The Business of Pharmacy Podcast™

Show Overview: We discuss the evolution of the pharmacy benefit manager (PBM) industry with AJ Loiacono, founder and CEO of Capital Rx. AJ shares his experiences as an entrepreneur aiming to disrupt incumbent PBM models and practices. https://www.cap-rx.com/ 00:00 Introduction 00:23 AJ Loiacono introduces himself and Capital Rx 01:02 Changes in the PBM industry over the past 2 years 02:18 Role of modern communication and social media 03:06 The growth in prescription drug spending 04:42 Drug inflation and the shift from gross to net pricing 08:55 The complex and opaque drug supply chain 10:40 The need for PBM regulation and oversight 15:27 Capital Rx's competitive spirit and mission 18:52 Building out Capital Rx's leadership team 21:31 The challenge of tracking true drug prices 25:31 Expanding into government claims processing 26:11 Leading a growing organization as CEO 31:40 Most stressful times as an entrepreneur 37:14 Conviction as an entrepreneur 42:41 Precarious position of a startup CEO 46:17 Why some founders give up 48:15 AJ's Entrepreneur of the Year award 50:13 Being a "minmaxer" in business 52:00 Avoiding startup founder cliches 56:28 AJ's enthusiasm two years later 57:01 Outro 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, Doug Hoey, CEO of the National Community Pharmacists Association (NCPA), previews the upcoming 2023 NCPA Annual Convention and shares insights on key issues affecting independent pharmacies today. Key Discussion Points: - Overview of the 2023 NCPA Annual Convention in Orlando, FL from October 14-17 - Why independent pharmacists should attend the convention - Education sessions and speakers planned for the convention - Legislative updates and pharmacy advocacy opportunities - Challenges facing pharmacies in 2023 and 2024 (DIR fees, Medicare changes) - Progress on PBM reform in Congress - FTC increased scrutiny on PBM practices - Opportunities for pharmacists to expand patient care services - How independent pharmacies provide critical personalized care 2023 NCPA Convention Details: - October 14-17, 2023 in Orlando, FL - Keynote speakers: Peter Lovett and Dr. Marty Makary - Pre-meeting event "Pharmacy Inside Out" on Oct 12-13 - Special announcement planned for convention - Visit www.ncpa.org/convention for more info and registration Takeaways for Independent Pharmacies: - Get involved in advocacy efforts to drive PBM reform - Prepare financially for upcoming DIR fee impact and Medicare changes - Identify opportunities to expand clinical services for patients - Attend the 2023 NCPA Convention for insights, education and connections 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.

Overview: - Guest: Melinda Su-En Lee, Co-Founder and CEO of Parcel Health - Melinda talks about developing sustainable medication packaging to replace plastic pill bottles - She discusses the importance of marketing and branding for pharmacies using their product Key Topics Covered: - Inspiration for starting Parcel Health and developing the Phill Box - Design process and iterations of the Phill Box - Safety features and ease of use, especially for elderly patients - Marketing strategies and pivoting from sustainability focus to highlight benefits for pharmacies - Customized branding and marketing opportunities on the Phill Box for pharmacies - Importance of physical/tangible marketing tactics compared to digital - How marketing and advertising has changed over the years - Balancing functionality and sustainability in product development Resources Mentioned: - Parcel Health website: https://parcelhealth.co/ 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 podcast episode, Raleigh Williams, a former lawyer turned investor and entrepreneur, discusses his unconventional career journey from law to owning trampoline parks and investing. He explores challenges faced, the importance of embracing ambition and financial success, and leveraging networks for business opportunities. Raleigh highlights shedding negative money associations, pursuing personal desires for wealth, and adjusting strategies in the entrepreneurial world. He encourages listeners to confront their relationship with money, take calculated risks, and proactively pursue their aspirations for a fulfilling life. https://wealthywhitecoat.com/ 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. Tune in to a new episode every Monday morning.

Mike Koelzer and Paul Fortunato of RxPharmacy Assurance delve into the intricacies of self-insurance in connection with the pharmaceutical sector. Fortunato emphasizes that many U.S. employees are under self-insured plans. They provide stop-loss coverage, aiding businesses in handling the fiscal strains associated with expensive specialty drugs. Bigger firms often choose self-insurance for adaptability, while smaller ones struggle with fluctuating premiums. The dialogue highlights the necessity of harmonizing cost-effectiveness and excellence in healthcare for both employers and the workforce. https://rxpharmacyassurance.com/ The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by Mike Koelzer, an independent pharmacist in Grand Rapids, Michigan, each episode covers new topics relevant to pharmacists and pharmacy owners. Tune in to a new episode every Monday morning.

Phil Cowley, owner of Cache Valley Pharmacy, leveraged social media platforms in 2021 to enhance his business, notably under the handle @philsmypharmacist. Quickly amassing a large following, he became an advocate for reforms in the pharmacy sector, spotlighting issues with pharmacy benefit managers (PBMs). Beyond professional advocacy, he candidly shared personal challenges, championing authenticity. In a dialogue with Mike, they discussed the deeper industry problems, the value of unity, and the intricacies of social media monetization. At the heart, Phil's goal is to uplift the pharmacy profession through kindness and community engagement. https://www.instagram.com/philsmypharmacist/reels/ The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by Mike Koelzer, an independent pharmacist in Grand Rapids, Michigan, each episode covers new topics relevant to pharmacists and pharmacy owners. Tune in to a new episode every Monday morning.

In this episode, host Mike Koelzer talks with Britney Beck, the owner of Hi-Wire HR Consulting, discussing the unique HR challenges independent pharmacies face. The conversation sheds light on handling difficult staff, attendance issues, the balance between business needs and employee management, and the impact of COVID-19 on pharmacy businesses. Beck emphasizes the importance of a balanced and consistent approach to HR management in the pharmacy sector, highlighting the need for clear policies, flexibility, and empathy in the workplace. They also discuss the fear of employee turnover, the impact of employee behavior on brand image, and the importance of professional assistance in HR management. https://hiwirehr.co/ The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by Mike Koelzer, an independent pharmacist in Grand Rapids, Michigan, each episode covers new topics relevant to pharmacists and pharmacy owners. Tune in to a new episode every Monday morning.

Chris Blackley, CEO of Prescriptive Health, discusses empowering patients with digital prescriptions and using data to challenge the healthcare industry. Topics include the high costs of prescriptions, the impact of technology on patient empowerment, and navigating insurance complexities. Learn how personalized data and technology are revolutionizing healthcare for the better.

In this episode, Mike Koelzer and Andrea Iorio discuss the challenges businesses face in navigating politics, dynamics, and change. They highlight the hindrance of nepotism and personal relationships to open discussion, emphasizing the importance of trust, psychological safety, and creating an environment where employees feel comfortable contributing their ideas. The conversation also touches on the need for collaboration, adapting to technological advancements, and utilizing AI tools to gain insights and drive innovation. Overall, the episode provides valuable insights into fostering a culture of innovation and embracing change in today's business landscape. https://andreaiorio.com/ The Business of Pharmacy Podcast™ is an interesting and entertaining weekly podcast discussion on the business of pharmacy. Hosted by Mike Koelzer, an independent pharmacist in Grand Rapids, Michigan, each episode covers a new topic relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

In this episode, we sit down with attorney Jon Tycko, a leading expert in representing whistleblowers in qui tam lawsuits within the healthcare industry. Join us as we delve into the world of healthcare fraud, guided by Jon's extensive knowledge and experience. Discover the critical role whistleblowers play in exposing fraudulent activities, their motivations, and the challenges they face. Gain insights into the legal framework, including the False Claims Act, and the process of initiating qui tam lawsuits. Explore the impact of whistleblower cases on companies, the government, and the healthcare system as a whole. Jon shares compelling stories and sheds light on the ongoing fight against fraud, providing a deeper understanding of this complex and important issue. https://linktr.ee/tyckozavareei If you enjoyed this episode and want to explore more content from The Business of Pharmacy Podcast, head over to our website at ⁠www.bizofpharmpod.com⁠. There, you'll find a treasure trove of episodes, articles, and transcripts for you to explore. Plus, you can discover various ways to listen to our podcast and stay connected with us. So, don't miss out! Visit ⁠www.bizofpharmpod.com⁠ and embark on a journey of pharmacy knowledge and insights.