From ThoughtSpot 2017: Selling your pharmacy

July 21, 2017 | Pamela Dickson

Of the 20,000 or so community pharmacies in the market, it’s estimated that 700-900 ownership transitions happen each year: they shutter their doors, find another independent buyer, or sell to chains. The key message of ThoughtSpot’s “For Sale or Fire Sale” session was this: PLAN, and put yourself in the position to sell by choice, with timing and terms that are your own. So how do you do it right? Here’s some advice Charlie Le Bon, Director, Pharmacy Ownership and Acquisition from AmerisourceBergen shared:  

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The Weekly Roundup

July 14, 2017 | Pamela Dickson

On Thursday, the Department of Justice charged 412 people in an alleged, widespread fraud scheme that cost the healthcare system an estimated $1.3 billion. Of those, 112 defendants faced charges specifically related to opioids. While this week’s enforcement was large and widespread, it comes as no surprise. The problem has been chronicled extensively—especially in Palm Beach, considered by some to be ground zero for an extensive network of individuals playing on the vulnerabilities of addicts and creating a “puppy mill” for fraudulent insurance billing. As if that’s not enough to put you off your feed, this probably will. 

 Here are a few other stories that might be of interest:

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The Weekly Roundup

June 30, 2017 | Pamela Dickson

Looks like they had a backup plan after all. After a long period of market speculation and substantial FTC scrutiny of the proposed deal, Walgreens Boots Alliance announced this week that it has scrapped the Rite Aid merger and will instead attempt to purchase nearly half of the Rite Aid stores at a price tag of $5.18 billion. The deal also leaves regional chain Fred’s, who had planned to buy nearly 1,000 Rite Aid stores, out in the cold. Fred’s stock price plummeted.

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The Weekly Roundup

June 23, 2017 | Pamela Dickson

new bill, the Preserving Patient Access to Compounded Medications Act of 2017 (H.R. 2871), was introduced last week by Reps. Morgan Griffith (R-VA) and Henry Cuellar (D-TX) to clarify the Drug Quality & Security Act (DQSA). Proponents say it is intended to strike a balance between patient safety and access to compounded medications. Where those sometimes-competing interests meet has been batted between pharmacy organizations and the FDA for the past several years after the enactment of the DQSA. On one hand, cases like this one and many others stemming from contaminated product has the FDA working hard to provide some guidance for compounded drugs and raising issues around outsourcing, manufacturing, and supply chain security. But it’s been argued that FDA guidance doesn’t cut it when there is so much variance between states when it comes to licensing, enforcement of good manufacturing practices, and training. In the middle sits the patient, for whom compounding pharmacies meet a very real need—and in times of drug shortages, that need could become critical. 

Here are a few other stories that might be of interest:

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The Longest Day

June 23, 2017 | Pamela Dickson

In the United States, someone develops Alzheimer’s every 66 seconds, and more than $5 million people are living with the disease. The cause is near and dear to our hearts: Leonard Astrup, who founded our family-owned company in 1952, battled the disease. On June 21st, our Sterling pharmacies joined together to recognize “The Longest Day”, an initiative to raise funds and awareness of Alzheimer's Disease with a day of activity.

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The Weekly Roundup

June 16, 2017 | Pamela Dickson

Next week is the official start of summer, and safety is top of mind in our stores. A voluntary recall of several dermatology products was announced this month after an FDA visit identified potential concerns over manufacturing safety. Most of the products were topical antibiotics used to treat mild scrapes, burns, and rashes common in the warm weather months while school is in recess. Don’t forget to remind your patients to plan ahead and refill prescriptions prior to planned family vacations. As always, feel free to download and share our free resources to educate your patients about everything from bug bites to underage drinking to sun exposure

Here are a few other stories that might be of interest:

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PBMs face new legal challenge in Minnesota

June 16, 2017 | Pamela Dickson

There’s more than one way to pluck a chicken.

Early this month, attorneys from three law firms (Lockridge Grindal Nauen PLLP, BermanDeValerio, and The Maul Firm PC) brought a class action suit in Minnesota District Court against three of the largest PBMs: Prime Therapeutics, Express Scripts, and CVS Health. The suit, brought under the Employee Retirement Income Security Act of 1974 (ERISA), takes a new tack on the EpiPen price gouging controversy.

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The Weekly Roundup

June 04, 2017 | Pamela Dickson

If you need staff help to fuel growth in your pharmacy, graduation season is game-on. But hiring can also cause a lot of stress—and more so when you are looking for employees you expect to invest heavily in. It’s time consuming to look for and train new team members, and it’s hard to predict a high performer during the interview process. Or is it? Here’s some advice to help.

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