DESCRIPTION:

This activity affords the student pharmacist the opportunity to implement key business-, sales-, and marketing-related strategies and tactics, helping to establish a successful compounding practice and conferring a competitive advantage. Emphasis will be placed on a startup compounding practice business model, expanding niche markets, and creative ways to redefine the pharmacist, physician and patient relationship. Comprehensive strategies, comprised of a strong business infrastructure with the potential to earn dividends and cultivate effective and creative marketing messages, will be discussed. Finally, the establishment of criteria for a sales call notebook and a product and service portfolio will serve as the learning methods platform for information gathering and information dissemination, respectively; they are two fundamental aspects of marketing. Combined, these strategies and tactics will help position the new compounding practice in the marketplace from business, financial, sales, and marketing perspectives.
 

LEARNING OBJECTIVES

  • Explain business development and marketing plans, leading to a successful practice and a competitive advantage.
  • Establish business, financial and marketing milestones and cornerstones related to the servicing of a niche market.
  • Implement key business-, financial-, and marketing-related strategies, resulting in the growth and development of a successful compounding practice.
  • Determine setup costs related to servicing prospective and expanding niche markets.
  • Assess vendor qualification requirements to ensure continuity in standards of practice between business entities.
  • Construct a product and service portfolio to be used in a marketing campaign.
  • Design the infrastructure for targeted marketing and sales campaigns.
  • Identify individual, financially-sustainable niche markets, serving as profit centers.
  • Build a personal sales call notebook for prospective and existing prescribers.
  • Create reimbursement strategies for compounding-related products and services.