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.
- 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.