OBJECTIVE To establish an integrated central pharmacy management model combining the inpatient pharmacy and the pharmacy intravenous admixture service （PIVAS）， and to evaluate its effectiveness and economic value in terms of operational cost composition， dispensing output， and dispensing efficiency.METHODS Through spatial integration， flexible staff scheduling， the application of intelligent equipment， and a dual prescription review system， the inpatient pharmacy and PIVAS were integrated， and an integrated management model was implemented. Operational data from the Fourth Affiliated Hospital of Soochow University （hereinafter referred to as “our hospital”） in 2023 were selected for analysis， with national median data and data from another hospital in the same region that still implemented a separate management model for the inpatient pharmacy and PIVAS serving as controls. The activity-based costing method was used to calculate operating costs. Dispensing output， dispensing efficiency， and unit activity cost were compared among the three. Cost-benefit analysis was further conducted by calculating the net benefit （NB） and the incremental cost-effectiveness ratio （ICER） for economic evaluation.RESULTS Under the integrated central management model， the total operational cost of our hospital’s central pharmacy was 3.968 3 million yuan， representing an 11.80% reduction compared with the external hospital’s pharmacy （4.499 0 million yuan）， with consumable costs and labor costs decreasing by 38.73% and 10.99%， respectively. The total prescription dispensing volume （3.613 4 million orders） was 43.58% higher than that of the external hospital’s pharmacy （2.516 7 million orders）. The daily dispensing volume per capita reached 471.41 medication orders， 3.5 times that of the external hospital’s pharmacy （135.20 medication orders）. The unit activity cost was 1.10 yuan， showing a 38.55% decrease relative to the external hospital’s pharmacy （1.79 yuan）. The NB was 755 200 yuan， and the ICER was －2.36. In terms of PIVAS operations， the daily dispensing volume per capita for general infusions （including antibacterial drugs） in our hospital was 50.83 sets， higher than the national PIVAS median （49.11 sets） and the external hospital pharmacy （36.14 sets）； the daily dispensing volume per capita for hazardous drugs was 0.86 sets， higher than the national median （0.70 sets） and the external hospital pharmacy （0.16 sets）.CONCLUSIONS The integrated central pharmacy management model established by our hospital achieved reduced operational costs and enhanced staff efficiency despite growing service volumes. Integrating the functions of both the inpatient pharmacy and the PIVAS， this model outperformed national medians and peer hospitals in dispensing output， dispensing efficiency， unit activity cost control， and economic evaluation， and surpassed the national median specifically in PIVAS dispensing efficiency.