In this episode of the Pharmacy View Podcast, host Scott Carpenter, EVBC, engages in a lively conversation with guest Michael Alexander, who is set to become the podcast’s future host. Michael is a Pharmacist, an entrepreneur, a digital health enthusiast, and, next episode on, a podcaster. He is the Co-Founder of Audrie, an AI-based service that helps people improve their communications skills, and the Regional Vice-President, Health Plans at Omada Health.
In this episode, Scott Carpenter explores their diverse 40-year career journey, transitioning from a furniture maker to roles across management, consumer goods, and marketing. Despite lacking Pharmacy experience, they entered the field as a retailer, utilizing their leadership skills to contribute to the growth of the National Pharmacies Group. They emphasize the collaborative nature of the Pharmacy industry and discuss their dynamic personality, from introversion to extroversion, highlighting the importance of embracing one’s unique traits and seizing opportunities. The concept of adaptability within the Pharmacy industry is also explored, emphasizing the ongoing changes and challenges, with a focus on supporting those who may struggle during transitions.
Scott delves into successful Pharmacy strategies, emphasizing specialization and adaptability, suggesting that thriving Pharmacies excel in a specific area rather than trying to cater to everyone. They stress the significance of maintaining motivation and engagement while cautioning against spreading resources too thin.
Michael reflects on the evolving Pharmacy landscape. They highlight differences between Pharmacy industries in Australia and the US, focusing on government remuneration versus health insurers and Pharmacy Benefit Managers. Michael envisions a technologically advanced future of Pharmacy in 2038, including AI-driven diagnoses, 3D-printed medications, and drone-delivered prescriptions, underscoring the importance of data utilization and patient-centered innovation.
Topics Covered
- Scott’s journey: from a furniture maker to a Pharmacy leader
- Inside Scott’s dynamic mind
- Understanding the adaptability of Pharmacies
- Importance of specialization
- Michael’s bold prediction for the future of Pharmacies
- Michael’s insights on global Pharmacies
- AI-driven healthcare and vision for personalized care
Key Quotes (Time Stamps)
- “And I guess when you’ve had over 40 years of a career history, there’s a whole lot of things that have happened in that time to get to where I am today.” (1:45 – 1:54) Scott Carpenter
- “I obviously spend a bit of time with this podcast, and I really enjoy that in terms of staying affiliated with the Pharmacy industry. I still do provide some consulting into the Pharmacy industry, both with individual Pharmacists, some Pharmacy groups, and some Pharmacy head offices from an operation- business-financial-marketing perspective.” (2:16 – 2:39) Scott Carpenter
- “I currently do quite a bit of work for elderly couples in my local area. And what I mean by that is that these only couples are quite scared—would be the right word—about going into aged care facilities at the moment because, during those two years of COVID, they were the places you didn’t want to be. So, whereas previously you might have sold your home and moved into a village or a facility, elderly couples in my area don’t want to do that anymore. And so, a few of them reached out to me, and I, on a part-time basis, do what’s called custom property maintenance.” (2:57 – 3:31) Scott Carpenter
- “I met some magnificent people through that time and through the entire 20 years in Pharmacy. And even today, I’m meeting great people as well. But to a point, none of them ostracized me. None of them looked down at me. Most of them actually helped and coached, and guided me. And so, to a point today, my understanding of the Pharmacy industry is not what I brought to the table at that time, but actually what Pharmacists and Pharmacy industry people have shown and coached me on over 20 years.” (8:38 – 9:06) Scott Carpenter
- “But I think, if I come back to your original question, is that whether the change is small, whether it’s a change in a week, a change in a month, a change over a year, the Pharmacy industry has continued to evolve for longer than I’ve been alive, and I daresay therefore longer than you’ve been alive because you’re younger than me. And it will. But ultimately, it will be the Pharmacies that adapt and change within that.” (15:36 – 16:05)
- “If I had to say a Pharmacy that stands out above all of that would be Pharmacies that specialize in a particular area.” (17:47 – 17:55) Scott Carpenter
- “And I think rather than give you a magic bullet, what I’m going to suggest to you is that the successful Pharmacies that I’ve seen are the ones that don’t try to be everything to everyone.” (18:42 – 18:51) Scott Carpenter
- “So, don’t try to be everything to everyone, and don’t spread yourself too thin. But more importantly, don’t jump into groupthink where an idea might be good, but you’re not really passionate about it because if you’re not passionate about it, if you’re not motivated in your own right, and if you’re not motivated to motivate the team in your own right, then as we know, there’s a lot of great business examples out there that things work but a lot of business examples there where the things don’t work.” (20:12 – 20:40) Scott Carpenter
- “Look after your patients and the health care that you and your team do. Do that within the parameters that is the PBS and the supply chain from the wholesalers and the suppliers. But if you’re going to do anything outside of that, only do the things that you can be passionate about and that you can actually deliver on.” (21:05 – 21:25) Scott Carpenter
- “In terms of what was different, I was struck by one big difference, more probably in evolution than a difference. It seems that everyone or a big proportion of the industry is now affiliated with discounting—a lot of discounters, a lot of new discounts, or discount brands in the market. I didn’t find that necessarily unusual. It’s the way the industry has been trading for many years. But it was striking to me that it seems the industry is now decided that if you can’t beat them, join them. And they’ve gone all in on that. And it’s interesting, as somebody in the Pharmacy industry here in the U.S. or affiliated with the Pharmacy industry here, that the U.S. Pharmacy industry has made exactly the opposite bet. In the U.S., it’s rare to find a discounter in the same mold as a chemist’s warehouse. The retail pharmacy in the U.S. has focused on convenience rather than discounting for many years. That’s where they place their bets.” (28:45 – 29:47) Michael Alexander
- “Obviously in Australia, it’s very much based on government remuneration and that’ll basically be the centre of the revenue streams for Australian Pharmacies. In America, it’s different because other than Medicare, which is only for seniors here, and Medicaid for the disadvantaged, most of the revenue is driven by health insurers and what we call PBMs where who are the middlemen, the Pharmacy Benefit Managers between health insurance companies and Pharmacies.” (31:38 – 32:15) Michael Alexander
- “We’re talking about innovation centered on the patient and technology that transforms the patient experience. And that virtual care team, of which a Pharmacist is really is the crux of available 24/7 to you from the comfort of your home while you’re watching ‘Neighbours’. So, all of this is really the future of global Pharmacy, and all those ingredients are available now. They just need to come together.” (37:59 – 38:21) Michael Alexander
Social Media Clips (Time Stamps)
- Building, Business, and Beyond: Scott’s Unconventional Career Path (1:15 – 9:44)
- Seizing Opportunities: Scott’s Recipe for Embracing Life’s Possibilities (9:51 – 11:40)
- Survival of the Adaptable: How Pharmacies Thrive in Changing Times (11:57 – 16:10)
- Scott’s Prescription for Pharmacy Success (16:20- 23:07)
- Specialized Success: How Pharmacies Thrive by Adapting to New Models (23:26 – 25:42)
- Discount vs. Convenience: A Tale of Two Pharmacy Strategies (27:55 – 31:08)
- Comparing Pharmacy Revenue Streams in Australia and the US (31:15 – 33:28)
- Future of Global Pharmacy: A Glimpse into 2038 (34:16 – 39:30)
Useful Links
Scott Carpenter, EVBC | LinkedIn
Shopfront Solutions: Overview | LinkedIn
Aerion Technologies: Overview | LinkedIn
Aerion Technologies | Helping Non-Techs Build Better Tech
