In Her Business: Collaboration to Boost Woman-Owned Pharmacies

Pictured above, Sonia Martinez of Marco Drugs and Compounding in Miami, Florida is one of a number of women pharmacy owners working to educate pharmacy students about the opportunity to own a community pharmacy.
Cardinal Health, a FORTUNE 19 company based in Dublin, Ohio that specializes in health care supply chain services and products, has partnered with the National Community Pharmacists Association (NCPA) to launch the Women in Pharmacy Initiative, designed to inspire, facilitate and support women's participation in and ownership of community pharmacies through mentoring and networking opportunities, business acumen training and best practice sharing. As a starting point, the initiative will use NCPA’s student chapters to identify and encourage pharmacy students to consider careers in community pharmacy and pharmacy ownership. To help inspire students, the program will share success stories of Cardinal Health’s most successful female pharmacy owners through a series of print advertisements in student-focused pharmacy publications. In the near future, high-potential students will have the opportunity to get “hands on” experience in ownership through internships and mentoring relationships.
Since community pharmacies are playing an increasingly important role in providing patient counseling and ensuring safe medication use, Cardinal Health wants to maximize the number of women who are aware of business opportunities in this arena. “Today, the vast majority of community pharmacy owners are men, even though women comprise about half of all practicing pharmacists. To support the long-term viability of community pharmacies, we need to do more as an industry to encourage women to consider owning their own pharmacy,” said Mike Kaufmann, CEO of Cardinal Health’s pharmaceutical segment.
According to the NCPA, the independent pharmacy sector represents a $92.8 billion marketplace. Furthermore, the field of pharmacy ranks the second highest best-paying career field for women overall. (Female physicians and surgeons top the list at number one.) According to the U.S. Bureau of Labor Statistics, female pharmacists make a median of $83,500 annually. Women comprise 48% of the pharmacy profession and earn 83% as much as male pharmacists. Although there are no available statistics regarding the number of female owners of independent pharmacies, estimates indicate that those numbers are far lower, possibly in single digits. Employment of pharmacists is expected to grow by 17 percent between the decade of 2008 and 2018, which is faster than the average for all occupations.
“Professionally, being an independent pharmacy owner has afforded me the opportunity to serve my patients as a highly clinical retail pharmacist. Personally, it has given me the flexibility to be an active and involved parent to my children,” said Kathy M. Campbell, PharmD, and owner of Medicap Pharmacy and OMC Pharmacy in Owasso, OK. “It is my hope that my involvement in the Women in Pharmacy Initiative will empower and educate women throughout pharmacy to see ownership as a rewarding and preferred career path.”
Cardinal Health’s Pharmacy Ownership and Transition Strategies team runs a complementary program that works with pharmacy schools around the country to provide support to students interested in owning pharmacies. In 2011, Cardinal Health also launched a $1.1 million scholarship program, directed primarily toward schools that offer curricula focused on operating independent pharmacies.
Resource Websites:
Cardinal Health www.cardinalhealth.com
National Community Pharmacists Association www.ncpanet.org
In Her Business is an article series published by The Women's Book. It shares news, brief tips and inspiration for innovative and growth-oriented women business owners. Do you know someone who would make a great profile? Got a tip to share? Contact us.
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