The Business of Pharmacy Podcast™

In this insightful episode of The Business of Pharmacy Podcast, we sit down with Alex Evans, a pharmacist turned medical writer, to explore the dynamic world of medical writing in the age of Artificial Intelligence. Evans shares his journey from pharmacy to medical writing and dives deep into how AI tools are reshaping the landscape of medical communications. This week's episode is brought to you by The Phill Box from https://www.ParcelHealth.co. https://www.pharmcompliance.com/ai-medical-writing [00:00:19] - Alex's background in pharmacy and medical writing [00:01:10] - Alex's current location in Japan [00:03:31] - Working remotely in medical writing [00:04:15] - Interacting with editors and deadlines [00:06:49] - First impressions of AI in medical writing [00:09:24] - Addressing fears about AI replacing writers [00:11:37] - The importance of fact-checking AI content [00:14:58] - Skillfully prompting AI for effective results [00:18:08] - Audience-targeted writing with AI [00:20:52] - Cost-effectiveness of AI writing tools The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.

The New Face of Pharma: Unveiling the Small Pharma Model and a Unique Franchise System Barry Patel, CEO and co-founder of Galt Companies, joined us for an engaging conversation about entrepreneurship in the pharmaceutical market. Patel discussed how Galt Companies, which includes Galt Pharmaceuticals and Galt Franchise Systems, is altering the conventional Big Pharma model by enhancing smaller pharmacies' potential. The discussion highlighted the innovative approach Galt Companies has adopted to secure existing medicines from the '70s through '90s and reintroduce them to the market, including a franchisee model allowing local entrepreneurs to own and operate mini-pharma companies in their areas. The talk also delved into the unique challenges and prospects the model offers, as well as insights into the pharmaceutical industry's regulatory landscape and Galt's future vision. 00:00 Introduction and Background of Barry Patel 00:36 Understanding the Business Model of Galt Companies 01:08 The Strategy Behind Reviving Old Pharmaceutical Products 01:44 The Role of Brand Recognition in the Pharmaceutical Industry 02:59 The Challenges and Opportunities in Manufacturing and Distribution 04:35 The Process of Identifying Potential Products for Revival 06:14 Understanding the Market Dynamics and Competition 08:05 The Future of the Pharmaceutical Industry and Galt Companies 12:06 The Role of PBMs and the Impact on the Pharmaceutical Industry 22:54 Exploring the Franchise Model in the Pharmaceutical Industry 23:15 Understanding the Franchise Model 24:14 The Role of Sales Representatives 25:00 Who are the Franchisees? 30:05 Overcoming the Salesperson Stigma 38:36 The Franchise Model and Liability 42:02 Future Plans and Growth Strategy 46:21 Final Thoughts and Appreciation

Host: Mike Koelzer Guest: Lauren Castle, PharmD, Founder of Functional Medicine Pharmacists Alliance (FMPhA.org) Episode Overview: In this episode, Mike Koelzer hosts Lauren Castle, who shares her inspiring journey of founding the Functional Medicine Pharmacists Alliance. The conversation delves into the challenges and triumphs of creating a new path in the pharmacy field, especially in the emerging area of functional medicine. Key Topics Discussed: Introduction and Background: Lauren Castle introduces herself and explains the mission of the Functional Medicine Pharmacists Alliance. The alliance focuses on advocacy, education, and resources for pharmacists interested in functional medicine. The Genesis of FMPhA: Lauren discusses the lack of resources and support for pharmacists in functional medicine, which led her to create FMPhA. The journey from concept in 2017 to a fully realized professional organization. Challenges and Innovations: Overcoming the skepticism within traditional pharmacy organizations. Embracing technology and social media to build an online community and educational platform. Transition to Online Community: The shift from in-person to online presence, particularly using Facebook as a starting point. The importance of owning their platform to control content and discussions, especially highlighted during the Covid-19 pandemic. Advocacy and Action: The focus on actionable steps for pharmacists to implement functional medicine practices. Challenges in expanding the scope of practice for pharmacists within functional medicine. Future of FMPhA and Personal Reflections: Lauren's vision for the future of FMPhA and its impact on the pharmacy profession. Personal anecdotes and reflections on starting and growing a national organization. Episode Conclusion: Lauren Castle's journey is a testament to innovation and determination in the field of pharmacy. Her experience in founding FMPhA provides valuable insights and inspiration for pharmacists seeking to explore new avenues in their profession.

This episode is brought to you by MatchRX. In this episode, I chat with Russ Hawkins of Agilence about how pharmacies can leverage data analytics for effective loss prevention. Agilence's Role: Highlighting how Agilence's data solutions assist pharmacies in decision-making and operational efficiency. Loss Prevention Challenges: Discussing the various forms of losses in pharmacies, from theft to retail crimes. Internal Threats: Examining how internal staff, with knowledge of system weaknesses, can contribute to losses. Data Analytics Use: Exploring the use of data in mitigating losses and ensuring regulatory compliance. Future Trends: Looking at the future of loss prevention in pharmacies, focusing on AI and predictive analytics. https://www.agilenceinc.com/ The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.

In this episode, I'm joined by Dr. Eugene Chan, a leading figure at the intersection of healthcare and technology. We delve into the profound impacts of artificial intelligence and technological advancements on patient care and the pharmacy sector. Dr. Chan's insights shed light on the future of healthcare, emphasizing the critical role of innovation in driving patient outcomes and revolutionizing pharmacy business strategies. Join us as we explore the transformative influence of technology in the healthcare industry. https://abpro.com/ 00:01:31 - Introduction to Dr. Chan 00:04:20 - Pharmacy's Future 00:08:15 - Technology Impact 00:12:40 - Patient Data 00:15:55 - AI Developments 00:19:30 - Healthcare Trends 00:23:45 - Innovation Challenges 00:28:10 - Collaborative Approaches 00:32:50 - Business Models 00:36:25 - Closing Thoughts The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

In this episode, Mike Koelzer interviews George Lazenby about OrderInsight, a tool revolutionizing pharmacy prescription drug management. https://getorderinsite.com/ OrderInsight Overview [00:00:20] Pharmacy Drug Challenges [00:02:30] Vendor-Wholesaler Dynamics [00:04:22] Inventory and Purchasing [00:07:40] System Integration [00:13:04] Cloud Services Preferences [00:15:14] Pharmacy Independence [00:17:31] George's Vision [00:21:06] Customer Acquisition [00:23:55] Future Directions [00:27:33] The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

This episode is sponsored by MatchRx. Visit them today at MatchRx.com. In this episode of The Business of Pharmacy Podcast™, Mike Koelzer hosts LeeAnn and Autumn to discuss ShiftRx, an innovative solution in pharmacy staffing. The conversation delves into the challenges and opportunities in the pharmacy employment landscape, and how ShiftRx is making a difference. ShiftRx.com 00:12 - Introduction to ShiftRx and its mission. 05:30 - The inception story of ShiftRx. 10:45 - Challenges faced in the pharmacy staffing industry. 15:20 - How ShiftRx addresses staffing issues. 20:35 - The impact of ShiftRx on pharmacists' work-life balance. 25:50 - User experiences and testimonials. 30:10 - Future plans and vision for ShiftRx. 35:25 - The role of technology in ShiftRx's model. 40:40 - Discussion on the gig economy in pharmacy. 45:55 - Closing thoughts and takeaways. The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

In this episode, we explore how external pursuits and hobbies can enrich the professional life of pharmacists. Our guest, Jason Chenard, shares insights from his own experiences, demonstrating the positive impact of personal interests outside the pharmacy on professional growth and wellbeing. https://www.layeredleadership.ca/ 00:12 - Introduction to Jason Chenard 02:15 - Misconceptions about Goal Setting in Pharmacy 05:30 - Integrating Hobbies with Professional Life 10:45 - The Impact of Triathlons on Personal and Professional Development 15:20 - Flexibility and Adaptability in Pharmacy 20:00 - Process-Oriented Approach vs. Goal-Oriented Approach 25:35 - The Importance of Work-Life Balance 30:10 - Personal Growth through External Hobbies 35:50 - Advice for Pharmacists on Embracing Hobbies 40:25 - Concluding Thoughts and Takeaways The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

In this enlightening episode of The Business of Pharmacy Podcast, we delve into the intricate world of mergers and acquisitions in the biotech sector with Steve St. Onge, a seasoned expert from Paratech Pharmaceuticals. Steve shares valuable insights into the challenges and strategies of managing a single-product company in a volatile market, exploring the dynamics of both buy-side and sell-side M&As. His journey from a clinical practitioner to a corporate development leader offers a unique perspective on the biotech landscape. https://www.paratekpharma.com/ [00:00:12] - Introduction of Steve St. Onge [00:00:44] - Challenges for single-product companies [00:02:20] - Strategic reasons behind M&As [00:06:49] - Initiation of merger discussions [00:10:21] - Role of relationships in M&A [00:13:12] - Emotional aspects of biotech M&A [00:16:14] - Clinical to corporate transition [00:19:39] - Persistence in M&A success [00:27:18] - Drug development and M&A impact [00:35:19] - PharmD to MBA growth journey ⁠The Business of Pharmacy Podcast™⁠ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

In this episode, host Mike Koelzer talks with Charles Gellman, CEO and co-founder of HiDO Health, about the revolutionary integration of AI in pharmacy and home care. Explore how this technology is transforming patient care and medication management. https://us.hidohealth.com/ [00:00:12] - Introduction to Charles Gellman and HiDO Health [00:05:10] - Evolution of AI in Pharmacy [00:10:22] - Enhancing Home Care with Technology [00:15:30] - Personalizing Medicine through AI [00:20:55] - The Role of AI in Home Care [00:25:17] - Shifting Healthcare from Hospitals to Homes [00:30:42] - Innovations in Medication Management and Safety [00:35:25] - Future Vision: Pharmacy's Transformation through AI [00:40:33] - Addressing Medication Compliance with AI Tools [00:45:46] - Closing Discussion: The Broader Impact on Healthcare The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.