How To Grow A Compounding Lab Pharmacy

Back in the early days of the apothecary, compounding was the only type of pharmacy. Every single medication, ointment, salve, had to be compounded by hand. The reason is simple: the big business of boxed and readily available pharmaceuticals did not exist . In addition, each patient was unique and required the expertise of a compounding pharmacist.

These days not all pharmacists are in the business of compounding. Many are focused on ensuring that doctor’s or other healthcare providers’ prescriptions are fulfilled as requested on the prescription. That works for most patients, bringing them to a balance in their health. The pharmacist’s basic role is to ensure that the right dose of medication and the right amount will be administered via the prescribed modality, essentially.

So if the prescription calls for an inhaler, it is given in an inhalant form. The route would be by mouth. In other cases, maybe only injections of insulin work for a patient. No other new forms of insulin will be provided. Just an injection, at the specified doses written in the prescription.

The Compounding Lab Pharmacy Today

What is the use of a compounding lab pharmacy in today’s world? People are complicated. Not every individual  responds to the basic boxed medicine and dosages that are available from the Big Pharma. Even more so, there are some disease states that do not respond well to generalized dosages or preparations either.

Take for instance thyroid issues. As it turns out, Hashimoto’s Thyroiditis is an autoimmune disorder. It sends different parts of the body out of balance, even giving doctors a run for their money when trying to identify what caused it. It is like a chicken and an egg question. Did the gluten intolerance develop following a hole in the gut following stress? Or did the hole follow after an diagnosed gluten allergy went unnoticed for 25 years?

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The endocrine system goes haywire either way. And, this is one area where people’s responses to treatment could not be more different. In such a case, a compounding lab pharmacist is possibly the only person capable of rescuing the sufferers from their own bodies. And it is no exaggeration.

Filling A Dire Need Presents The Opportunity For Growth

As the instances of such autoimmune disorders such as thyroiditis, Chronic Fatigue, Epstein Barr and others grows, the need for compounding pharmacists grows exponentially. It may seem morbid, but this is the kind of opportunity that a compounding lab pharmacy relies upon to grow its business.

Becoming the company that knows how to work well with endocrinologists makes a way to grow a compounding lab pharmacy. So the first method to grow a compounding lab pharmacy is to know thyself. Knowing the specialized services or the specialized community to serve will help you know which relationships to build and with whom.

If working with people suffering from life-threatening bacterial infections is more your speed, then go that route. If generalist is the name of your game, then go that direction. The point is to know what services you offer or what populations you serve best.

From there, make relationships by approaching specialized industry groups who represent medical professionals in your arena. This can be done through LinkedIn, through phone calls, mailing personalized letters, and even networking events. Consider further bolstering your network by making contacts at local hospitals, with other pharmacists, doctors, and even functional medical doctors.

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Research Patient Statistics

Pharmacists are gifted with a special ability to analyze and crunch numbers. Use it to ensure that a need is real. Look at the population and numbers. See if the numbers really point to a need. Or, if the need is just a publicity stunt for a population looking to garner more attention and donations.

Build Awareness With The Populations In Need
Many times a doctor writes a prescription and leaves the patient hanging. They might say, “Oh, take this to a compounding pharmacy”. The patient is overwhelmed enough, and now has the burden of finding a specialized professional to fulfill their need. How do they know who to choose?

Take the burden off the patient’s shoulders. Answer their call by anticipating their concerns. This is where it is useful to hire a professional to handle online reputation, social media, online advertising or search engine optimization. Through anticipation of needs, answer the patient’s concerns by writing blogs, having a website, and building a reputation by having public relationships with organizations, bloggers, and medical leaders they trust.

Look At Logistical Issues

Do look at the location as well. Is there a well-loved endocrinologist specializing in treatment of Hashimoto’s in your city? Why not find a space next door to them?

Additionally, the logistics of having relationships with shipping companies that can deliver fresh compounds that work as effectively as those picked up in person will be a boon to business. Make sure that it is a reliable company. Business accounts often receive discounts and more favorable rates than an individual sending one medical compound one time.

Logistics also includes in what states the company can operate. Consider hiring or having relationships with compounding pharmacists wherever the company plans on delivering its goods and services. Take it all one step further by providing a very robust website, instant chat and a phone number with excellent professionals on the other end of the line.

All of these tips will ensure that a compounding lab pharmacy business takes off. Success is within reach as long as there is a business plan that includes building business relationships that target the patient community of choice. Most of all, do more of what works. Be adaptable and flexible.