The Business of Pharmacy Podcast™

In a compelling discussion, Mike Koelzer and Greg Reybold, VP at American Pharmacy Cooperative, delve into the shifting battle against PBMs from state to federal levels. Greg highlights the urgent need for PBM reform, the challenges at the federal level, and strategies for protecting pharmacies and patient care against detrimental PBM policies. https://www.apcinet.com/ Sponsored by https://www.parcelhealth.co/ https://www.bizofpharmpod.com/

In this engaging episode, Mike Koelzer delves into the transformative world of prescription management with Otto Sipe, co-founder and CEO of Photon Health. Operating out of Brooklyn, New York, Photon Health is pioneering a modern approach to prescription delivery, streamlining the process through technology that allows prescriptions to be sent directly to patients via text. Otto shares insights into how Photon Health is redefining the patient experience by offering transparency and control over where and how prescriptions are filled. Through a candid conversation, listeners gain an understanding of Photon Health's mission to modernize pharmacy interactions, ensuring that decisions about health care are made with convenience and cost-effectiveness at the forefront. https://www.photon.health/ Sponsored by https://www.parcelhealth.co/ www.bizofpharmpod.com

In this episode, we're joined by Michael Hogue, CEO and EVP of the American Pharmacists Association. With passion for pharmacy and a mission to address the profession's challenges, Michael shares insights into the current landscape, from battling for pharmacists' rights in Washington D.C. to fostering hope within the community. Discussing topics from PBM complexities to advocating for pharmacists' roles in healthcare, Michael underscores the need for unity and action within the profession. As pharmacy faces significant hurdles, his perspective offers a blend of candid reflection and forward-thinking optimism, aiming to secure a brighter future for pharmacists nationwide. https://www.pharmacist.com/ Please support our sponsor: https://www.matchrx.com/

Sponsored by Parcel Health: In this episode of The Business of Pharmacy Podcast™, host Mike Koelzer welcomes Sumeet Singh, founder and CEO of Lighthouse AI, to discuss the revolutionary approach his company is taking towards automating pharmacy compliance. Singh delves into how Lighthouse AI leverages artificial intelligence to simplify the complex and ever-changing landscape of pharmacy regulations, ensuring pharmacies can efficiently navigate compliance requirements across different jurisdictions. This candid conversation sheds light on the technology driving the future of pharmacy compliance, promising to transform the traditional, labor-intensive processes into an automated, efficient, and error-free system. https://lighthouseai.com/ www.parcelhealth.co/ https://www.bizofpharmpod.com/

In this enlightening episode, we dive into the world of pharmacy beyond the counters and shelves with the creators of the compelling documentary "Harmacy." Dr. Anaïs (Webster) Mennuti and Dr. Kristin Speer join host Mike Koelzer to shed light on their journey, challenges, and the transformative shift in their project's direction. Sponsor: https://www.parcelhealth.co/ https://www.harmacyfilm.com Guests: Dr. Anaïs (Webster) Mennuti, a dedicated pharmacist and the co-director/producer of "Harmacy," shares her insights from the front lines in Oregon's hospital systems. Dr. Kristin Speer, also a pharmacist, lends her expertise as a co-producer and a pivotal figure in the Psychedelic Pharmacist Association, discussing the broader implications of pharmacy practices. Discussion Highlights: Title Evolution: The documentary, initially titled "Would You Like Shots With That?," has undergone a significant rebranding to "Harmacy," a change inspired by Hollywood consultants' advice for broader appeal and clarity. Core Themes: The project started as a focus on labor rights within retail chain pharmacies but expanded to encompass the deeper, systemic issues plaguing the pharmacy world, hinting at a broader "Harmacy" rather than a caring environment. Challenges Faced: The journey to bring this documentary to life is not without its obstacles, from funding hurdles to gaining cooperation from the industry's higher echelons. Anaïs and Kristin discuss the reluctance of top pharmacy chains and PBMs to engage, highlighting the importance of presenting a balanced view by including various perspectives in their narrative. The Role of Pharmacy: The conversation delves into the identity crisis within the profession, emphasizing the need for pharmacists to become better self-advocates. The documentary aims to spark a conversation on the value pharmacists bring to healthcare and the potential for their role to evolve positively if systemic issues are addressed. Future Steps and Funding: With a detailed business plan and a partnership with consulting producer Scott DuPont, the team is optimistic about reaching their funding goals to continue production. The documentary seeks not only to highlight the challenges but also to explore potential solutions and encourage a collective push towards systemic reform. Call to Action: The episode concludes with an invitation to the pharmacy community and the general public to support the documentary's mission. By shedding light on the untold stories of the pharmacy world, "Harmacy" aims to catalyze change and advocate for a profession that is integral to public health. For More Information: Visit harmacyfilm.com for updates, insights, and ways to support this vital project. Join us next week for another engaging conversation on The Business of Pharmacy Podcast™, where we continue to explore the intersections of health, policy, and the business shaping the future of pharmacy.

In an industry where wholesalers often undermine pharmacies, Brett Louderback, a dedicated pharmacist and first-time store owner in Nebraska, opens up about his path to pharmacy ownership and the creation of his consulting group. This episode delves into the pivotal insights from a car dealer that significantly shaped Brett's business strategy in the pharmacy sector: "You don't make money at the sale. You make it at the purchase." This philosophy is especially relevant in the context of the challenges pharmacies face with wholesalers, highlighting the importance of strategic acquisitions and negotiations. https://www.obrxa.com Sponsored by https://www.parcelhealth.co Key Discussion Points: Leadership Philosophy: Transition from a "benevolent dictatorship" to collaborative leadership with business partner Steve Bullock and the role of mentor Barry Kubo in shaping Brett's business acumen. The Business of Pharmacy: The evolution of Brett's pharmacy practice from traditional services to embracing consulting, recognizing the potential beyond the pharmacy counter. The conversation explores the critical aspect of identifying new business opportunities and core savings in the niche market of independent pharmacies. Challenges with Wholesalers and PBMs: A candid discussion on the struggles independent pharmacies face with wholesalers, PSAs, and PBMs, highlighting the opaque practices that jeopardize pharmacy profitability and sustainability. Financial Strategies and the Future of Pharmacy: Brett outlines four pillars crucial for negotiating with wholesalers, emphasizing the need for independent pharmacies to reclaim their financial footing and exploring potential reforms in pharmacy contracting and reimbursement models. Advocacy and Vision for Change: The episode touches on Brett's passion for addressing systemic issues within the pharmacy industry, including the dire need for transparency, accountability, and fair compensation practices. Brett's encounter with Senator Grassley is discussed, underscoring the significant policy decisions affecting pharmacy practice. Personal Reflections and Advice: Brett shares his thoughts on the future of pharmacy, pondering the decisions that aspiring pharmacists and current professionals face in an ever-changing healthcare landscape.

Sponsored by MatchRx: Fady Boctor, President and Chief Commercial Officer of Petros Pharmaceuticals, discusses the emergence of the self-care marketplace, particularly the prescription to over-the-counter switches in healthcare products. He introduces Petros' key product, a prescription erectile dysfunction medication that they aim to make available over-the-counter. Companies aiming to switch their prescription medications to OTC are using technology to help customers self-select specific pharmaceuticals for their needs. Fadi emphasizes that this approach can promote increased patient understanding of their health status and encourage more proactive patient behavior even before seeing a doctor. https://www.petrospharma.com/ The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.

Sponsored by Parcel Health: In this discussion, Alex Natskovich, CEO and Founder of MEV, explores how his company builds complex software systems for life sciences and the pharmacy space. He identifies the ability of technology to solve business problems by integrating different systems to improve efficiency and client engagement. Natskovich highlights how AI is making strides in businesses including better generation of copy and aiding communication. He also discusses issues around AI including misinformation and data management in the era of deepfakes and blockchain technology. Furthermore, he throws light on the future of AI and other technologies, visualizing a more seamless and enhanced human experience. https://mev.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 insightful episode, Ankit Jain, co-founder and CEO of Infinitus Systems, discusses the transformative impact of AI on B2B healthcare conversations. He delves into the challenges in healthcare communication, the evolution of AI technologies, and how automation can enhance efficiency and patient care. https://www.infinitus.ai/ 00:12 - Introduction to Ankit Jain and Infinitus Systems 01:47 - The inefficiency of phone calls in healthcare 06:48 - The desire for efficiency in healthcare systems 07:12 - Revenue cycle management in healthcare 11:54 - Future of AI in healthcare communication 17:02 - Ankit Jain’s journey from Google to healthcare innovation 25:30 - The challenges and rewards of entrepreneurship in healthcare 33:26 - AI's potential in improving healthcare processes 42:52 - The impact of language models in healthcare 51:02 - The future of conversational AI in healthcare The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.

In this eprisode of The Business of Pharmacy Podcast, sponsored by MatchRx, Mike Rizo, CEO of PharmaCare Services, discusses the contrasts and similarities in pharmacy practices between the United States and Latin America. He delves into various aspects of the pharmacy sector, including the role of pharmacy benefit managers (PBMs), challenges in medication management, and the impact of technology. https://pharmcareservices.com/en/ 00:12 - Introduction to Mike Rizo 02:30 - US vs. Latin America 05:15 - PBM Role Discussion 08:40 - Healthcare Systems Compared 11:25 - Medication Management 14:50 - Technology in Pharmacy 17:35 - Pharmacist's Role 20:10 - Local Healthcare Contexts 23:45 - Distribution Challenges 27:00 - Final Insights The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.

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.