Management

• Current events include Express Scripts Canada Service Fee, Novo CEO expects pts to stay on Wegovy longer than older weight loss drugs, and U.S allowing Florida to import drugs from Canada, reviving fears of shortages.
• APhA says that FDA’s decision on Florida’s importation program jeopardizes pt safety.
• B.C is set to begin at-home HPV, cervical cancer screening.
• Most pharmacists are managers, either formally or informally.
• The range of management responsibilities is variable, and it is imperative to understand fundamental management principles.
• Pharmacists may manage people, processes, or departments.
• Profits in co-ops are distributed among members and are therefore not taxed, representing a strategic advantage.
• The textbook can help to clarify what was discussed in class.
• Cooperatives are owned and controlled by its members, each member is entitled to one vote, representing a democratic approach.
• The strategic analysis and business plan proposal assignment requires understanding various managerial aspects of the pharmacy you choose, so use this lecture as a base in which to start thinking about the service you’ll propose to offer.
• Profits in cooperatives are shared amongst the members who pay a membership fee, which may be one-time, annually, etc.
• This general overview of management is meant to provide an understanding of the subject matter of the course.
• Co-workers, farmers, fishermen, consumers, etc. band together to form “co-ops”, representing a cooperative approach.
• Graduating pharmacists who are competent managers of both their patients' drug therapy and pharmacy personnel is critical for the profession to fully realize the reality of a patient-focused paradigm.
• Translating available resources into better health outcomes requires good management as well as clinical acumen.
• Developing a curriculum to incorporate pharmacy management in the program may be challenging.
• The most effective managers are those that understand the context in which their organization exists, the organization’s unique culture, and the industry- and organization specific knowledge required to ‘get things done’.
• Strong managers surround themselves with talented people and develop these individuals into high-performing team members who can translate vision into reality.
• Organizational knowledge includes understanding the context in which the organization exists, understanding the organization’s unique culture, possessing industry- and organization-specific knowledge, learning who’s who, what matters, and how things work.
• Human resource management/organizational behaviour includes hiring excellent people, motivating and engaging employees, understanding the six needs that motivate individuals, and translating these needs into elements of the employee value proposition.
• Establishing goals and performance standards, and providing feedback is crucial for employee engagement.
• Corporate advantages include limited liability, more money for investment, size may be larger due to increased resources, perpetual life, ease of ownership change, ease of attracting talented employees, separation of ownership from management, and disadvantages include extensive paperwork, double taxation, two tax returns, size may become too inflexible to new ideas, termination of corporation difficult, stockholder and board conflict, and high initial cost.
• Franchise success rates are not specific to Pharmacy, with 97% of franchised businesses still operating after 10 years, compared to 91% of independent businesses.
• Corporate expansion can also involve mergers and acquisitions, acquisition is when one company purchases the property and obligations of another company.
• Partnership advantages include more financial resources, shared management, knowledge, longer survival, shared risk, no special taxes, and disadvantages include unlimited liability, division of profits, disagreements among partners, difficulty in terminating, and it is a form of ownership where two or more people act as co-owners.
• Corporations are a group of individuals that forms and acts as a single entity with liability separate from its owners, and types of corporations include public, private, and non-profit.
• Corporate expansion can involve mergers and acquisitions, mergers occur when two or more companies join to form one company, horizontal merger when firms at the same level of the business merge, and conglomerate merger when firms in completely unrelated industries merge.
• Franchises allow a franchisee/person(s) to borrow the franchisor’s business model and brand for a specified period, with advantages including management & marketing assistance, personal ownership, recognized name, financial advice and assistance, lower failure rate, and disadvantages including large start-up costs, shared profit (royalty), franchising fees, management regulation, coattail effects (cannibalization), restrictions on selling, and purchasing, and fraudulent franchisors.
• The corporate structure includes president, vice president, treasurer, secretary, shareholders/stockholders, board of directors, officers, managers, and employees.
• Employees are more likely to be engaged in work if they know what is expected of them.
• Strategies for effective feedback include being direct, relying on evidence, talking about the employee, not yourself, providing positive feedback in public, negative in private, and letting employees propose their own solutions.
• Managers cannot prevent all emergencies, but they can minimize surprises by anticipating what can go wrong and devising strategies to deal with such occurrences.
• Team meetings set the tone for interactions with employees and should be supportive, non-threatening, held on a regular basis to keep employees informed.
• Managing time requires understanding workload, identifying priorities, staying organized, remaining flexible, and delegation.
• Pharmacist managers should provide performance feedback as it is both a preventive and corrective measure.
• Communication is both verbal and non-verbal, with four elements: Sender, Receiver, Message, Environment.
• Sole Proprietorship is a business that is owned, and usually managed by, one person in the community.
• Corporation is a group of individuals that forms and acts as a single entity with liability separate from its owners.
• Employee feedback can help you improve your own effectiveness, three ways to solicit employee feedback include seeking casual advice, formalizing the process, and tracing changes in behaviour.
• Giving feedback requires emotional/social intelligence.