...Veterinary Pharmaceutical Compounding Overview Let’s start off with a little background information to set the stage. The pet industry has grown continuously since 1994 despite changes in the economy. Putting things in perspective, this industry is the second highest-growth industry after consumer electronics. In 2009, the value of the U.S. market for pet care was estimated at $46 billion. This is expected to increase to $56.5 billion by the end of 2014, for a compound annual growth rate (CAGR) of 4.2%. See the table below for a breakdown of the segments, within the pet care market, which would be of interest to a pharmacy setting. When looking at the table, notice the percent change in CAGR for the Other Pet Supplies. This change is phenomenal and mainly due to the increased usage of OTC medications. Human OTC medications that are approved for usage by companion animals are Imodium, Pepto-Bismol (use in dogs only), Benadryl, Aspirin (use in dogs only), Dramamine, Tagamet, Pecid-AC, Zantac, Hydrocortisone, Gas-X, Glucosamine, antibiotic ointments, antibacterial soap, hydrogen peroxide, and saline nasal sprays. Veterinary OTC medications include the best-selling and most popular flea and tick preparations (Frontline, Advantage, Bio Spot) and pet health supplements. Under the segment of Veterinary Care is where compounding can be found. In 2010, veterinary compounded product sales reached $300 million. Demographics of pet owners According to the 2011-2012 American...
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...I. INTRODUCTION Capsule is a new digital-only pharmacy that focus on delivery of prescription drugs. The startup was founded in May of 2016 by Sonia Patel, a former pharmacy manager for Sam's Club and Eric Kinariwala, a former Bain Capital analyst. The company’s mission is to make everything about visiting a pharmacy easier or just save the customer the trouble of visiting one at all. Capsule is grounded in a belief that patients deserve more from their pharmacy than long lines, out of stock prescriptions, and antiquated technology. Capsule has a friendly, caring pharmacy team that handles all communication with physicians and consumers. It delivers medication to the patient’s home or office for free throughout Rio de Janeiro and Sao Paulo....
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...Catina Hunter 7/14/2014 The Worth of a Pharmacy Technician The Essentials of College Writing The work of a pharmacy technician can be both complex and stressful. We are not paid enough. For me it’s complex because I have to where many hats. It’s also stressful because not only do we have to deal with sometimes irate pharmacist but also facility employees. I have to even sometimes correct the pharmacist we are trained to assist. Our pay does not reflect the work or effort we put into our jobs. Even though we do more work physically and mentally than the pharmacist our pay does not reflect it. My work is far more important than what we are paid for. I on a daily basis assist customers, enter prescripstions, check inventory of controls, make sure patients get their meds in a timely fashion and deal with sometimes egotistical pharmacist who think we are nothing. I work for a Long Term Care pharmacy. Where our patients are most important. Dealing with families of patients who are end of life is also stressful. Will the comfort meds get there soon enough. Which is also stressful. I have to deal with nurses that think we are magician and can make things happen in a blink of an eye. Some technicians make less than $10 an hour. Which I think is unfair. I have argued this point for the other technicians for years. Some are even certified. Why be certified if a technician is barely making more than minimum wage? I work in the control department. I have been accused of not doing my...
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...Legal and Ethical Consideration in Marketing, Product Safety, and Intellectual Property Terra Bradley LEG500, Law, Ethics, and Corporate Governance Professor Lateefah A. Muhammad 17 March 2014 Legal and Ethical Considerations in Marketing, Product Safety, and Intellectual Property In this paper I will identify three ethical issues relating to marketing and advertising, intellectual property, and regulation of product safety. I will argue against Direct-to-Consumer (DTC) marketing by drug companies. Next I will determine who regulates compounding pharmacies under the current regulatory scheme, what the Food and Drug Administration (FDA) could or should have done, and whether the FDA should be granted more power over compounding pharmacies. I will decide whether PharmaCARE’s use of Colberian intellectual property would be ethical in accordance with Utilitarianism; Deontology; Virtue Ethics; my own moral and ethical compass. Afterwards, I will analyze the way PharmaCARE uses U.S. law to protect its own intellectual property while co-opting intellectual property in Colberia. Then I will suggest at least three ways the company could compensate the people and nation of Colberia for the use of its intellectual property and the damage to its environment. I will compare PharmaCARE’s actions with those of at least one real-world company whose creativity in skirting legal technicalities led to ethical lapses and financial loss. I will also determine the...
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...corporations operating in the U.S. who are not abiding by the law and who are endangering public safety. Introduction This case study involves a pharmaceutical company that violated the intellectual property rights of a foreign nation; violated state compounding regulations, and violated product safety laws. The company established a compounding pharmacy to mass-produce a new drug formulation that executives believed would earn huge profits. The most disturbing aspect of this case is that there was a tremendous loss of life as a result of the company’s decisions. The federal government has granted authority to the Food and Drug Administration (FDA) to ensure drugs are safe for human consumption. Today, the FDA faces obstacles relating to lack of oversight control, funding, and human resources needed to provide adequate oversight over compounding pharmacies. This paper covers a broad-brush of ethical and legal issues relating to the PharmaCARE case study. The aspects of this case provide insight into federal and state law, corporate values, direct-to-consumer advertising, product safety, and intellectual property. Research into these issues uncovered a very similar case in Framingham, Massachusetts, where a compounding pharmacy produced mass quantities of a steroid that contained mold. The federal government can...
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...Legal and Ethical Considerations in Marketing, Product Safety, and Intellectual Property Three Ethical Issues When looking at PharmaCARE’s relationship with the Colberians, you see that the company’s treatment of the indigenous population is unethical. In terms of intellectual property, the scenario in Assignment 2 highlights the exploitation of the Colberians. While the indigenous population freely shares their information about their cures, the company exploits them by not compensating them for their shared knowledge. According to labor laws, companies should work ethically and treat all of their employees fair -- not equal, but fair. Some employees, based on their position and level of responsibility, should be paid more and should receive better perks than others. However, the company is earning millions of dollars from the knowledge being shared by the healers, and its executives live in luxury with swimming pools, tennis courts, and a golf course, while the Colberians continue to live in huts without electricity or running water. If the company compensated the healers for their intellectual property, the Colberians could improve their living conditions. PharmaCARE is taking advantage of this group of stakeholders because the healers are uneducated, ignorant to intellectual property laws, and do not know the true value of the information they are sharing with PharmaCARE. According to authors S.C. Jain and R. Bird, the Trade-Related Aspect of Intellectual Property...
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...1. Ethical issues relating to marketing and advertising, intellectual property, and regulation of product safety Ethical issues differ depending on the social code and daily morality. The fact that discussions on stem cell research, abortion, and consumer loyalty still invoke serious arguments proves that ethical issues are still of considerable concern and should be addressed. Most ethical issues including those in the business sector revolve around moral or principles of morality, right, and wrongful actions, expressions of moral approvals in reference to principles of conduct generally viewed as correct by individuals in a particular profession or group. In the business world, ethical issues arise from advertising, personal selling, suppliers, contracts, and pricing. Some examples of ethical issues relating to business activities arise from market research, market audience, and pricing. Market research that invades the privacy of customers or research conducted based on stereotypes is unethical. During any company market research for purposes of marketing or attaining feedback on their performance, the research methods used should respect the rights of customers. Selection of market audience is also a common section of a business, which is likely to bring about unethical practices. It is unethical for companies to exclude potential customers from the target market. Discouraging some customers through selective marketing or targeting customers who are vulnerable such as...
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...Please find enclosed a copy of the business plan for Kajillion Compounding Solutions Thank you for taking the time to consider our proposal and hope that you find all pertinent data within. There is seemingly a pharmacy on every street corner in the United States, any of which can fill a prescription for a pill or cream any time day or night. But, there is a pharmacy sector that is being largely ignored. Compound pharmacy is a booming business for those few pharmacies that partake. It is estimated that the business of pharmacy compounding has grown to over a billion dollar per year business (PRWEB.com, 2012). What Kajillion Compounding Solutions aims to do is to aid pharmacies that are not currently compounding and help them establish that as a part of their business. The main target of this company are independent pharmacies all over the country. KCS's goal is to reach out to traditional retail pharmacies and offer them assistance in gauging the interest in compounding as well as offer them our unique knowledge and expertise in helping them maintain that business after they have chosen to move forward. The founders of the company hold nearly one hundred thousand dollars in capital to help the business get off the ground. We are asking for another twenty thousand dollars to help offset some start-up costs and the in the acquisition of equipment that will be used to demonstrate the practice of compounding inside the guest pharmacy. This type of business, by it's nature...
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...Business Research Ethics Danielle Dunnivant RES/351 March 30, 2014 Harold Graff Case of Unethical Behavior in Pharmacy One of the most trusted health professional roles is that of a pharmacist. Unique to their profession they are faced with an array of ethical challenges. A Pharmacist is like a gatekeeper to drugs which give and take life. It is known of some pharmacies to even put their customers health and their well-being above any profits the pharmacy could make. However, there are some that do not, and when this occurs, and profits are all that’s seen, the results can become tragic. The New York Times reported a story “Toxic Pharmacist” which outlined a case regarding Robert Courtney, the Kansas City, Missouri, pharmacist convicted in 2002 of con diluting and selling cancer drugs to his customers at Research Medical Pharmacy Tower. He admitted to diluting the drugs for thousands of patients over a nine year period. Courtney continued to defraud his customers even after amassing nearly 20 million dollars. He was sentenced to thirty years in prison, and forever “cosigned to freedom” in the history of pharmacology. When asked when he went to trial why he did it Courtney replied “I don’t know why I did this.” Physician Stephen Barrett believes pharmacists, most notably, national chain pharmacies, have put profits over patient’s health. This includes...
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...Considerations in Marketing, Product Safety and Intellectual Property PharmaCare, week10 Assignment Review of PharmaCARE/CompCARE To first establish whom each entity is; PharmaCare is one of the world’s most successful pharmaceutical companies. A compassionate, decent well operated business that manufactured high-quality goods that saved millions of lives and increased the condition of life for millions of others. PharmaCare designed a top-selling diabetic medication that could have reduced the progression of Alzheimer’s disease; their pharmacist began reformulating the drug to increase the effect. CompCARE came into being in order to steer clear of FDA investigation; PharmaCARE created a wholly owned establishment, CompCARE, to function as a compounding pharmacy to sell the new creation to people on a prescription basis. CompCARE set up business in an upscale administrative center near its main corporate office, and to conserve money and time, did a quick, low cost makeover and appointed a man by the name of Allen Jones to run the operations’ clean room. * Research three to five ethical issues relating to marketing and advertising, intellectual property, and regulations of product safety. Ethics and Corporate Responsibility in the Work Place and the World distinguishes the stakeholders of an organization and who are accountable of the organization. The consequence of the decisions reached by management are examined and answered. The expertise to make modifications to support a more...
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...Assignment 3: Legal and Ethical Considerations in Marketing, Product Safety, and Intellectual Property Samuel Morgan Professor: Christina JG Williams, Esq. LEG 500 – Law, Ethics, and Corporate Governance May 21, 2015 Abstract The relationship between legal and ethics has long been strained and confusing to understand. In today’s business, ethics actually consist of a subset of major life values learned since birth. Many in business use these life values to make decisions that have been passed down from family, educational and religious institutions. However, the message is not the same and each business person will apply their own unique interpretation. Nevertheless, everyone must have an ethical base that applies to conduct in the business world and in personal life. Assignment 3: Legal and Ethical Considerations in Marketing, Product Safety, and Intellectual Property Legal and Ethical considerations are a viable element in marketing, product safety and intellectual property, yet there continues to be the secret and unpredictable element that each organization cannot control, the employee. Ethical or unethical behavior is not entirely an issue of the character of the employee; it is determined by a lot of factors. Employees or people are influenced by the forces surrounding them – their peers, their superiors, the reward system, group norms, and organizational policies and values. In this assignment, we will revisit the organization PharmaCARE...
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...Financial Management ACCG253 Lecture 1 Financial Maths and Debt Valuation Authors: Keith Woodward and Damian Bridge Revised: 25.2.12 Present Value of a Single Cash Flow Where: cash flow at time t. time periods. the effective rate over a single period. Not to be reproduced without the permission of the authors. 1-2 Calculation Example: Present Value of a Single Cash Flow Question: What is the present value of $100 received in 5 years when interest rates are 8% pa? Answer: Not to be reproduced without the permission of the authors. 1-3 Future Value of a Single Cash Flow Where: cash flow now. time periods into the future. the effective rate over a single period. Not to be reproduced without the permission of the authors. 1-4 Calculation Example: Future Value of a Single Cash Flow Question: You have $100 in the bank. Interest rates are 8% pa. How much will you have in the bank after 5 years? Answer: Not to be reproduced without the permission of the authors. 1-5 Calculation Example: Present and Future Values Question: If you pay this year's uni fees of $5,000 now, you will receive a 25% discount. Otherwise you incur interest on your $5,000 debt at the rate of inflation which is expected to be 2.5% pa. You can lend and borrow from the bank at a rate of 8% pa, and you expect to start work and have to pay off all of your debt in a single payment in 6 years. Should you pay your fees now or in 6 years? Not to be reproduced without...
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... Compounding & Future Value Discounting & Present Value Multiple Cash Flows “Special” Streams of Cash Flows » Perpetuities » Annuities Interest Rates » APR versus EAR 3 Lottery Example You just won a lottery which gives you two options: (1) Receive $100 today (2) Receive $120 in one year $100 $120 0 Money Time 1 Which option should one take? 4 2 2 Lottery Example: Future Value If you take money now, you can put them in the bank at the current interest rate “r” of 5%, and have the following amount in one year: V0=$100 0 Money Time V1=$105 1 The amount in one year – future value (FV) – is calculated as FV = Principal + r × Principal = $100 + 0.05 × $100 = $105 Which option should we take now? 5 Lottery Example: Present Value Alternatively, we can compare the value at time 0: V0=$114.3 0 Money Time V1=$120 1 The amount in a given year – Present Value (PV) – is: $120 = PV+ r × PV = PV+ 0.05 × PV → PV = $114.3 Which option should we take? 6 3 3 Basic Terminology Timeline: a linear representation of the timing of potential cash flows. Two types of cash flows: 1. Inflows (i.e., money we get) are represented by positive numbers 2. Outflows (i.e., money we give) are represented by negative numbers Example: » Assume that you are lending $10,000 today and that the loan will be repaid in two annual $6,000 payments...
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...present value than a 5-year $100 ordinary annuity. b. A 15-year mortgage will have larger monthly payments than a 30-year mortgage of the same amount and same interest rate. c. If an investment pays 10 percent interest compounded annually, its effective rate will also be 10 percent. d. Statements a and c are correct. e. All of the statements above are correct. Time value concepts 3. Answer: d Diff: E Answer: e Diff: E The future value of a lump sum at the end of five years is $1,000. The nominal interest rate is 10 percent and interest is compounded semiannually. Which of the following statements is most correct? a. The present value of the $1,000 is greater if interest is compounded monthly rather than semiannually. b. The effective annual rate is greater than 10 percent. c. The periodic interest rate is 5 percent. d. Statements b and c are correct. e. All of the statements above are correct. Chapter 6 - Page 1 Time value concepts 4. Which of the following statements is most correct? Answer: d Diff: E a. The present value of an annuity due will exceed the present value of an...
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...Advance Finance Question 1: Periodic Interest Rates Calculating Periodic Rate and Effective Annual Interest Rate Applied Formula by Fouque and Papanicolaou (2011): Effective interest rate per period, (i) = ( 1 + ( r / m ) )m – 1 Effective interest rate for t periods, it = ( 1 + i )t - 1 or a single equation it = ( 1 + ( r / m ) )mt - 1. The rate per compounding period P = R / m, in percent. Where: r = R/100 and i = I/100 (p. 124) Filled Table (Rounded to two decimal places) Period | Annual percentage rate (APR) | Compounding per Period (m) | Periodic rate/Periodic Interest Rate (P) | Effective Annual Rate (i) | Semiannual | 9% | 2 | 4.50% | 9.20% | Quarterly | 10% | 4 | 2.50% | 10.38% | Monthly | 8.5% | 12 | 0.71% | 8.84% | Daily | 3.25% | 365 | 0.01% | 3.30% | Question 2: Periodic Interest Rate Given: This is a Saving Account, no adding or withdrawing from the account Which is favorable? Daily compound rate of 0.045% Weekly compounded rate of 0.285% Monthly compounded rate of 1.15% Quarterly compounded rate of 4.325% Semiannual compounded rate of 8.5% (i) An interest rate compounded annually is favorable, since it yields the highest Effective Annual Rate of Interest, and will accumulate more interest after the given period. Period | Annual percentage rate (APR) | Compounding per Year | Periodic ratePeriodic Interest Rate (P) | Effective Annual Rate (i) | Annually | 16% | 1 | 16% | 16% | Semiannually | 8.5% | 2 | 4.25% | 8.68% | ...
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