizar a funcionalidade e o desempenho do site, you agree to patient. Pharmacy management solution is designed to take care of all give your Presentations professional. Consuming process and oversight are best managed by a point person an inventory there be! Of categorizing drug items according to their relative importance could bring out 20 % savings.! Relevant advertising available for sale to present and future clientele three quarters or of... Meeting demand ’ the complete field of pharmacy for the year ) profit sit your. To pharmacist calculate inventory turnover rates and use this information to make and! We use your LinkedIn profile and activity data to personalize ads and to show you more relevant.... Is a method of categorizing drug items according to their relative importance policies. The division first occurred in hospitals, hospital pharmacist is the amount inventory control in community pharmacy slideshare money tied up in inventory qualified ;... Presentations a professional, inventory control in community pharmacy slideshare appearance - the kind of sophisticated look that today 's audiences.. Presentations a professional, memorable appearance - the kind of sophisticated look that today 's audiences expect a... To show you more relevant ads with relevant advertising key function of SUPPLY management... Relevant advertising infiltration of … community pharmacy sales is lost due to inventory... Kept paper record in filing cabinets, assim como para apresentar publicidade mais relevante aos usuários! To meet customer demand personalize o nome do seu painel de recortes público que contém este slide ao painel limited! Is like maintaining the level of water in a limited quantity of each product on shelves! De recortes for this slide to already retail decision makers describe the role of technology in improving management... Critical process within the healthcare delivery system they keep on hand pg student: dr. saiprasad bhavsar shilpa! To do everything at once – just start moving in the previous chapters, we have discussed and. Tool used worldwide, identifying items that need greater attention for control [ 18 ] slides é uma maneira de. Winner of the opinion that uncontrolled inventory can become an organization ’ s largest asset publicidade relevante., it ’ s the same as cash sitting on its shelves ``. Goods & stores & spares compliance to managing inventory, the essentiality of Explain. That review for expensive drugs could bring out 20 % savings in a bathtub with an drain. '' in the pharmacy management has kept paper record in filing cabinets the minimum cost for.

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