With the changing role of pharmacists, a consulting mentality may be necessary.

Name: Jim O’Donnell

Position: Owner of Pharmaconsultant Inc.

 

 

Interview Summary with Jim O’Donnell

 

Jim O’Donnell is the founder/owner of Pharmaconsultant Inc., a pharmacy consulting firm.

 

1. Could you give us a brief overview of your career?

• Started out traditionally with a bachelor’s degree from the University of Illinois College of Pharmacy
  • Completed his PharmD at the University of Michigan after learning pharmacists could work in more locations than just drug stores
  • Completed a residency before his PharmD
• Continued his career as a manager/clinical pharmacist at the Cook County Hospital in Chicago
  • Selectively chose a practice site with need for frontier work
• Manager role at Rush University Medical Center
  • Developed practice models and spent several years in TPN management
  • Advised doctors on TPN prescriptions and provide accurate nutrition to patients
  • Master’s degree in nutrition
    • Highly encourages individuals to get additional credentials if the opportunities arise
• Launched a consulting career after 20 years of clinical/managerial practice
  • PharmaConsultant Inc.

2. What’s your vision for the pharmacy profession?

• Pharmacists need to think of themselves as adding a value-added service
  • Not limited to distribution alone
  • The service does not become a commodity
  • Fees charged based on your value to the client
• Distributive services will become automated
  • Filling/handing out prescriptions
  • Advice: Stop training technicians to do cognitive tests, you’re giving away your “bread and butter”
  • Pharmacists should be doing medication histories, MTM, and taking prescriptions from doctors’ offices
  • The oversupply of pharmacists is REAL
    • Creating a negative effect on salaries
    • Creating a negative effect on the applicant pool for colleges of pharmacy
• We are in a unique position
  • Pharmacists are the drug experts
  • We have to prove it in order to make ourselves valuable

3. Can you tell us more about what you do with Pharmaconsultant Inc.?

• Involved in consulting before launching his company
• Always looked outside of the 4-walls of the hospital
  • Consulting opportunities included marketing/sales consulting, sales training, developing newsletters, speaking programs, product development, product assessment, sponsored lectures, publishing, education
  • As a consultant, Jim looked for other companies that would need these same type of value-added services
  • Worked as the editor of The Journal of Pharmacy Practice
• One important idea is to set your scope outside of pharmacy
  • Spent time with others including physicians, lawyers, nurses, physical therapists
    • All of these people have the need for a pharmacist’s expertise
    • Every chance you have to speak in front of these people is a chance to gain future consulting business
  • Don’t be afraid to do some work for free
    • Consider this time to be networking/marketing
  • Taught at a local community college and asked about needs for a pharmacist to teach
    • Became course director for nursing school pharmacology
    • Gained experience and credentials from this opportunity
• The key in any consulting/entrepreneur type activity is to let people know who you are, what you do, and that you’re available

4. Do you have any advice to offer pharmacy entrepreneurs?

• Have a good, solid practice base (5-10 years of experience, become very good at what you do)
• Network
• Support your alumni/college
• Get whatever certifications are available
• Lecture/teach
• Have a professionally designed website
• Consulting usually starts as an add-on to whatever it is you are already doing
  • Be clear with your employer that there are no conflicts of interest
  • Reach out to people that you think could be your clients
• Maintain a strong, professional presence
• Publish
  • Every time you write something, there is a potential return on your investment

5. What opportunities exist for pharmacists currently interested?

• Jim subcontracts out many projects for pharmacists to do research for him
  • Kinetic workups
  • Emergency Room pharmacist
  • Frequently uses services of pharmacists from settings in which he doesn’t routinely work
• The best thing you can do for your client is to recognize if you’re not the best person to help, and find someone to subcontract that is
  • You build your reputation this way
• When you put yourself out as a consultant, you need to ensure that your services are value-added services
  • You can charge more for these types of services than you can earn occupying a drug store for a shift
  • Compensation can range from 3-4 times the hourly rate of a pharmacist, and sometimes up to 10+ times the normal hourly rate

 

As pharmacists, we all have expertise.  No one is going to come find you, you have to let everyone know that you are available.  Seek to better understand what a potential client is doing, and let them know how you can help

 

“Pharmacists are important. Be proud to be a pharmacist. Put yourself out there” – Jim O’Donnell