Entrepreneur and medical industry innovator Raef Hamaed has dedicated his professional life to providing comprehensive service in the niche pharmacy setting. Through the acquisition of specialty pharmacies, Hamaed implemented bespoke methods to propel these niche medical facilities forward. By focusing on providing unprecedented customer service options and education opportunities for consumers, Hamaed effectively modernized the pharmacy management industry.
As an entrepreneur and businessman, Raef Hamaed is well-versed in the notion of business viability. As a broad rule, successful businesses are supported by an existing need for a particular service, product, or experience. By filling a niche gap in the market, entrepreneurs can successfully tap into an uncharted territory, using their business prowess to grow the company in their desired field.
For Hamaed, the inception of his business model began with extensive research. He reviewed potential competition, and sought ways to slightly differentiate his approach to an existing industry. Within the realm of traditional pharmacies, a focus on customer care already exists. Thus, it was the cornerstone of Hamaed’s business model. However, Hamaed sought to take the patient experience to another level by focusing on providing educational resources, comprehensive care and reminders, and highly specialized face-to-face interaction. With a focus on championing patient advocacy through education, Hamaed was able to elevate the concept of specialized care pharmacies.
Becoming a Niche Expert
In order to successfully provide an unprecedented level of patient care, advocacy, and education in targeted pharmacy fields, Hamaed needed to ensure that his teams were experts in their fields of operation. Hamaed’s specialty pharmacies provide extensive services in the niche arenas of fertility and animal care. Thus, to serve those communities effectively, Hamead and his team set out to learn the intricacies of these fields. From recognizing specific needs and potential drug interactions, to determining the most cost-effective and practical solutions for consumers, Hamaead’s team became well-versed in the respective fields.
Creating Optimized Teams
In order to evolve these niche industries, Hamaed understands the importance of building highly effective, educated, and specialized teams. Focusing on acquiring, training, and maintaining experts in the niche realms of fertility and animal care, Hamaed always aims to employ highly talented, motivated, and dedicated team members. While some specialty pharmacies may employ a team member who is well-versed in a particular segment of an industry, Hamaed propels this vision further by stocking his teams with individuals with years of pertinent experience. He seeks experienced team members with the right resume credentials, but also lends value to ensuring that team members can succinctly work together for the betterment of the company, consumers, and industry. Hamaed considers the hiring process to be integral to the overall evolution of the industry.
Most pharmacies rely on technology to streamline operational purposes. Digital consumer databases eliminate the need for cumbersome and frequent paperwork, and allow for swift and efficient communication between pharmacy team members, physicians, insurance providers, and other professionals. For Hamaed, implementing breakthrough technology also helps to elevate his business models. With a comprehensive commitment to customer service, Hamaed can accomplish educational and advocacy goals through the use of technology. For instance, his teams can send educational materials to consumers, refill reminders, and further resources as needed.
For many consumers, fertility care is a sensitive topic often associated with a myriad of emotions and bespoke needs. Thus, Hamaed can utilize tech-based services to make the fertility journey a little more comfortable, knowledgeable, and streamlined. Hamaed’s staff can educate consumers, and send pertinent information via tech-based means for review at the discretion, comfort, and time of consumers. The animal care niche brings the same opportunity for a meaningful marriage between technology and services. The majority of people aren’t well-versed in the intricate medical needs and issues of their pets, and thus, can greatly benefit from the educational component provided via tech means.
Evolving with the Industries
With roughly 28 employees at the helm of his specialty pharmacies, Hamaed can dedicate time to maintaining a proverbial leg up in the fertility and animal care realms. To best serve his clients’ needs, and remain his status as a leading provider of care within those arenas, Hamaed understands the importance of evolving alongside the industries. In fertility care, new medical breakthroughs are published regularly. These feats often open the doors to new possibilities, treatments, and procedures that were previously deemed impossible or improbable. Innovations in medical care, pharmaceuticals, and treatments means that consumers can regularly have access to evolving choices in treatment. Thus, Hamaed and his staff must always be aware of these changes, and well informed of potential new information to share with clients.
To stay abreast of rapidly changing medical news in the fertility and animal care specialties, Hamaed works to build relationships with medical providers, pharmaceutical companies, and other professionals involved in that realm. He also searches for pertinent news regularly, and reads about clinical trials, burgeoning treatments, and future possibilities. In addition to pertinent niche news, he must also stay abreast of regulatory changes, government regulations, and proverbial back-end evolutions that will directly impact his specialty pharmacy business.
Making Financial Sense
Hamaed’s specialty pharmacy practice is one of the few accredited compounding labs in Arizona, which means that the specialty practice can create bespoke dosages in house, and provide the exact medications to maximize consumer care. In the fertility industry, the majority of fertility medications are not covered by standard medical insurance. Similarly, the animal care industry sees very little usage of pet insurance. Thus, many of the medications provided by Raef Hamaed’s specialty pharmacies are considered out-of-pocket.
In order to be cost-effective and feasible for consumers, Hamaed’s dedicated teams play an active role in advocating for consumer cost reduction. They proactively search brand name products for available copay reductions, and scour various foundations for enrollment for specialty medication. For consumers who require compounded medications, Hamaed’s teams work diligently to offer the most cost-effective pricing.
This active role in cost management ensures that all clients receive their specialty medication at the lowest price point possible. This proactive commitment to the consumer is rare in the industry, and indicative of Raef Hamaed’s commitment to evolving the fertility and animal care specialties of pharmacy.