Unique business model breaks barriers to pharma industry ownership
ATLANTA–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/entrepreneuer?src=hash” target=”_blank”gt;#entrepreneuerlt;/agt;–The first and only pharmaceutical company to create a unique franchise
pharma concept referred to as “phranchising,” Galt Pharmaceuticals
recently signed its 50th territory.
“Our unique model offers the right entrepreneur the opportunity to run
their own pharmaceutical company in their local market using a very
patient-centric approach to educating healthcare providers,” said Galt
CEO and co-founder Barry Patel, Pharm.D.
Validating this transformative model, Atlanta-based Galt brought on its
50th territory just 8 months after beginning to sell Galt
Phranchises last April. Independent pharmacist and entrepreneur Alex
Brumfield acquired the 49th and 50th territories
in San Antonio, Texas.
“Although I’ve owned and operated independent pharmacies in Louisiana
and Texas, the Galt Phranchise opportunity allows me to leverage my
clinical and business skills, as well as my medical network contacts, to
build a whole different type of business,” said Brumfield, who acquired
Each Galt Phranchise owner has exclusive rights to represent Galt
Pharmaceuticals products after receiving training and certification to
promote in their local communities in accordance with FDA-approved
“The traditional pharmaceutical industry model is built to prevent
competition and truly needs transformation through the entrepreneurial
spirit,” said Galt Chairman and co-founder Wade Smith. “We believe that
pharmaceutical education is best delivered through a local business
owner rather than top-heavy pharma companies.”
Galt’s founders say their goal is to help fill unmet clinical needs with
FDA-approved pharmaceuticals. Galt’s current lead product is Doral
(Quazepam) and will launch a non-controlled pain drug later this year.
Doral has FDA indications for the treatment of insomnia for patients
having difficulty falling asleep, difficulty maintaining sleep and early
About Galt Pharmaceuticals
Galt Pharmaceuticals enhances quality of life of patients with products
that answer unmet clinical needs, while creating life-changing
opportunities for entrepreneurs, our employees and the individuals
within the communities we serve.
Galt moves product representation away from corporate headquarters and
into local communities. Phranchisees provide education to local
healthcare providers about high-value medications and share a percentage
of sales. Galt owns the pharmaceutical assets and manages functions such
as drug research, regulatory approval, compliance and supply chain.
About Doral (Quazepam)
for more details and full prescribing information.