The Challenge

In May 2023, a veterinary and human pharmacy sought Workshop Strategy’s expertise to revitalize its struggling operations. Specializing in veterinary and human compounding with a walk-in prescription pickup service, the pharmacy had a solid foundation: strategic location, established relationships with local prescribers, and low overhead. However, critical issues such as subpar talent, compliance gaps, and a lack of clear mission and vision hindered its potential.

Recognizing an opportunity to unlock growth, Workshop Strategy stepped in to reimagine the business.

Our Approach

At Workshop Strategy, we take a comprehensive and actionable approach to every challenge. For this pharmacy, we focused on four key areas:

  1. Talent Optimization
    • Strategic Hiring: We recruited seasoned professionals with deep expertise in compounding, and elevating the team’s capabilities.
    • Upskilling the Team: Existing staff received specialized training, working alongside new hires to adopt industry best practices and significantly enhance performance.
  2. Refining the Business Model
    • Focusing on Strengths: We streamlined operations by phasing out unprofitable segments and doubling down on the pharmacy’s core strength—veterinary compounding.
    • Aligning with Passion: This strategic pivot aligned the business with the founder’s passion for animal care, offering customized drug formulations that filled a critical market gap.
  3. Ensuring Regulatory Excellence
    • Compliance First: A comprehensive review of FDA and other regulatory standards ensured the business met—and exceeded—compliance requirements, building trust with clients and prescribers.
  4. Maximizing Existing Resources
    • Leveraging Relationships: Staff connections with local doctors and prescribers were utilized to create an organic, low-cost sales network.
    • Reallocating Assets: Existing technical and mechanical resources were repurposed to support the pharmacy’s new direction, minimizing overhead while maximizing impact.

The Results

By November 2024, the results spoke for themselves:

  • Revenue Growth: Annual revenue skyrocketed from $2 million to $22 million YTD.
  • EBITDA Increase: EBITDA grew from $200,000 to $6.9 million.
  • Market Leadership: The pharmacy is now a recognized leader in veterinary compounding, with sustainable operations and a reputation for excellence.

Why Workshop Strategy?

Workshop Strategy doesn’t just provide recommendations—we partner with businesses to execute transformative change. From assembling high-performing teams to implementing strategic plans onsite, we take a hands-on approach to ensure success.

This pharmacy’s journey is a testament to our philosophy: uncovering potential, aligning it with a clear vision, and turning strategic ideas into sustainable growth.

Your Vision, Our Mission

At Workshop Strategy, we specialize in transforming businesses into thriving, sustainable organizations. Let’s make your vision a reality—together.