The Business of Pharmacy Podcast™

By Mike Koelzer, Pharmacist

Message from Mike: Thanks for stopping by. I'm taking a step back from the podcast for now—after six years of weekly episodes, the deadline-driven rhythm of the show began to crowd out the creative si... more

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FAQs about The Business of Pharmacy Podcast™:

How many episodes does The Business of Pharmacy Podcast™ have?

The podcast currently has 319 episodes available.

The Business of Pharmacy Podcast™ episodes:

May 01, 2023Strategic Pharmacy Marketing | Wayne Glowac, Orion Marketing
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.

[email protected]
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.
...more
47min
April 24, 2023 Navigating the Complexities of Pharmacy Benefits | Wendy Barnes, CEO of RxBenefits
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/

...more
38min
April 17, 2023 Launching Your Ideas | Jamie Wilkey, PharmD, Wealthy White Coat
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/
...more
54min
April 10, 2023The Power of Listening in Pharmacy Leadership | Brooke Griffin, PharmD
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.
...more
46min
April 03, 2023 Building Trust and Credibility Among Pharmacy Colleagues | Ned Milenkovich, PharmD, Atty, Much Law
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.
...more
40min
March 27, 2023 Pharmacy Identity Shift | Blair Thielemier, PharmD, Pharmapreneur Academy
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.

...more
54min
March 20, 2023Lawfully Addicted: Chain Pharmacy's Role in Our Opioid Epidemic | Ray Carlson, R.Ph., Author
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.
...more
1h 17min
March 13, 2023 The Complex Relationship Between PBMs, Pharmacies, and Plan Sponsors | Joey Dizenhouse, HealthTrust
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.
...more
56min
March 06, 2023Gaining Traction in the Retail Market | Leeanna Gantt, tooktake Inventor
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
...more
1h 3min
February 27, 2023The Future of Pharmacy Pricing | Kyle McCormick, PharmD, Blueberry Pharmacy
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.
...more
57min

FAQs about The Business of Pharmacy Podcast™:

How many episodes does The Business of Pharmacy Podcast™ have?

The podcast currently has 319 episodes available.

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