Rick Niemi, CEO of Valor Compounding Pharmacy, is interviewed on the Mission Matters Business Podcast by Adam Torres.
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Rick Niemi may not have started as a pharmacist. Still, in his 26-year journey in the industry, he is pioneering a new patient and provider experience for custom compounded products and services at Valor Compounding Pharmacy.
In this interview with Adam Torres, Rick Niemi explains the beginnings of his company and the principles it stands on, the underrated role of pharmacists in the US, and what role compounding pharmacies play in the industry.
Watch the full interview:
Right Ingredients Coming Together
Rick Niemi was introduced to the pharmacy industry through his wife, a registered pharmacist. He has donned many hats along the way, from being an entrepreneur, to a retail community pharmacy owner, a successful sales director in pharmacy automation, to now the CEO of a compounding pharmacy, Valor.
A compounding pharmacy differs from a regular one in that it doesn’t distribute existing manufactured medicines, but makes patient-specific medicine that is not commercially available, or medicine that appears on the FDA’s publicly published drug shortage list. “Compounding pharmacies can partner with community pharmacies to make and fill custom medications for patients with specific needs ,” Rick tells Adam.
He says that Valor doesn’t treat patients or write prescriptions but works with prescribers across the country to build awareness and provide access to medicines Valor makes.
Speaking about how wellness is a journey rather than a destination, Rick stresses on the importance of optimizing the various medical processes safely and efficiently. He remarks on the tough times everybody is going through during the coronavirus disease pandemic and the importance of developing one’s will to seek the right solutions to stay mentally and physically fit.
Valor Expansion Plans Underway
The price of a compound prescription depends on ingredients, strength of the dose, and so on. Valor separates itself from its peers in simplifying their pricing policy. Rick vouches for the company’s flat-rate pricing, where clients can take advantage of Valor’s prices on drugs that stay the same even for variable strengths.
Another money-saving feature of Valor is its two-day free shipping nationwide.
Valor extensively works with many companies throughout the US, the latest being a collaboration with a five-star health system in California. By the middle of 2021, Rick plans to expand the business to over half of the United States, starting with the Western region.
Rick and Valor believes telemedicine has taken a leap forward during the pandemic and is already working with multiple telemedicine groups around the country to further his business. Telemedicine is an opportunity to reach out to more patients directly at home with prescribed medication. “Our goal is to help as many people as we can,” Rick proudly explains, “At Valor we help patients live their best life.”
Rick Niemi is the founder and CEO of Valor Compounding Pharmacy that customizes medications to fit each patient’s unique needs. Their mission is to reinvent the provider and patient experience in the compounding pharmacy industry throughout the United States.
With a team of 35+ pharmacists, technicians, staff, and volunteers, Valor Compounding Pharmacy synergistically works together better to serve its customers through combined years of experience and blending traditional compounding techniques with modern technology and practice. The team at Valor can be reached through their website, valorcompounding.com.