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Greg L. Alston is an associate professor of pharmacy management and assistant dean for assessment at Wingate University School of Pharmacy in North Carolina. Before coming to academia he had over 15 years of experience in chain drug and food/drug store management, as well as an additional 15 years of experience owning and operating multiple independent drug stores and other businesses. He earned a Doctor of Pharmacy degree from the University of the Pacific while simultaneously becoming a credentialed K-12 teacher through the School of Education. He teaches pharmacy management, community health outreach and pharmacy communications skills courses. His main research interest is in quantifying and qualifying the processes required to create viable professional niche business models.

Dr. Blizzard is director of operations for Beam Pharmacies, which operates approximately 30 independent pharmacies in North and South Carolina. After receiving a B.S. in Pharmacy from the University of Oklahoma and practicing independent pharmacy, he attended the University of South Carolina to earn his Ph.D. in Pharmacoeconomics. Dr. Blizzard taught courses in pharmacy management, leadership, and psychosocial and behavioral aspects of health care at Wingate University School of Pharmacy before returning to independent pharmacy management.

After completing this chapter, readers should be able to

  1. Describe how value is created.

  2. Describe the relative value theorem.

  3. Describe the stakeholders in the health care marketplace.

  4. Apply the relative value theorem to pharmacy practice.

  5. Apply the relative value theorem to guide your personal life.

James Deaux recently graduated with a Doctor of Pharmacy degree, earning a 3.9 GPA. He was a leader in Rho Chi and Phi Lambda Sigma and actively involved in several other student organizations. James performed well in his experiential rotations and generally received high marks from his preceptors.

James decided to apply for a clinical pharmacist position at The Ideal Hospital, located in the same city as his pharmacy school. He has crafted an impressive resume and was invited by Dr. Frank Stein, director of pharmacy, to interview for the position. After greetings and a few minutes of chitchat, Dr. Stein gets right to the point. “James you seem like a fine young man. Your credentials are impeccable. But we have had over 100 applicants for this position. In the interest of not wasting time and getting right to the point, I have only two questions to ask you. What do you have to offer me that the other 99 applicants do not? What are you going to do for me and The Ideal Hospital that should make me want to pay you $120,000 per year?”

How should James respond?

1. What is the current state of the health care marketplace?

2. What is the status of the pharmacist job market? Why is postgraduate training (residencies, fellowships, and graduate school) required for some pharmacist positions, but not for others?

3. What is ...

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