Business Ready: Marketing and Sales for the Successful Compounding Pharmacist
A University of Florida College of Pharmacy accredited Practice-based Activity
Registration and Contact Information:
For more information and to register for this activity
Call 1-844-408-9453 or visit https://education.lp3network.com/live-training/business-ready-marketing-sales-compounding-pharmacist
The following dates represent activities offered for this activity in the 2017 calendar year:
October 7th – 8th in Aventura, FL
The Practice-Based Activity will allow the opportunity for the participant to apply sets of rules, utilize developmental tools, and be provided constructive feedback through the use of assessment tools for seven key components of business practices; business development, financial management, operations, marketing and sales, regulatory compliance, educational practices and collaborative practice modeling. The components of business are assessed across five stages in the life of a compounding practice. The stages include; 1) the new marketplace practice, 2) first year practice, 3) growth plateau practice, 4) new niche market practice and, 5) succession planning practice. This activity will provide participants the means in which to further grow, or better position a compounding practice in the marketplace.
Participants will assess their competency across seven components of business by completing their own Personal Business Ready Profiler at the start of the activity, upon completion of each of the seven components of business, and at the close of the activity. This self-assessment tool helps the participant to understand whether they are business prospectors, expanders, developers, or entrepreneurs allowing for further personal and professional development.
The business component of this activity includes examples, the creation, and assessment of mission vision statements, roles and responsibilities, risks and rewards, and SWOT analyses that set the stage for the establishment of short- and long- term goals and objects for a compounding practice during any stage of its evolution.
The operations component evaluates and forecasts marketing requirements, resources, and financials against the day-to-day operations of a compounding practice at any stage in its life cycle. Financial ratios are now qualitatively expressed in relation to designated time points along a timeline. The participant establishes cornerstones and milestones as time points on the operational timeline. Operations merged with the investment requirements and forecasted revenues of a compounding practice ensure the strategies undertaken maintain the business’s integrity from the perspective of nine financial ratios.
The marketing component is divided into four subsections; corporate branding, marketing and sales, communications, and relationship building. Corporate branding will be addressed from the perspectives of brand management and recognition, customer relations, market research, financial metrics and return on investment, public relations, social media, advertising, graphic design, content development, sales, and pricing unique to a compounding pharmacy practice. Participants will learn, and then create marketing material incorporating rules and applying strategies. They will then apply an assessment tool to evaluate the impact and effectiveness of their marketing material concepts. Additional modes of communication are evaluated and assessed for their efficiency and effectiveness for a compounding pharmacy practice.
The regulatory component brings together, business, contract, and many other laws and regulations. Specific regulations are addressed providing the participant with do’s and don’ts in relation to the Drug Quality and Security Act, the Anti-Kickback statute, advertising restrictions, DEA rules and regulations, marketer (employee) standard operating procedure guidelines, out-of-state marketing and sales, office use compounding, the Stark Law, state-specific rules and regulations, insurance rules and regulations, telemedicine, and HIPAA HI-TECH compliance. Changes to standards of practice, such as USP Chapter <800>, are also addressed.
The educational component assists the compounding pharmacist establish a short- and long- term strategic plan for theoretical and practical training as well as a competency assessment plan for themselves and all other personnel.
Finally, the collaborative component establishes strategy for the development of co-traveler collaborative practice relationship building in support of communications and sales initiatives. From the establishment of a value proposition to more formal collaborative strategies, the ability to sell an idea, a concept, and oneself are important factors leading to the success of a compounding practice.
As the activity begins, a culture is created the moment the participant walks through the door. Participants can be assessed at any time, for their potential as prospective business partners. Relationships will be forged based on one’s business savvy and teams will be constructed. Each team will embark on a dynamic process of establishing a strategy to purchase one of a number of existing compounding pharmacies for sale. These existing practices are in variable states of disrepair and require careful analysis. They will utilise skills and tools they acquired and place them into an investment proposal booklet. Participants will verbally present arguments to secure funds from financial investors. Participants not presenting will assess risk and reward potentials for each of the components of business being presented and how they relate to any and all of the other 6 components. The team seeking the investment is given the opportunity to defend themselves against criticism from their colleagues. This last activity is itself a competency assessment and a tribute to the importance of the integration of the seven components of business development.
Pharmacists and Pharmacy Business Managers with a new or existing compounding practice
An interactive live event with competency assessment.
Overall Learning Objectives of Live Activity
1. Construct a business plan for a new or existing compounding practice incorporating seven key components of business practices; business development, financial management, operations and logistics, marketing and sales, regulatory compliance, educational practices and collaborative practice modeling.
2. Compose a mission vision statement, specific roles and responsibilities of personnel, risk and reward assessments, a SWOT analysis, and short- and long- term objectives for a new or existing compounding practice at any of the five critical stages in the life cycle of a practice; new to the marketplace, critical first year, growth plateau, expansion into new niche markets, and succession planning.
3. Appraise a compounding practice’s financial statement (income and balance sheet statements) through the use of the DuPont Return on Investment Model and nine ratios; the acid test, times interest earned, net profit margin, current ratio, equity multiplier, inventory turnover, receivables turnover, return on assets, and return on equity.
4. Predict and forecast operational and logistical needs of a compounding practice pertaining to marketing, resources (technological and chemical), financial, educational, and collaborative requirements.
5. Create a brand for a compounding pharmacy practice through the coordinated development of the graphic design and marketing material content of advertising and promotional campaigns, leading to a uniform and consistent corporate message by any and all modes of communication.
6. Develop a pricing scheme for compounded preparations having taken into consideration perceived quality, perceived value, expertise, time, labor, market demand, assessment of profit margins, market driven pricing, commercial benchmarks, insurance policies, preparatory and/or clinical risk.
7. Design unique marketing material that can be used to advertise and promote a compounding practice.
8. Prepare marketing action plans through an array of modes of delivery of a marketing message; Internet marketing, co-traveler piggybacking, community event planning, loyalty programs, hard copy material distribution, and live event communications and sales.
9. Judge the importance of, and regulatory compliance requirements related to, corporate, business, contract, advertising, intellectual property, financial and taxation, labor, employment, and health and safety laws and regulations.
10. Argue critical aspects of the Drug Quality and Security Act, the Anti-Kickback statute, advertising restrictions, DEA rules and regulations, out-of-state marketing and sales, office use compounding, the Stark Law, state-specific rules and regulations, insurance rules and regulations, telemedicine, and HIPAA HI-TECH.
11. Establish policy as it applies to marketing and sales personnel and the information they transmit/communicate to your audience.
12. Create a marketing plan by assessing market potential, analyzing customer needs, developing a competitive edge, sharpening sales and marketing skills, and developing marketing tools.
13. Organize co-traveler collaborative partnerships leading to a more profitable means of communication and relationship building for the purposes of networking to spread your marketing message.
14. Compose and write a business proposal leading to the acquisition of venture capital incorporating all seven components of business development.
15. Construct a detailed short- and long- term time line associated with a business proposal leading to the acquisition of venture capital incorporating all seven components of business development.
Mark Filosi; BS Pharm., RPh;
Mark Filosi is a compounding pharmacist for a thriving non-sterile and sterile practice with over 15 years of experience. He is a co-owner of Family Care Pharmacy in Plant City, Florida and is responsible for the sales and marketing of the compounding segment of his business. His compounding practice ranges from non-sterile hormone preparations to high-risk intrathecal preparations. He graduated ‘cum laude’ from Fitchburg State College in Fitchburg, Massachusetts, and then went on to graduate ‘cum laude’ in Pharmacy from Massachusetts College of Pharmacy in Boston, Massachusetts. Today, Mark is a preceptor for Florida A & M University.
Participant Completion Requirements
Activity participants must be in attendance for the entire live event. Activity participants must also complete an activity evaluation and practical skill set competency evaluation, as compulsory requirements to achieve credit for the live event.
Declarations and Disclosures
The University of Florida College of Pharmacy believes it is important for the reader to be aware of relevant affiliations and financial relationships regarding the development, design and facilitation of this activity and its financial supporter and the financial supporter’s affiliates.
This activity has been approved by the University of Florida College of Pharmacy and is independent of any known bias, prejudice or commercial interest. The University of Florida College of Pharmacy has requested that LP3 Network Inc. assist with the marketing of this activity. LP3 Network Inc. is an independent corporation. LP3 Network Inc. has an established agreement with MEDISCA Inc. ensuring that it has no influence on LP3 Network Inc. as it relates to activity offerings.
This activity is accredited by the University of Florida College of Pharmacy in accordance with ACPE Standards for Quality and Interpretive Guidelines. The University of Florida College of Pharmacy has allocated 16 hours of continuing education credit (1.6 CEUs) to this Practice-based activity. The UAN for this live event is 0012-9999-16-003-L04-P. The activity accreditation is 01/01/2016-01/01/2019
An unrestricted educational grant has been provided by MEDISCA Inc.
Food and Beverage
As a matter of activity programming, meals and refreshments during live activities have been provided by LP3 Network Inc.
Cancellation and Refund Policy
A written request must be sent to LP3 Network Inc.requesting a ‘Cancellation without Transfer’ to an alternate live activity event date. If cancellation occurs at greater than or equal to 31 days from the live activity event date, then the registrant will receive a 75% refund; 15-30 days is a 50% refund; and less than or equal to 14 days will result in no refund.
The transfer policy is only in effect if requested greater than or equal to 14 days prior to original live activity event date. Failure to submit the “Transfer Request” at least 14 days prior to original live activity event date will default to the “Cancellation and Refund Policy”. The transfer policy can only be applied one (1) time. Transfer to a new live activity event date must be within the current calendar year. Failure to attend the new live activity event will result in no refund and will no longer be transferable. Confirmation of the new activity date is subject to approval by LP3 Network Inc.. based on the number of available seats within the selected live activity event.
Special rates for hotel accommodations have been arranged for activity participants. Payment for hotel accommodations is at the expense of the activity participant.
The University of Florida College of Pharmacy is accredited by the Accreditation Council for Pharmacy Education as a provider of continuing pharmacy education.