The Business of Pharmacy Podcast™

By Mike Koelzer, PharmacistBusiness Entrepreneurship

The Business of Pharmacy Podcast™ episodes

April 15, 2024 PBM Fight: State to Federal Shift | Greg Reybold, Atty, APCI
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/
57 min
April 08, 2024 Empowered Pharmacy Selection Post-Visit | Otto Sipe, Photon Health
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
1 hr 3 min
April 01, 2024 One Year In: Michael Hogue's Crusade to Transform Pharmacy | Michael Hogue, PharmD, APhA
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/
1 hr 3 min
March 25, 2024 Automating Compliance in Pharmacy | Sumeet Singh, LighthouseAI
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/
47 min
March 18, 2024 Harmacy Pharmacy Documentary | Anaïs Mennuti & Kristin Speer, PharmDs
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.
54 min
March 11, 2024How PSAOs and Wholesalers Undermine Pharmacies | Brett Louderback, PharmD, OpenBook
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.
43 min
March 04, 2024 The Future of Self-Care with OTC Prescription Medications | Fady Boctor, MBA, Petros Pharma
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.
1 hr 2 min
February 26, 2024 Tech Solutions for Modern Business Challenges | Alex Natskovich, MEV
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.
59 min
February 19, 2024AI Automating B2B Healthcare Conversations | Ankit Jain, Infinitus Systems
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.
56 min
February 12, 2024 Modernizing Pharmacy Practices: Insights from Latin America | Mike Rizo, Pharm.D, MBA, Pharmcare Svcs.
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.
54 min

About The Business of Pharmacy Podcast™

From the publisher's feed

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…