Counterintuitive… or is it? Premium care leads to lower costs, higher revenue, or…

… “Fail fast, fail cheap – applying the entrepreneur model to 21st century pharmacy.”

If you participate in a Startup Weekend, work with a business incubator, or spend much time at all around 21st century entrepreneurs, you will learn quickly that the model for success in this new economy is rooted in failure.

Oxymoronic?  Counterintuitive? Countermoronic??? Maybe. It also happens to work.

everyone-will-become-entrepreneur-610When I say that the model is rooted in failure, what that means is the mantra of the entrepreneur is “fail fast, fail cheap.” This actually isn’t a new idea. It’s the same notion that Thomas Edison took when subscribing to the notion that every failure of the new fangled electric light bulb was just one step closer to the solution. The trick was to accomplish these “failures” as cheaply as possible and spend a minimal amount of time doing so. The question is, how can we apply this model to 21st century pharmacy?

Ok, I know what you’re thinking. “But Pharmacist Jamie… we’re pharmacists, not entrepreneurs. We’re not founding tech companies… we’re not developing  apps that let you put things ‘on the line‘… we are health care providers, not entrepreneurs.”

Yeah. Let me know how that works out for you. In the meantime I’ve got a suggestion:

Premium services lead to lower healthcare costs that lead to more valued service that leads to more revenue.

Let that sink in a moment. And yes, pharmacists are (or should be) an integral part of such a system. We don’t consider ourselves entrepreneurs, but we should. The health care system is being reinvented right in front of us. As I’ve said before, we can’t expect a lofty place in the order to be reserved for us. We need to make our own place, define our own space, create our own value. Nobody does that better than an entrepreneur.

So I’d like to unpack the seminal point of this post: Premium services lead to lower healthcare costs that lead to more valued service that leads to more revenue.
The initial reaction would be that better quality health care is more expensive thus driving down the demand. In actuality, the opposite is true. So much of our health care system is focused on treating problems that arise from a primary condition. Patient recidivism from improperly managed medication regimes are a huge cost to the system and the consumer. How many of your patients have not properly finished their antibiotic only to have the infection reoccur? More treatment, more drugs, immunity begins to development, etc. Spending more time on patient counseling and care on the front end will prevent these back end costs. This adds value to the role of the pharmacist in the health care system, which means patients engage pharmacists more for counseling, which means we then have another line item we can build. Premium services lead to lower healthcare costs that lead to more valued service that leads to more revenue.

Opportunities for this model abound. Tobacco cessation, hospital discharge, rehab discharge, etc. There is a market need for these services, there is a revenue generation opportunity. Now we need a generation of Pharmacist Entrepreneurs to make it happen.  Any takers?





  1. Thanks for your marvelous posting! I genuinely enjoyed reading it,
    you happen to be a great author.I will make sure to bookmark your blog and will eventually come back down the road.
    I want to encourage that you continue your great work, have a nice day!

  2. I simply want to tell you that I am just beginner to weblog and really loved you’re website. Very likely I’m planning to bookmark your website . You actually have fantastic article content. Thanks a lot for sharing with us your web site.

  3. I simply want to mention I am just newbie to weblog and honestly savored your blog site. Likely I’m likely to bookmark your website . You amazingly have awesome stories. Thanks a bunch for sharing your blog site.

  4. Good post. I learn something totally new and challenging on websites I stumbleupon on a daily basis.
    It’s always helpful to read through content from other writers and use a little something from their sites.

  5. Doreatha says:

    I have to thank you for the efforts you’ve put in penning this
    blog. I am hoping to see the same high-grade blog posts from you in the
    future as well. In truth, your creative writing abilities has motivated me to get my own, personal site now 😉

  6. My brother suggested I might like this blog. He was totally right.
    This submit actually made my day. You cann’t believe just how a lot time I had spent for this information! Thank you!

  7. AlfredNArtry says:

    We’re a group of volunteers and opening a new scheme in our community.
    Your web site offered us with valuable info to work
    on. You have done an impressive job and our entire community
    will be thankful to you.

  8. Appreciating the commitment you put into your website and detailed information you offer.
    It’s great to come across a blog every once in a while that isn’t the same unwanted rehashed material.
    Great read! I’ve saved your site and I’m including your RSS feeds to my Google account.

  9. Joe Davel says:

    Hello there, just became aware of your blog through Google, and found that it is truly informative. I’m going to watch out for brussels. I will appreciate if you continue this in future. Lots of people will be benefited from your writing. Cheers!

Leave a Reply

Your email address will not be published. Required fields are marked *