How to Start a Compounding Program

Have you thought about your pharmacy’s future? If so, you may have thought about starting a compounding laboratory. What better way to compete in today’s market than to offer your patients a niche service? I strongly feel that compounding is one of the best ways for an independent to become profitable for years to come. If you’re still reading this, let’s go over a few things that you’ll want to consider to be successful in this venture.

Analyze the market. To do this, you need to find out what types of compounds the physicians are requesting. This could be categorized by dosage forms, such as creams, capsules, suspensions, etc. or by the type of physician, such as dermatologist, OB-GYN, etc. Maybe you’ve already received calls from physicians inquiring whether you compound or not; this will also help guide you to the right market. Once this information is established, you will have some direction as to what products you would like to offer.

Secure funds for investing in your facility. Starting a laboratory can be costly. Develop a plan for financing if the funds aren’t immediately available. The space, fixtures, supplies, equipment, chemicals, training, marketing and other costs can add up quickly. It’s important to understand that an investment in your facility is meant to sustain you for the long haul, so you must assess the return-on-investment prior to investing. However, there are financing companies that will aid you with funds for supplies and equipment.

Train and train again. Make it a habit to continually educate yourself on compounding related topics. Training can set your pharmacy apart from the competition. Whether through educational seminars, compounding courses, webinars, on-site training, or CEs, there are many ways to learn tips and techniques that are critical to the everyday problem solving situations you will face. Also, resources such as Remington’s and Trissel’s offer vital information required when making custom medications.

Strategize the marketing aspect. If you’ve ever had business thrown your way, consider yourself one of the lucky ones. Most of us need to conduct a marketing scheme to advertise our new niche and earn the trust of the physicians and patients. Marketing can be a difficult task for some. It takes a lot of time and effort to call on physicians. It’s a numbers game in which the more you visit, the more likely you are to have some success. Target the physicians you are having good results with and build those relationships. This can give you a better grasp on which compounds are marketable to similar physicians.

Network with other professionals. You can accomplish this with your suppliers, other compounding pharmacies, social groups and associations. Nothing is better than having a trusted resource that’s been in the industry longer than you have to offer a little guidance. There are many organizations willing to help you grow your program. Compounders are some of the most passionate people about their art. Sharing information can greatly enhance your chances of success.

Be professional and maintain your ethics. It’s not a matter of “if”; it’s a matter of “when” someone will ask you to do something not quite ethical. The compounder is solely responsible for knowing what you can and cannot do within legal limitations. Compounding is a small community and your reputation is everything. Remember, this is a marathon, not a sprint. Spend time with projects that are going to benefit you in the long haul. You have a duty, not only to yourself and your business, but also to the patients to deliver a professional product to the best of your ability. With compliance being such an issue in today’s market, it is more critical than ever to stay in-bounds.

With planning and dedication to your business plan, your compounding program can grow and be successful. Please see my earlier blog posts titled “Tips for Cash Compounding Pricing” to learn some useful tips when determining cash prices for your compounded products.

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