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Tea culture is very important for both of us,” he says. Though Naran is excited to introduce his long-gestating concept to Angelenos, he’s balancing it with the current economic realities of the restaurant industry. “It’s just such a volatile space, you never know what’s gonna happen, I don’t think I’ll ever feel safe,” he says.
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Apothecary by Design finds growth in the specialty pharmacy field
Treatment for Hepatitis C runs $30,000 for a standard 30-day program, which works out to $1,000 a pill. The cure rate is 95%, versus 40% with traditional treatments. Health insurance often covers the majority of the cost, but even the co-pay can be daunting.
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Much of its sales are driven by specialty and “complicated” medications, which are by their nature higher in cost. Its specialties include women's health, Hepatitis C, HIV/AIDS, autoimmune disorders and infertility. BelHealth, based in New York, purchases companies in the health sector. It typically adds management teams to the companies to boost their financial health and then resells the companies. Its current holdings include a health care staffing firm and a home health care provider. Over the past year, Apothecary by Design LLC has made multiple lists of fastest-growing companies, including No. 1,813 on the Inc. 5000, based on its three-year revenue growth of 228 percent from 2010 to 2013.
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WOONSOCKET – CVS Health Corp. has acquired Portland, Maine based Apothecary By Design’s specialty pharmacy business from New York-based BelHealth Investment Partners Jan. 7, and plans to keep each of the company’s 38 employees. The companies stated that the merger would enable CVS to tap Aetna’s extensive provider network and provide “greater consumer access through CVS Health’s 9,700 pharmacy locations and 1,100 MinuteClinic walk-in clinics nationwide. They also highlighted additional expansion opportunities through “Omnicare’s senior pharmacy solutions, Coram’s infusion services and the more than 4,000 CVS Health” nurses nationwide providing in-clinic and home-based care.
The restaurant will also serve regionally influenced classic cocktails like the Singapore Sling and the Pegu Club from Myanmar. Naran knows that it won’t be easy to procure the specialty liquors required to produce these rarer drinks, but the trouble will be worth it to honor Schezwan Club’s vision. “That’s the vibe I’m trying to go for, a little bit more medicinal, really following things that both China and India are rich in — spices, herbs, teas.
It’s this palpable team spirit that has retained many of Pijja Palace’s original staffers, kept the restaurant thriving, and made the next chapter a reality. The company’s other major investment in 2013 was working to obtain an important industry accreditation that allows it to work with a broader range of health insurance providers. Transplant patient Debra Warshawsky has been getting her anti-rejection drugs from the pharmacy since July 2009, when she received a kidney transplant from her sister.
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With the BelHealth investment, in the next 18 to 24 months, Apothecary by Design expects to expand to at least one other East Coast location and one location in the Midwest. The sites will be in states with similar regulatory climate as Maine, and serve as not only pharmacies but distribution hubs, each staffed by 10 to 20 workers of all skill levels. The investment also makes the company more competitive with pharmacy benefit managers, some of whom have mail-order outlets. Apothecary by Design was founded in 2008 and has grown rapidly.
FAME approved the loan guarantee in 2012 when Apothecary by Design had 38 employees. The goal was to help the company retain and create jobs, which it has done. In its first year of operation, Apothecary by Design had the equivalent of about 19 full-time employees and generated sales of roughly $3.6 million. Now it has 65 employees and projected annual revenue of $85 million, McAuliffe said.
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The pharmacy also seeks out manufacturer coupons or grants from private foundations to help patients afford their drugs, McAuliffe said. Specialty drugs can cost thousands of dollars a month, which makes it essential to work with patients to come up with payment plans they can manage, McAuliffe said. Apothecary By Design last year was No. 854 on Inc. magazine’s annual list of the country’s 5000 fastest-growing private companies.
It’s a locally based company that has bucked the industry trend of mega-drugstores by offering pharmaceutical services with a personal touch. While Schezwan Club’s menus and design details are still months away from being finalized, what’s certain to carry over to the new restaurant is the distinct culture that Naran and his team have cultivated at Pijja Palace. “I think our inexperience has its pros and its cons in terms of how our employees view me and Miles [Shorey],” says Naran. “I’ve worked in a lot of restaurants where I’ve had a boss — this doesn’t feel like that.” In addition to fostering an egalitarian environment void of traditional hierarchies, Naran wants staffers to just be themselves. “I don’t want anybody on my staff to feel like they’re not being [genuine].
BelHealth bought a controlling interest in Apothecary by Design in September 2015. It then sold the company’s retail pharmacy, which is located at 84 Marginal Way, nearly two years ago to a partnership that included two employees. The retail pharmacy was rebranded as Coastal Pharmacy & Wellness. That allowed Apothecary by Design to focus on specialty medications and its compounding business at its Preble Street location. Healy patients will continue to receive the same personalized care, from the same location, according to Jack Quinnert, Healy's pharmacist in charge. The pharmacy's staff and leadership will remain in place, he added.
When Benjamin’s father disappears, Janie and Benjamin must uncover the secrets of the apothecary’s ancient book, the Pharmacopoeia, in order to find him, all while keeping those secrets out of the hands of Russian spies. Discovering transformative elixirs they never believed could exist, Janie and Benjamin embark on a dangerous race to save the apothecary and prevent impending nuclear disaster. The force behind the stellar design is founder and owner Christopher Tierney himself, a man who spent more than two years hunting for the right L.A. Now it’s open to the public and offering herbal- and wellness-minded cocktails, as well as one of the best patios in the city.
Apothecary by Design, a BelHealth Investment Partners portfolio company, is a rapidly growing specialty pharmacy with a high-touch service model and a focus on advocating for patients with chronic diseases. Headquartered in Portland, Maine, ABD provides intensive case management services regionally and nationally to patients who have complex medical conditions, such as infertility, hepatitis C, HIV and rheumatoid arthritis. Through support, education and advocacy, ABD puts patients on a path toward better health and quality of life. Apothecary by Design, which was founded in 2008, will focus on specialty medications and compounds, including specialty medications for hepatitis C, HIV and infertility. It will continue to provide services to patients with chronic, complex diseases.
Apothecary by Design offers compassionate care to thousands of patients as well as clinical services and support to prescribers, payors and manufacturers. “CVS Specialty patients receive ongoing disease education, counseling, and benefits verification, as well as coordination of care with multiple health care providers, comprehensive patient education and adherence management,” she said. PITTSBURGH (March 24, 2016)—Apothecary by Design (ABD), a rapidly growing specialty pharmacy serving patients with complex conditions such as infertility, recently announced that it has acquired Healy Pharmacy, of Warrenville, Illinois. Apothecary by Design, one of Maine’s fastest growing companies, will sell its retail pharmacy in Portland to a team that includes one of the company’s founders. Apothecary by Design is actually three businesses in one. We have delivered high levels of satisfaction among patients and clinics, which in turn has led to referrals and more business.
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