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Transcript of “a compounding pharmacy” - About NCPA · “a compounding pharmacy ... • Herbal of the month...
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“a compounding pharmacy”
Alisha Fewins, Zsolt Hepp, Dana Ling, Rachel MerrillUniversity of Washington School of Pharmacy
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• Population: 30,546
• 44.5% of population is over the age of 65
• Estimated 19% growth rate over 5 years
• Rural remote setting
Location Analysis
Description of Business
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• Frick’s Drugs purchased outright by current owner of Jim’s Pharmacy for purchase price of $1 million
• Junior Partnership with new owner including joint venture
• Pharmacy purchased over 7 year period• Total accumulated payments to Jim’s Pharmacy:
$1,687,522
Junior Partnership Agreement
Description of Business
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• 68% return on investment
• Jim’s Pharmacy expanded through joint venture• Joint venture assures financial commitment of junior
partners
Why would Jim’s Pharmacy take this risk?
Description of Business
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• DME Billing• Compounding• Employee & Business
Insurance• Staffing
Joint Venture
Description of Business
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Loan Request• Loan Amount: $120,000• Purpose: Capital for pharmacy
remodel• Repayment: Monthly payments of
$3,734 over three years• Collateral: Personal property
Description of Business
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• Dana LingPharmacy manager and compounding pharmacist
• Store Manager
• Advisory board:
Management Structure
Description of Business
oDana Ling oTribal Physician
oRachel Merrill oNursing Home Representative
oJoe Cammack oCustomer
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Insurance• Fire, earthquake, and theft
• Professional liability
• Key person insurance for Dana
Security• Burglary alarm
• Sprinkler system
• Police department located in same shopping center
Description of Business
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Service Mix
Description of Business
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• Joint venture with Jim’s Pharmacy
• Increase patient population and gain significant margins
• Veterinarians, Olympic Game Farm, rural farmers
Description of Business
Compounding
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Description of Business
Immunizations
• Collaborative agreement protocol
• Travel clinic• Marketing to doctors,
assisted living homes, andgeneral public
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Description of Business
340 B Contracting• S’Klallam Tribe’s Jamestown Family Health Clinic• Medication costs less than 50% AWP• Educating clinic prescribers• Beneficial to clinic and offers additional pharmacy
clientele
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Product Mix
Description of Business
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Alternative medicine• Evidence based medicine
• Patient education workshops
• Herbal of the month promotions
• Network with local practitioners
Foot care products• Close relationship with local
podiatrists
• Treatments for most common geriatric foot ailments
Description of Business
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Travel Products• Optimize comfort, convenience,
and aesthetics
Local Lavender Products• Ideal souvenirs
• Shipping and delivery services offered
• Bath and shower items, comfort items, and essentialoils for aromatherapy
Description of Business
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Competition
Insert map here…
Marketing Plan
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• Digital marquee
• Tribal connections
• Sequim Gazette
• Sponsor local events and promote MTM
Marketing Plan
General Promotion
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Target Market• Patients seeking individualized care
• Customers needing compounding services
• Assisted living homes
• Jamestown S’Klallam tribe members
Potential Market• Incoming new residents
• DME services
• Current residents going to other pharmacies
Marketing Plan
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Physical Description
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Financial Information
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Financial Information
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Financial Information
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Financial Information
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Financial Information
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Cash Flow Projection
Financial Information
2009 2010 2011Cash From Operating Activities Net Operating Profit 11,784 ‐98,004 15,426 Increase In Accounts Payable (+) 8,215 8,709 9,231 Increase In Accounts Receivable (‐) 7,277 7,714 8,176Net Cash Flow From Operating Activities 12,722 ‐97,009 16,481
Cash From Financing Activities 0 120,000 0Net Cash From Financing Activities 0 120,000 0
Net Change In Cash 938 995 1,055Cash Balance End of Year 12,722 22,991 16,481
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• Total Assets: $60,000*• Debt to Equity Ratio: 0.5• Collateral: Personal Property*• Personal Guarantees: Dana & Rachel liable for all loan terms• Special Conditions: Joint venture with Jim’s Pharmacy
* See Addendum to Loan Request in Handout
Summary of Loan Request
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Closing Statement
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Acknowledgements and Questions
• Don Downing
• Jackie Gardner
• Cy Frick
• Joe Cammack
• Jim Cammack
• Mary Ann Odegaard
• Beverly Schaefer
• Gina Carpinito
• Ryan Oftebro
• Steve LaFever
• Linda Herzog, Sequim City Manager
• Laura Dubois, Sequim Mayor