The Business of Pharmacy Podcast‪™‬ Mike Koelzer, Pharmacist

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.