Today’s pharmaceuticals supply chain faces an increasing need of flexibility, accuracy and ease of processes management as a minimum requirement. The inventory management process remains a key success for the whole supply chain. The search for Operational Excellence (OE) in inventory management should include a thorough understanding of the nature of the pharmaceutical operations, choice of the right inventory control system and a managerial commitment. The holistic program of Operational Excellence is composed of many waves and relies on specific principles and techniques that aim to stabilize the process of inventory management throughout the supply chain and make it proactive. This stabilization is vital in the pharmaceutical supply chain as it allows the supply chain controlling its stock and then achieves the expected level of Operational Excellence. The objective of this paper is twofold: explore the different waves of Operational Excellence, investigate and analyze its techniques and tools. And then, propose some guidelines to choose the proper techniques and tools that impact the inventory management considering the specific requirements of the pharmaceutical supply chain.