The Business of Pharmacy Podcast™

Podcast Show Notes: Host Mike Koelzer interviews Michael Solazzo, Vice President of Sales and Marketing for Capital Wholesale Drug Company, on the relationships between primary and secondary wholesalers with independent pharmacies. Solazzo discusses the difference between pharmacists and salespeople, highlighting the importance of maintaining relationships based on delivering value. The conversation touches on unethical practices in the pharmaceutical industry, such as giving away gifts to customers, and how these practices have been scaled back due to scrutiny and regulation. They discuss the challenges faced by salespeople on the road, the metrics used to evaluate their performance, and the need for establishing truthful relationships with customers. Solazzo explains how secondary suppliers like his company are more flexible than primary suppliers in adjusting pricing and working with customers to understand their buy plans. They discuss the emergence of new platforms that facilitate transactions and take into account the entire buy plan, as well as the challenges of the over-the-counter (OTC) business and the importance of pharmacists in the community. The conversation then moves on to discussing the different types of pharmacists and customers, the prevalence of Prime Vendor Agreements (PVA) in the industry, and the importance of relationships and trust in the industry. Solazzo talks about how companies like Capital Rx work with manufacturers and customers, and how the sales reps at his company make phone calls to existing customers, offer special deals, and provide information about product availability. They discuss the upcoming DSESA compliance regulations and the importance of being compliant to prevent counterfeit drugs and diversion. Finally, they touch on the potential impact of new technology on the industry, such as the use of third-party platforms to facilitate transactions and monitor compliance, and the history of drug safety regulations. Overall, the podcast provides insight into the complex relationships that exist between primary and secondary wholesalers and independent pharmacies, and the strategies used to maintain these relationships in the pharmaceutical industry. https://www.capital-drug.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.

In this episode, Navid, the CEO of three innovative healthcare companies, sits down with Mike to discuss the power of AI in revolutionizing the medical industry. With a background in finance and law, Navid co-founded CureMetrix and CureMatch, which use AI and machine learning technology to improve cancer detection and treatment. The American Medical Association recently recognized CureMatch, making it the first of its kind in providing augmentative intelligence to oncologists. Navid and Mike delve into the benefits of using chat GPT in healthcare, including the automation of repetitive tasks and the ability for healthcare professionals to focus on more important things. They also discuss the role of AI in clinical trials and how it can improve patient care. Navid believes that AI will not replace doctors, but rather enhance their abilities to make more informed therapy decisions. The ultimate goal of using AI in healthcare is to make cancer a manageable condition and improve overall health through early detection. Tune in to learn about Navid's background and the exciting work he is doing in the field of AI and healthcare. https://aimedglobal.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

Tim Ulbrich, CEO of Your Financial Pharmacist and host Mike Koelzer discuss the impact of technology on the pharmacy profession, financial wellness for pharmacists, and the future of education, and how it may be disrupted by the rise of technology and alternative education options. Show Notes: Introduction: Tim Ulbrich, CEO and co-founder of Your Financial Pharmacist, joins host Mike Koelzer to discuss the impact of technology, specifically ChatGPT-3, on the pharmacy profession and financial wellness for pharmacists. The Emotional Side of Financial Planning: The podcast delves into the emotional aspects of financial planning, which has become increasingly important in today's world. The Over-Glorification of Entrepreneurship: Tim mentions that not everyone is cut out for entrepreneurship and that there are times when a steady job can be more peaceful. Mike wonders if his pharmacy niche is too narrow but acknowledges his expertise in the field. Finding a Target Audience and Niche: Tim and Mike discuss the importance of defining a target audience and finding a niche when starting a business. They agree that a narrow target audience allows for better segmentation and customization. The Impact of Technology on Education: Tim and Mike discuss the impact of chatbots like ChatGPT on education and various industries. They believe that the technology could shift the focus from learning things to asking the right questions. The Future of Education: Tim and Mike agree that academic institutions will have to evolve and adapt to changes. Tim suggests a network-based apprenticeship model, while Mike points out the need for new ways of measuring skills and achievement. Social Media and Technology's Impact on Professionals: Tim and Mike discuss the impact of social media and technology on professions, including the value of a college education. They acknowledge that changes may occur in the long run, but that the resistance of established organizations may slow down the process. 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

Nate Hux, R.Ph. is a pharmacist who runs a dual pharmacy system, where one pharmacy is inside the traditional healthcare system and the other is outside of it, He believes that this system allows for greater transparency for customers and helps them understand the costs of their medication. https://www.freedomrxohio.com/ Nate Hux, R.Ph. is the owner of two pharmacies in Pickerington, Ohio: a traditional pharmacy called Pickerington Pharmacy and a direct-to-consumer pharmacy called Freedom Pharmacy. Hux became frustrated with the corporate chain pharmacy system and decided to open his own pharmacies to offer more transparency and lower prices for customers. Freedom Pharmacy is especially beneficial for those with high deductible plans or Medicare Part D, as the copays for generic medications can be much lower and it also helps them avoid hitting their donut hole as quickly. The speakers discuss the challenges of running a pharmacy and how the pricing of drugs affects their business. They mention that by separating their businesses, they can make different rules and standards at each pharmacy. The host, Mike Koelzer, brings up the topic of no-compete clauses and how large pharmacy chains often require them. Nate Hux, R.Ph. notes that he would not be able to sell his pharmacy if he were to sign such a clause, and that he would likely just close Pickerington Pharmacy and transition all those customers to Freedom Pharmacy if it were to fail. Nate Hux, R.Ph. wants to continue working in the pharmacy and helping customers, but also wants to spend more time traveling with his wife and spreading the gospel of how community pharmacists can make a positive impact on people's lives. He also mentions that he hopes to be less involved in the day-to-day operations of the pharmacy in the future, and potentially out of the insurance headache altogether. 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.

Summary: Patrick Lot, an executive and leadership coach, is discussing the gap between the expectations of employees and the reality of what is seen in the workplace, specifically in the field of pharmacy. He discusses the importance of investing in staff and creating a culture of trust and accountability within the organization. Discusses the gap between expectations of employees and reality in the workplace, particularly in the field of pharmacy Explains the potential reasons for this gap in the field of pharmacy Mentions the use of the DISC profile to identify personality differences among employees Emphasizes the importance of investment in staff and spending time with patients Advises owners to trust and empower highly paid professionals and not to have shortsighted vision Discusses the importance of consistency and predictability in leadership style and how it affects the stability of a business Suggest that staff should know what they can depend on from their leaders and that it is important for leaders to have tools for managing their emotions Discusses the challenges of taking over a store from parents or through a junior partnership, and how it can be difficult to assert oneself and be supported in that role Advises that honesty and being forthright would have gone a long way in these situations and that it is important to set expectations Discusses the importance of clear communication and expectations in the workplace. He emphasizes the importance of being consistent and transparent with employees, and of being willing to help and support them in achieving their goals. Contact Information: Email: patrick@sandpstrategies.info 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.

Show Notes: Tyson Clark of MotherofSkill.com, discusses the importance of assertiveness in developing leadership skills and enriching relationships He believes assertiveness is often confused with aggressiveness Discusses how passiveness and aggressiveness can be blended together for effective communication Mentioned his unique perspective on the topic as he has traveled and has friends from different cultures Believes assertiveness is important in understanding and navigating unwritten cultural rules Discusses the importance of assertiveness in real-world interactions and how social media and the internet contribute to division and anxiety in interacting with others in person Mentions his background in developing a training app to help people assert themselves in various situations Discusses the importance of assertiveness in dealing with problems in relationships and in business, such as passive-aggressive behavior, gossip and backstabbing that can infect a team. Discusses the importance of being assertive in both personal and professional settings, and the need to be able to have difficult conversations in order to maintain healthy relationships and successful businesses. Mentioned the importance of practicing assertiveness, and how using technology like a phone app can be helpful in this regard. Discusses the importance of being aware of one's own desires and boundaries in order to improve assertiveness skills. Discusses the importance of being aware of one's strengths and weaknesses and the importance of good communication and setting appropriate boundaries in order to maintain healthy relationships. Discusses the importance of not being too aggressive and how it can be detrimental to relationships in the long run. Discusses how bottling up emotions and not addressing problems in a relationship can lead to a bigger problem in the long run. https://www.motherofskill.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.

Nicolle McClure and Mike Koelzer discuss the challenges of marketing for community pharmacies and the importance of both digital marketing and personal interactions, as well as the difficulty of tracking marketing effectiveness and the need for independent pharmacies to differentiate themselves through personal relationships and community involvement. Show Notes: Introduction to Nicolle McClure, president and owner of GRX Marketing, a full-service marketing company that works with independent pharmacies in the US Discussion of the challenges of marketing for community pharmacies, including the importance of both digital and face-to-face interactions in building a pharmacy's brand and growing its customer base Difficulty in tracking the effectiveness of certain marketing efforts and the importance of considering both cold, numerical metrics and warm, personal interactions Advice for independent pharmacies to differentiate themselves from larger chains by focusing on personal relationships with customers and local community involvement Importance of good customer service in the pharmacy and its impact on marketing efforts Challenges of creating and posting regular content on social media and the importance of having a consistent presence Importance of having a unique brand and message to differentiate independent pharmacies from larger chain pharmacies Use of QR codes in marketing and their ability to track effectiveness Nicolle's background in pharmacy marketing and the importance of marketing for independent pharmacies GRX Marketing company consists of 12 employees who work in-house and do not typically contract out work Challenges of working with clients who have a hard time narrowing down their message and focusing on one thing Challenges of marketing for pharmacies, including lack of word-of-mouth marketing and difficulties in tracking effectiveness Use of referral programs and email marketing as promotional strategies https://www.grxmarketing.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.

"Trauma is not limited to veterans. It's not limited to you going overseas in the middle of nowhere and getting in your battle zone and coming back with flashbacks and nightmares. It's about things that didn't happen to you, that was supposed to happen to you." - Helen Sairany Helen Sairany is the CEO and Executive Vice President for the Florida Pharmacy Association. She is passionate about exploring the effects of trauma, which has been especially pertinent during the pandemic. She finds that many healthcare workers are suffering from PTSD due to the pandemic. She explains that trauma is not limited to veterans and can come from a variety of sources. Helen also explains that toxic masculinity can lead to men downplaying their trauma and not seeking help. She explains that children are naturally narcissistic and that this can carry into adulthood if not properly addressed. Finally, she explains the signs of a narcissistic boss and how they can emotionally drain those around them. In this episode, you will learn the following: 1. How is the trauma caused by the pandemic affecting healthcare professionals? 2. What are the consequences of growing up in a dysfunctional family environment? 3. What are the warning signs of narcissistic abuse in work and personal relationships? 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.

In this podcast episode, Doug Hoey, R.Ph., CEO of the National Community Pharmacists Association, bravely confronts the FTC's historically anti-pharmacy stance, inspiring 24,000 responses to challenge the decades-old consumer welfare standard and restore competition for consumers. Doug Hoey, R.Ph. is the CEO for the National Community Pharmacists Association, representing independently owned pharmacies in the United States. He is an experienced advocate for independent pharmacies and has worked to protect consumer interests in the face of anti-competitive practices by PBMs.  https://ncpa.org/ 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/sponsors  

In this podcast, host Mike Koelzer interviews Nicolette Mathey, a pharmacist and owner of a consulting firm that focuses on sales and marketing for independent pharmacies. Mathey discusses the importance of finding a niche for your pharmacy and aligning it with your passions, profits, patients, and payers. She also highlights the need for pharmacies to focus on closing sales, rather than just brand awareness, in today's challenging reimbursement landscape. Mathey shares her experiences as a consultant and discusses the importance of putting in the work and building relationships to grow a successful pharmacy business. Resources: https://atrium24.net/ 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/sponsors