Podcast Show Notes:
- Host Mike Koelzer interviews Michael Solazzo, Vice President of Sales and Marketing for Capital Wholesale Drug Company, on the relationships between primary and secondary wholesalers with independent pharmacies.
- Solazzo discusses the difference between pharmacists and salespeople, highlighting the importance of maintaining relationships based on delivering value.
- The conversation touches on unethical practices in the pharmaceutical industry, such as giving away gifts to customers, and how these practices have been scaled back due to scrutiny and regulation.
- They discuss the challenges faced by salespeople on the road, the metrics used to evaluate their performance, and the need for establishing truthful relationships with customers.
- Solazzo explains how secondary suppliers like his company are more flexible than primary suppliers in adjusting pricing and working with customers to understand their buy plans.
- They discuss the emergence of new platforms that facilitate transactions and take into account the entire buy plan, as well as the challenges of the over-the-counter (OTC) business and the importance of pharmacists in the community.
- The conversation then moves on to discussing the different types of pharmacists and customers, the prevalence of Prime Vendor Agreements (PVA) in the industry, and the importance of relationships and trust in the industry.
- Solazzo talks about how companies like Capital Rx work with manufacturers and customers, and how the sales reps at his company make phone calls to existing customers, offer special deals, and provide information about product availability.
- They discuss the upcoming DSESA compliance regulations and the importance of being compliant to prevent counterfeit drugs and diversion.
- Finally, they touch on the potential impact of new technology on the industry, such as the use of third-party platforms to facilitate transactions and monitor compliance, and the history of drug safety regulations.
Overall, the podcast provides insight into the complex relationships that exist between primary and secondary wholesalers and independent pharmacies, and the strategies used to maintain these relationships in the pharmaceutical industry.
https://www.capital-drug.com/
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