The Business of Pharmacy Podcast™

In this episode, Mike Koelzer sits down with Wayne Glowac, the owner of Orion Marketing, to discuss effective marketing strategies for pharmacies. They cover a wide range of topics, from developing a strategy based on a clear vision and mission to building relationships with physicians and leveraging online platforms. wayne.glowac@gmail.com Importance of developing a strategy for marketing a pharmacy Defining the mission, vision, and values of the business Identifying benefit pillars to differentiate from competitors and generate profit Making customers feel cared about, not just cared for Tips for improving customer retention Importance of having a website and online presence for pharmacies Leveraging benefit pillars to attract and retain customers Promoting benefits rather than features AIDA principle of attention, interest, desire, and action Challenges associated with advertising for pharmacies Specializing and focusing on strengths CROP analysis to identify strengths and weaknesses Psychology of customer behavior and importance of excellent service Doctor detailing to increase referrals Importance of follow-through and persistence in sales and business Impact of artificial intelligence (AI) on the pharmacy industry Low-cost marketing ideas for pharmacists Potential of AI in providing quality online content and answering questions Concerns about abuse of information and disinformation Optimism about AI helping to raise humans to a higher level.

In this episode, we sit down with Wendy Barnes, CEO of RxBenefits, to discuss the challenges faced by self-insured employers in managing pharmacy benefits. Barnes shares her insights on the difference between PBOs and PBMs, the complexities of managing pharmacy benefits, and the importance of pharmacists in the healthcare system. Here are 10 points covered in this episode: Pharmacy benefit optimizers (PBOs) help smaller to mid-sized self-insured employers manage their pharmacy benefits. PBOs and pharmacy benefit managers (PBMs) have different roles and responsibilities. Self-insured employers face financial pressures and the complexity of managing pharmacy benefits. The big three PBMs extract high rates year over year, but the industry is moving towards a cost-plus environment. RX Benefits offers a one-year contract model to account for market changes. Misinformation is a challenge in the industry, and transparency is critical in negotiations. A small team of decision-makers engages with PBMs directly, emphasizing the need for accountability on both sides. Providing a comprehensive approach to managing pharmacy benefits and a single member service center can simplify the process for employees. A supplemental stop-loss product can help smaller employers cover specialty medication costs. Pharmacists are essential in the healthcare system and have become increasingly relevant during the COVID-19 pandemic. https://www.rxbenefits.com/ Connect with Mike: Instagram: https://www.instagram.com/bizofpharmpod/ Facebook: https://www.facebook.com/BizOfPharmPod YouTube: https://www.youtube.com/c/TheBusinessofPharmacyPodcast Twitter: https://twitter.com/bizofpharmpodLinkedIn: https://www.linkedin.com/company/bizofpharmpodWebsite: https://www.bizofpharmpod.com Loved this episode? Leave us a review and rating here: https://www.bizofpharmpod.com/reviews/new/

In this episode, Jamie Wilkey, a PharmD, discusses the importance of taking action and creating, even if it means being uncomfortable at first. She emphasizes the need to make consistency a daily habit and set achievable goals to track progress. Jamie also talks about her passion for coaching and inspiring healthcare professionals to invest in their own brand. She explains how she partnered with business professionals to scale her company, Wealthy White Coats, and create compelling offers. Finally, Jamie shares her experience of selling her company and building a sellable business, emphasizing the importance of having a plan for the future. https://wealthywhitecoat.com/register-live Some key topics: Letters after name outdated Consistency crucial for success Start creating, even poorly Put yourself out there Create, don't consume Long-term sustainable activities Partner with professionals to scale Building a sellable business Creating a professional brand Learn from online resources. Connect with Mike: Instagram: https://www.instagram.com/bizofpharmpod/ Facebook: https://www.facebook.com/BizOfPharmPod YouTube: https://www.youtube.com/c/TheBusinessofPharmacyPodcast Twitter: https://twitter.com/bizofpharmpodLinkedIn: https://www.linkedin.com/company/bizofpharmpod Website: https://www.bizofpharmpod.com Loved this episode? Leave us a review and rating here: https://www.bizofpharmpod.com/reviews/new/

In this podcast episode, host Mike Koelzer and guest Brooke Griffin, a pharmacist and professor of pharmacy practice, discuss the importance of soft skills, self-awareness, and effective listening in various contexts, including healthcare, leadership, and personal relationships. Self-awareness is key Use validated surveys Choose confidant carefully Repeat back words Be present always Focus on gratitude Say "tell me" Create intentional spaces Remember names intentionally Listen before speaking Connect with Mike: Instagram: https://www.instagram.com/bizofpharmpod/ Facebook: https://www.facebook.com/BizOfPharmPod YouTube: https://www.youtube.com/c/TheBusinessofPharmacyPodcast Twitter: https://twitter.com/bizofpharmpod LinkedIn: https://www.linkedin.com/company/bizofpharmpod Website: https://www.bizofpharmpod.com Loved this episode? Leave us a review and rating here: https://www.bizofpharmpod.com/reviews/new/ Please support The Business of Pharmacy Podcast™ by checking out our sponsors at https://www.bizofpharmpod.com.

Ned Milenkovich discusses his passion-driven career in drug and pharmacy law, emphasizing the importance of cultivating relationships, trust, and networking through various platforms and associations, while sharing insights on marketing, mentorship, and personal growth Ned Milenkovich intro [00:00:25] Cultivate relationships [00:01:10] Trust in connections [00:02:55] Passion-driven career [00:03:40] Attorney marketing challenges [00:05:55] Alternative career question [00:07:25] Logistics/distribution answer [00:07:55] Early career experiences [00:08:25] Supply chain importance [00:10:10] Surrounding with intelligence [00:10:25] Attending conferences [00:11:25] Giving back/mentoring [00:14:40] Pharmacist bond [00:17:40] Publishing vs LinkedIn [00:19:10] Rx Village concept [00:20:55] Rx Village marketing [00:21:10] Law firm transition [00:21:55] Self-initiated marketing [00:22:25] Early Rx Village tools [00:23:10] LinkedIn networking [00:24:25] https://www.muchlaw.com/ Connect with Mike: Instagram: https://www.instagram.com/bizofpharmpod/ Facebook: https://www.facebook.com/BizOfPharmPod YouTube: https://www.youtube.com/c/TheBusinessofPharmacyPodcast Twitter: https://twitter.com/bizofpharmpod LinkedIn: https://www.linkedin.com/company/bizofpharmpod Website: https://www.bizofpharmpod.com Loved this episode? Leave us a review and rating here: https://www.bizofpharmpod.com/reviews/new/ Please support The Business of Pharmacy Podcast™ by checking out our sponsors at https://www.bizofpharmpod.com.

Episode Summary: In this episode, host Mike Koelzer speaks with Blair Thielemeir, the founder of Pharmapreneur Academy, about the future of pharmacy and overcoming self-limiting beliefs. They explore the need for pharmacists to adapt and evolve, embrace entrepreneurship, and take a proactive approach to patient care. Additionally, they discuss the importance of mental health support and the challenges faced by pharmacists in balancing their personal and professional lives. Key Topics: Introduction of Blair Thielemeir and Pharma Printer Academy -The evolving role of pharmacists in the healthcare industry -Overcoming self-limiting beliefs and embracing the "pharma entrepreneur" mindset -Importance of market research and engaging with target audiences -Addressing underlying patient issues, such as mental health and self-worth -The impact of technology and innovation on the pharmacy profession -Discrepancies between pharmacy education and real-world practice -Strategies for pharmacists to create new opportunities and forge new paths -Mental health challenges faced by pharmacists, including anxiety, depression, and burnout -Personal experiences and the importance of seeking professional help - Overachieving, people-pleasing, and perfectionist tendencies in pharmacy -Setting boundaries and focusing on personal goals and interests -Conclusion and key takeaways Elevate Pharmacy Summit Connect with Mike: Instagram: https://www.instagram.com/bizofpharmpod/ Facebook: https://www.facebook.com/BizOfPharmPod YouTube: https://www.youtube.com/c/TheBusinessofPharmacyPodcast Twitter: https://twitter.com/bizofpharmpod LinkedIn: https://www.linkedin.com/company/bizofpharmpodWebsite: https://www.bizofpharmpod.com Loved this episode? Leave us a review and rating here: https://www.bizofpharmpod.com/reviews/new/ Please support The Business of Pharmacy Podcast™ by checking out our sponsors at https://www.bizofpharmpod.com.

Host Mike Koelzer speaks with pharmacist Ray Carlson about the impact of chain pharmacies on the opioid epidemic  The discussion centers on the challenges faced by chain pharmacists in complying with federal laws designed to prevent the misuse and abuse of prescription drugs, specifically the OBRA 90 law  Ray argues that chain pharmacies have diminished the value of dispensing and introduced metrics, making it difficult for pharmacists to follow the law The importance of pharmacists' adherence to dispensing laws to mitigate the opioid crisis is emphasized  Ray highlights the critical role of professional associations and the need for representation for chain pharmacists in these organizations  The power of professional engagement in influencing legislation and the consequences of apathy among chain pharmacists are discussed  The impact of chain pharmacies on independent pharmacies is touched upon, as well as the influence of pharmacy benefit managers on patient care  The need for greater education and public awareness of the laws governing medication dispensing is stressed  The urgent need for chain pharmacists to take an active role in their profession, engage in conversations about important issues, and prioritize patient safety in their practices is emphasized  By doing so, the speakers argue, pharmacists can be a powerful force in mitigating the opioid crisis and effecting change in the pharmacy profession Book: Lawfully Addicted: Chain Pharmacy's Role in Our Opioid Epidemic | Ray Carlson, R.Ph., Author Connect with Mike:  Instagram: https://www.instagram.com/bizofpharmpod/ Facebook: https://www.facebook.com/BizOfPharmPod YouTube: https://www.youtube.com/c/TheBusinessofPharmacyPodcast Twitter: https://twitter.com/bizofpharmpod LinkedIn: https://www.linkedin.com/company/bizofpharmpod Website: https://www.bizofpharmpod.com Loved this episode? Leave us a review and rating here: https://www.bizofpharmpod.com/reviews/new/ Please support The Business of Pharmacy Podcast™ by checking out our sponsors at https://www.bizofpharmpod.com.

Host Mike Koelzer speaks with Joey Dizenhouse, an actuary and PBM expert at HealthTrust, about the intricate relationships between PBMs, pharmacies, and plan sponsors Negotiation requires leverage, subject matter expertise, and tenacity Joey explains his role in negotiating master agreements between PBMs and the entity with their insurance plan, ensuring the incentives of the PBM align with the best interests of the plan and its members Negative impact of choosing brand name drugs over cheaper generics on pharmacies Importance of preserving competition in the industry to ensure consumers receive the best value Delays in launching generics and biosimilars can impact plan sponsors Rising cost of pharmacy expenses and the need to stay ahead of the curve to protect against future increases Factors that contribute to the rising cost trend in pharmacy, and how good contracts with PBMs can provide flexibility while educating prescribers and patients about the cheapest available drugs Importance of a medical exception process to ensure access to expensive medications Communication between PBMs, patients, and healthcare providers is crucial Role of pharmacists, brokers, and consultants in navigating the complex world of PBMs. https://healthtrustpg.com/  Connect with Mike: Instagram: https://www.instagram.com/bizofpharmpod/ Facebook: https://www.facebook.com/BizOfPharmPod YouTube: https://www.youtube.com/c/TheBusinessofPharmacyPodcast Twitter: https://twitter.com/bizofpharmpod LinkedIn: https://www.linkedin.com/company/bizofpharmpod Website: https://www.bizofpharmpod.com Loved this episode? Leave us a review and rating here: https://www.bizofpharmpod.com/reviews/new/ Please support The Business of Pharmacy Podcast™ by checking out our sponsors at https://www.bizofpharmpod.com.

In this podcast, host Mike Koelzer interviews Leanna Gantt, inventor of tooktake Dosage Reminder Labels.  Leanna shares her personal experience of creating the product to help people keep track of their medication and the challenges she faced in bringing it to market. The conversation covers topics such as medication adherence, gamification, and the financial and personal struggles of starting a business. Join us as we dive into the fascinating story of tooktake and its creator.  Leanna explains tooktake, a sticker that helps patients keep track of whether they have taken their medication or not.  There are four varieties of tooktake labels, including daily, hourly, monthly, and up to 10 days, which have tabs for different dosing requirements. The labels allow patients to keep their medication in its original packaging with directions, warnings, expiration dates, and refill numbers.  When the patient takes their medication for the day, they pull a tab off the sticker to indicate that they have taken it. Leanna created tooktake labels after experiencing difficulty keeping track of her medication during cancer treatment.  She notes that tooktake labels appeal to a younger audience than traditional pill organizers because they are simple and tactile, requiring no programming.  Leanna discusses the challenges of bringing an invention to market and notes that she didn't fully realize how difficult the process would be when she started. tooktake is still in the startup phase, but it is doing well, with distribution through Cardinal Health and placement in some big pharmacy chains.  Leanna notes that the goal now is to get consumers to know about the product and is relying on word of mouth to spread the message.  https://tooktake.com/  Connect with Mike: Instagram: https://www.instagram.com/bizofpharmpod/ Facebook: https://www.facebook.com/BizOfPharmPod YouTube: https://www.youtube.com/c/TheBusinessofPharmacyPodcast Twitter: https://twitter.com/bizofpharmpod LinkedIn: https://www.linkedin.com/company/bizofpharmpod Website: https://www.bizofpharmpod.com Loved this episode? Leave us a review and rating here: https://www.bizofpharmpod.com/reviews/new/ Please support The Business of Pharmacy Podcast™ by checking out our sponsors at https://www.bizofpharmpod.com

Description: In this episode of the podcast, host Mike Koelzer talks to Kyle McCormick, a pharmacist and owner of Blueberry Pharmacy, about the future of pharmacy pricing. They discuss the evolution of the cost-plus pricing model in the pharmacy industry and how it has simplified pricing for patients. They also discuss the challenges faced by independent pharmacies in competing with larger companies, such as Mark Cuban's pharmacy, and the importance of communication and customer service in attracting and retaining customers. Episode Highlights: The cost-plus pricing model in the pharmacy industry is becoming increasingly popular as it offers transparency and simplification of pricing for patients. Pharmacists can set the cost that covers their service, and the level of service can vary. Independent pharmacies, such as Blueberry Pharmacy, can differentiate themselves from larger companies, such as Mark Cuban's pharmacy, by providing a higher level of service, such as counseling patients and checking for drug interactions. Kyle McCormick believes that the future of pharmacy pricing involves a change in the reimbursement model, where pharmacists are paid for their service rather than negotiating drug prices. Kyle emphasizes the importance of incentivizing healthcare providers to prioritize patient care over financial gain. The conversation also touches on the challenges faced by independent pharmacies in competing with larger companies, such as the threat posed by Mark Cuban's pharmacy. Finally, the episode concludes with a discussion on the role of marketing and branding in attracting and retaining customers, with Kyle McCormick sharing his marketing strategy for Blueberry Pharmacy. https://blueberrypharmacy.com/ Connect with me: Instagram: https://www.instagram.com/bizofpharmpod/ Facebook: https://www.facebook.com/BizOfPharmPod YouTube: https://www.youtube.com/c/TheBusinessofPharmacyPodcast Twitter: https://twitter.com/bizofpharmpod LinkedIn: https://www.linkedin.com/company/bizofpharmpod Website: https://www.bizofpharmpod.com Loved this episode? Leave us a review and rating here: https://www.bizofpharmpod.com/reviews/new/ Please support The Business of Pharmacy Podcast™ by checking out our sponsors at https://www.bizofpharmpod.com.