Helping cancer patients – and making $45M
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By focusing on the oncology market, this pharmacy has helped patients, doctors and its own bottom line.
Robin Smith, founder and president of Biologics, envisioned a one-stop shop geared toward not only helping patients deal with the unique emotional stress that attends their disease but also monitoring the increasingly individualized drug protocols prescribed by oncologists. So she cashed out her 401(k), sold her house, and took out a $50,000 line of credit. (Her banker had a daughter who had recently been diagnosed with cancer, which Smith says helped her secure the sizable loan.) Biologics was born.
Biologics is a different kind of pharmacy, hired by oncologists to take care of their patients’ drug needs. There are no Biologics storefronts; its pharmacists send medications to patients’ homes. It stocks only cancer drugs, and it takes an active role in managing patients’ care – making sure that they take medications at the right time and checking in to see if they experience any side effects.
Biologics hires only pharmacists who are experts in cancer care, and they help patients navigate the tricky, individualized world of dosages and schedules, a task that once fell to overstressed hospital staffs. “It makes my job easier,” says Robert Wehbie, a Biologics customer who works as an oncologist in Raleigh. “I know that patients are getting their drugs without any of the hassle they might get from a drugstore at the mall.”
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