Franchising the Pharmaceutical Industry | Barry Patel, PharmD, Galt Pharma

The Business of Pharmacy Podcast™

The New Face of Pharma: Unveiling the Small Pharma Model and a Unique Franchise System

Barry Patel, CEO and co-founder of Galt Companies, joined us for an engaging conversation about entrepreneurship in the pharmaceutical market. Patel discussed how Galt Companies, which includes Galt Pharmaceuticals and Galt Franchise Systems, is altering the conventional Big Pharma model by enhancing smaller pharmacies' potential. The discussion highlighted the innovative approach Galt Companies has adopted to secure existing medicines from the '70s through '90s and reintroduce them to the market, including a franchisee model allowing local entrepreneurs to own and operate mini-pharma companies in their areas. The talk also delved into the unique challenges and prospects the model offers, as well as insights into the pharmaceutical industry's regulatory landscape and Galt's future vision.

00:00 Introduction and Background of Barry Patel

00:36 Understanding the Business Model of Galt Companies

01:08 The Strategy Behind Reviving Old Pharmaceutical Products

01:44 The Role of Brand Recognition in the Pharmaceutical Industry

02:59 The Challenges and Opportunities in Manufacturing and Distribution

04:35 The Process of Identifying Potential Products for Revival

06:14 Understanding the Market Dynamics and Competition

08:05 The Future of the Pharmaceutical Industry and Galt Companies

12:06 The Role of PBMs and the Impact on the Pharmaceutical Industry

22:54 Exploring the Franchise Model in the Pharmaceutical Industry

23:15 Understanding the Franchise Model

24:14 The Role of Sales Representatives

25:00 Who are the Franchisees?

30:05 Overcoming the Salesperson Stigma

38:36 The Franchise Model and Liability

42:02 Future Plans and Growth Strategy

46:21 Final Thoughts and Appreciation