Challenge:
In May 2023, a veterinary and human pharmacy sought Workshop Strategy’s expertise to revitalize its struggling operations. Specializing in veterinary and human compounding with a walk-in prescription pickup service, the pharmacy had a solid foundation: strategic location, established relationships with local prescribers, and low overhead. However, critical issues such as subpar talent, compliance gaps, and a lack of clear mission and vision hindered its potential.
Recognizing an opportunity to unlock growth, Workshop Strategy stepped in to reimagine the business.
Solution:
At Workshop Strategy, we take a comprehensive and actionable approach to every challenge. For this pharmacy, we focused on four key areas:
- Talent Optimization
- Strategic Hiring: We recruited seasoned professionals with deep expertise in compounding, and elevating the team’s capabilities.
- Upskilling the Team: Existing staff received specialized training, working alongside new hires to adopt industry best practices and significantly enhance performance.
- Refining the Business Model
- Focusing on Strengths: We streamlined operations by phasing out unprofitable segments and doubling down on the pharmacy’s core strength—veterinary compounding.
- Aligning with Passion: This strategic pivot aligned the business with the founder’s passion for animal care, offering customized drug formulations that filled a critical market gap.
- Ensuring Regulatory Excellence
- Compliance First: A comprehensive review of FDA and other regulatory standards ensured the business met—and exceeded—compliance requirements, building trust with clients and prescribers.
- Maximizing Existing Resources
- Leveraging Relationships: Staff connections with local doctors and prescribers were utilized to create an organic, low-cost sales network.
- Reallocating Assets: Existing technical and mechanical resources were repurposed to support the pharmacy’s new direction, minimizing overhead while maximizing impact.
Result:
By November 2024, the results spoke for themselves:
- Revenue Growth: Annual revenue skyrocketed from $2 million to $22 million YTD.
- EBITDA Increase: EBITDA grew from $200,000 to $6.9 million.
- Market Leadership: The pharmacy is now a recognized leader in veterinary compounding, with sustainable operations and a reputation for excellence.
