Jul 14, 2018
A weekly review of the blogs, podcasts, and vlogs that are the best in the pharmacy biz.
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Full transcript:
welcome to the pharmacy leaders podcast
with your host Tony Guerra the pharmacy
leaders podcast is a member of the
pharmacy podcast network with interviews
and advice from building your
professional network brand and a
purposeful second income from students
residents and innovative professionals
hey welcome to the pharmacy leaders
podcast pharmacy news weekend edition a
little bit late with this one but I was
just in Indianapolis for the Pharmacy
Technician educators Council and that
was a great meeting but I wanted to kind
of get back into it get into the blogs
and the vlogs that are making pharmacy
news first from TLDR pharmacy make sure
you're on his email list he sends out
specials for his cheat sheets and really
I would just get all the cheat sheets I
don't think it would cost more than like
50 bucks to get all of them together it
just makes life so much easier it's got
all the information in one spot but he
does have a recent episode June 30th how
to understand and destroy your student
loans and I also talked about the yfp
team and what they're doing in terms of
making sure that you can pay off your
student loans what I'm hearing though
and the feedback is that students are
not going to make a plan until after
they graduate after they kind of know
what's going on and I can see the
rationale for that where you've you know
you don't really know where you're gonna
land if you do residency you make one
income if you do retail job you make
triple that income and you know the the
path would be completely different but I
don't think that trying to start money
management when you get this huge amount
of money relative to what you're making
now is really the way to go I think
money management starts right now so I'd
recommend it either way but I definitely
recommend listening to the yft team and
then I'll talk about them a little bit
later med ed 101 he has again the
podcast that you can follow which I'll
talk about in a little bit but I always
recommend his blog as well which is on
med
1:01 dot-com he's got a new book called
the thrill of the case it's now in
paperback and kindle and this is Eric
Christensen who is pharmacotherapy
expert if you like case studies I think
the thrill of the case and then
pharmacotherapy are both things that
you're gonna want to follow as well the
happy pharmd well first of all
congratulations Alex Barker while he's
coaching other people on how to get the
most out of their lives whether it's in
a pharmacy job a different pharmacy job
or out of pharmacy altogether I saw on
Facebook that he made the commitment to
leave I don't know if he's leaving the
profession he's gonna have a license but
he's leaving his current pharmacy job to
continue with entrepreneurship and
they've he and Jackie Boyle have had a
couple of good blog posts on the happy
farm to you so first of all
congratulations to him I did the same
thing after and it was quite quite
accidental when I did it I did it I did
four years of you know pharmacy in
Arizona three years in retail one as a
grocery store manager and then Express
Scripts then came back home to Maryland
was working retail managed to store
again and then gradually built up real
estate practice where the honestly the
pharmacy job was getting in the way and
you know how do you know when it's time
to get out well it was pretty easy I was
making much more with the real estate
having much more autonomy and I just
really enjoyed being with people
connecting with people and I felt kind
of isolated in my pharmacy job and and
it was just time it was just time to to
make a change and and I want to say it
was the seven-year itch but it was
around that seven or eight year mark
where I retired from retail pharmacy
full-time and I really never went back
to it full-time the most I think I did
was halftime so congratulations to Eric
and I'm mixing up mixing up people
congratulations to Alex Barker I it's
two different names Eric and Alex with
two consonants two vowels so but let's
start with Jackie Boyles
first blog post a short review of
LinkedIn premium many of you are getting
on LinkedIn wondering if it's worth the
money to go on there and and see if you
are named you know highlighting your
name to future employers and things like
that is something that you need the
first thing I would say is you
definitely need to be on LinkedIn if you
listen to Paul trans video about getting
a hospital job without residency he
talks about getting people approaching
him on LinkedIn all the time and the
funny thing is is that to get a job you
should be working in a job I know that
sounds like it makes no sense but people
like to hire people that are employed
it's it's just a thing and I would
listen to his video and then read what
Jackie Boyle has to say about LinkedIn
premium Alex Barker talks about in
another blog post what he learned about
franchise ownership and failure as
you're trying to maybe leave the
pharmacy profession or pharmacy job
you'll start thinking well if I bought a
franchise and maybe you have some money
from family or maybe you're borrowing
money however it's going to be but a
franchise what it does is it provides a
proven system there's so many businesses
that go out of business and you want a
proven system but he's very transparent
about what happened and then it's a link
to another another article I think was
was it on pharmacy times no I think it
was just on Alex Barker CEO /blog where
he has a restaurant I think it's a
restaurant franchise and ended up
putting a lot of money into it but the
returns didn't come relative to what
else he could be doing and really buyer
beware kind of a word of caution nice to
have somebody you know put that up there
because I'm sure that's an option a lot
of people are looking at now the
pharmacy salary guide well alex is
always very impartial about doing this
guide I think that the guide is in many
ways completely what's the word I want
to use everything specific to you you
don't care what the average salary is
you care what your salary is and I'm
hearing from across the
in different parts of the country with
those people that are underemployed
maybe getting 32 hours maybe getting
part-time shift work maybe depending on
the scheduler to be nice give them an
extra shift that for some people these
salaries are complete fiction and that
while the pharmacist that are being
interviewed and being polled are getting
these salaries I think that certainly
just intuitively you can recognize that
if you have more supply than demand the
salaries are going to go down but these
measures are certainly lagging by a
couple of years I think so I personally
I'm seeing that people are not getting
hired at the salaries they were before
that it's harder to get the job in the
first place and that there are more
displaced pharmacists that we don't
really hear about the big thing that
kind of skews the results is the number
of residences that are available so the
big number that a school has to report
is after somebody gets out of their
school in three months or six months
something like that are they gainfully
employed in the profession and the nice
thing that residency's do for pharmacy
schools is they check that box for them
and really the number that you want to
hear is okay well after they've
completed their education whether it be
you know if they're stopping at pharmd
or they're stopping at PG ui1 or they're
stopping at PG why to what how long does
it take them to get a job
what's that job pay how satisfied are
they with that job and so forth so a
little word to the wise about going into
the pharmacy profession for the money I
can tell you there are tough times ahead
for sure and then Kevin Yi does a great
job talking about the three reasons you
shouldn't go into the profession and it
happened to be the three he went in but
again he's very transparent very very
cool about telling people all about that
and then talking about why you pay off
your debt before focusing on investing
the yfp team doing a really great job of
giving options and when someone says
well should I do this well you can't
talk about that in a vacuum you really
have to talk about all right well what
are my loans what are my goals what are
the investments I want to make
where do I want to live and and my goal
certainly 20 years out are going to be
completely different than yours
now that I have stability I know where
I'm going to be in the next 10 years I
decided I'm going to take on debt so
I've taken on let's see so I bought four
hundred thousand worth of house and I
have 120 plus 160 in mortgage so I've
taken on two hundred and eighty thousand
dollars in debt against a hundred and
twenty thousand down on these two
properties and there was some
appreciation there as well so I'm very
comfortable that number I've got renters
paying into the mortgages paying a
little bit more than the actual
mortgages so any extra money I make now
over my two years of backup my two years
savings account I'm just gonna start
throwing into those rentals and
hopefully those rentals will be enough
to pay for my children's college I
really want to pay off their college I
don't want them to be in debt my wife
wants to have some debt and we'll
continue to focus on that but that's my
plan twenty years out is that now I you
know now we have three houses we expect
to have them all paid off gosh I hope we
haven't paid off in the next five years
and then you know kind of look at our
investing plan from their pharmacy
leaders podcast what's going on next
week hopefully I'll have the episode for
Hayley ward I did get to interview her
she's a standout at Nova Southeastern
now in charge of the pharmacy future
leaders podcast I really found her to be
very kind very very warm and very
positive about the profession something
that she did that I think is a trend and
this is a cultural thing as well I'm
Peruvian and while we didn't really
subscribe to the depth at which you know
she's with her family being close to her
family was the most important thing and
I think she switched campuses just to be
a bit closer and that seems to be the
trend I saw again that Maryland you know
got rid of their satellite campus and
everything's going to the hope
mothership and I understand that you
know you're not paying rents on that
building you could probably get rid of
some of the faculty at that building
but what I thought was I would expand I
would start looking to start taking over
some other colleges I would start
looking to and maybe that's in their
future I would start looking to reduce
class sizes in a really central area and
start making classes like Nova
Southeastern does and have three
locations or like University of Florida
those as many locations students are
showing that they let's back up if you
look at the residency criteria and what
they care about
the very last thing or one of the very
last things they care about is the
pharmacy school you went to
so the prestige of your pharmacy school
matters very little and if that's the
case then it makes the most sense to go
to the pharmacy school closest to you or
you can maybe live at home for some save
some money or that you can be around
your family or that you can be around
people that your you want to be wrong
for example I went to the University of
Florida for two years but I'm not a
southerner I lived in the middle aunt
mid-atlantic my whole life and in many
ways I felt like an outsider
ninety percent of University of Florida
at the time was the Floridians and when
I came back to the University of
Maryland I felt very much at home I mean
these were people that I went to high
school with these were people that that
I knew and and I thought that to get
away from high school and what high
school was I needed to go 12 hours away
to Florida and that was absolutely not
the case even just going a half hour
from you know the Montgomery County to -
what is a PG County where University of
Maryland is that would have been enough
and if I had gone back I would have just
gone to Maryland that would have been
far enough it would have been a
completely different environment and the
the concern that my parents are going to
be coming and checking on me every
weekend that is silly now that I think
about it as a parent you know I want to
let them have their time and certainly
they want to let me have my time alone
so kind of going full circle if you're a
pharmacy school when you're listening
what students want is they want to be
close to home they want to be in an
environment where they're not going to
be paying through the nose for rent
they're they want to know that they're
going to
a reasonable tuition relative to what
other people are paying and if you look
at the new pharmacy schools they're not
coming out with expensive tuitions are
actually undercutting because they're
what they're doing or what it looks like
they're doing is they're just adding on
to a medical school they're just adding
on to a health campus and they're
creating these graduate school only
campuses where they're very efficient
monetarily and because they run so
efficiently they can charge much lower
tuitions and undercut the established
programs in many ways so and I don't
know that they're doing it intentionally
they're just trying to offer the best
deal to the students to make sure that
they have students so the the future of
pharmacy schools I believe is a rapid
shrinking I do think we're gonna see the
30% drop that we saw with the law
schools and I think some schools will
certainly close down but I don't think
it's going to be the ones that you
necessarily think I think students are
going to in many ways make those
decisions for them they're going to see
in the same state maybe there are six
schools five schools like Tennessee Ohio
and they're going to reject one or two
of the schools that had certain missions
and they're going to accept the other
four and I think that's how it's going
to go Illinois and no it's another one
California eventually will will go that
way Texas may go that way as well so
look to see some schools may be closing
certainly schools are contracting but I
think that contraction is the the
opposite of what you should do I think
that making sure that you have a
presence throughout the state rather
than in one central location is better
but that's only me what are we gonna
hear next week so hopefully Haley Ward
and then I'll have another couple
episodes I'm looking to talk to Adam
Martin who is the fit pharmacist and
then I'm getting to get to interview the
students that I have now so that'll be
four interviews two interviews one each
with each student one from Drake one
from Iowa and then the people that
they've decided that our pharmacy
leaders that they want to interview
mothership so I think on Monday had
seven Habits of Highly Effective
Pharmacy owners some good lessons and
talking about what it is to make a
pharmacy owner successful and
and understanding the contrast between
medical cannabis between Israel and the
United States moving on to other podcast
so real-life pharmacology comm came out
with a new podcast episode I know that
he had done amoxicillin and augmentin
pharmacology earlier and I think last
week and then short-acting beta-2 nuts
this week so again really nice to keep
up with things with just a 7 to 15
minute podcast keep your clinical skills
sharp talk to your pharmacist podcast I
don't know that there was anything new
since the managed care of pharmacists
but really if you're looking for
something a bit different looking to
make an impact within a system
I think managed care pharmacy might be
an alternative for you
Hillary Blackburn always like listening
to her episodes your financial
pharmacist so rapid-fire student loan
question-and-answer with the try Tim so
they're all together it's kind of a rare
thing for them all to be together but I
think they're doing some strategic
planning and making some decisions and
about the the future and and how the yfp
team is going to continue to serve
people and I know that those questions
are ones that many many students have
kind of trying to figure out navigate
student loans especially as they're
gonna get hit very soon with that
quotation fingers what when that that
kind of forgiveness period ends and I
think you spend like five grand in just
interest in that six months of
forgiveness which is absolutely painful
I had to look up what Kevin he was
talking about with MGT o w men going
their own way but it's self ownership
where the modern man preserves and
protects his own sovereignty above all
else is the definition that's not how he
said it but anyway it's a meet all he
realized that 80% of the people
listening to some of his podcast
episodes were men so recognize your
audience who they are and speak to them
and I think Kevin me definitely does
that if you hadn't heard it Brian Fung
has a great episode on going from p4 to
PG y1 I think that's a really really
stark change you're working in your
full-time job maybe for many of you and
you're trying to figure out how do I fit
in how do I keep up with things this it
just seems like a treadmill where I'm
working I'm studying I'm sleeping a
little bit working studying and he talks
about the treadmill and a little bit
about some of the techniques that he
uses as he gets through it and then Paul
TRAI and I love his videos from his
vacation really really showing you how
if you work for jobs man this is this is
how you live it up and this is how you
take a vacation so but I think he he did
he's been doing a really great job
talking about sleep schedules talking
about how to get a hospital job why he
should he quit one of his four jobs a
very transparent guy very nice guy and
and has a tremendous tremendous
following around what I have around ten
eleven thousand followers and does a
great job there so I hope you enjoyed
this episode again I'm always happy to
answer questions do podcast episodes on
things that you think are important I'm
just you know and I'm really concerned
for the profession I think we have a lot
of threats from many different areas
we've certainly got associations and
people working very hard but the fact is
that we have this tremendous growth from
the schools that is not stopping anytime
soon and I think there's going to be a
tremendous backlash from the
professionals out there and I think
there was another profession I want to
say that actually put a stop to it and
you could do that more at the technical
level for example in Iowa if there's X
number of pharmacy technicians and our
programs are producing them then you
can't really start a new program they'll
shut you down or they won't allow it
and I think that we have you know it's
so obvious and so apparent to everyone
and the decision has been made so far
that you know we're not going to
intervene we're gonna continue to let
supply and demand take care of
everything but that supply and demand is
completely skewed because
is the demand what's happening is is
that the they're taking people in very
quickly from this initial run where
people feel very special like okay well
I'm going to pick this school and I'm
going to early apply and then they get
in and then they have no options after
that so then they have to pay that
school what that school asks for that
whereas if they were in a fair market
then they would be able to compare
against you know the way that medical
students do put in 15 applications maybe
compare you know four or five schools
and see where it would be best for them
to go so we're we're not working in a
fair market right now it's really skewed
to have 80 or 90 programs I think
working within that early assurance is
really just saying we're just trying to
get people in regardless of the economic
impact on the person and I really think
that that's really hurting people and
there's gonna be a tremendous backlash
especially as these coals start calling
alumni and saying hey you know do you
want to donate to the school and be like
I'm I'm in $200,000 worth of debt you
know what what do you want me to do and
I think that I hope I'm hoping that the
colleges will come together maybe this
summer I think they're in Boston they'll
come together but I think it until the
school start collapsing until we start
seeing the 30 percent drops and some I
don't think that there's going to be the
Alliance's that are necessary to save
the students money because that's what
you need to do you need to work together
so that you can reduce costs to the
student you need to work together so
that you can make more areas available
to the students and they're showing that
if you go to their area that they're
going to enroll so contracting is not
really the way to go I mean there's a
huge hole now in Montgomery County
Northern Virginia which is one of the
wealthiest areas and most populous areas
in the entire country and only Howard
University in downtown DC and
is down there and whereas the University
of Maryland's up in Baltimore which is
30 minutes away eastern shores all the
way on the east side and then another
school in Baltimore where the Washington
area Northern Virginia you know if I
were to start a pharmacy school that's
where I would go I would go into
Montgomery County Northern Virginia
Northwest Washington DC it's a huge area
of power it's a huge economic area and
it's completely underserved by the
pharmacy schools because they just
pulled out so anyway I've got to get off
that stump
I'm gonna enjoy Ankeny Summerfest and I
will talk to you guys next week
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