The New Face of Pharma: Unveiling the Small Pharma Model and a Unique Franchise System
Barry Patel, CEO and co-founder of Galt Companies, joined us for an engaging conversation about entrepreneurship in the pharmaceutical market. Patel discussed how Galt Companies, which includes Galt Pharmaceuticals and Galt Franchise Systems, is altering the conventional Big Pharma model by enhancing smaller pharmacies' potential. The discussion highlighted the innovative approach Galt Companies has adopted to secure existing medicines from the '70s through '90s and reintroduce them to the market, including a franchisee model allowing local entrepreneurs to own and operate mini-pharma companies in their areas. The talk also delved into the unique challenges and prospects the model offers, as well as insights into the pharmaceutical industry's regulatory landscape and Galt's future vision.
00:00 Introduction and Background of Barry Patel
00:36 Understanding the Business Model of Galt Companies
01:08 The Strategy Behind Reviving Old Pharmaceutical Products
01:44 The Role of Brand Recognition in the Pharmaceutical Industry
02:59 The Challenges and Opportunities in Manufacturing and Distribution
04:35 The Process of Identifying Potential Products for Revival
06:14 Understanding the Market Dynamics and Competition
08:05 The Future of the Pharmaceutical Industry and Galt Companies
12:06 The Role of PBMs and the Impact on the Pharmaceutical Industry
22:54 Exploring the Franchise Model in the Pharmaceutical Industry
23:15 Understanding the Franchise Model
24:14 The Role of Sales Representatives
25:00 Who are the Franchisees?
30:05 Overcoming the Salesperson Stigma
38:36 The Franchise Model and Liability
42:02 Future Plans and Growth Strategy
46:21 Final Thoughts and Appreciation
