It Takes a Village

Owning a pharmacy business is about building relationships

Before Jerry Saik, ’74 BSc(Pharm), finished school, he knew he wanted to get into business. He’d always been drawn to mathematics and any opportunity to use his analytical and clinical skills. So a er he graduated, he spent three years working as a pharmacist in Daysland, Alta., population 800, a couple of hours southeast of Edmonton. en he decided to put his entreprenurial skills to use and open an independent pharmacy business.

Forty-five years later, he knows pharmacy ownership seems daunting as ever. But he also knows what it takes.

You’ll make mistakes. Learn from them. Owning and running a pharmacy requires experience as a pharmacist, a whole lot of confidence, strong business acumen and resilience. You need expertise with business principles, financial planning and metrics, data analysis and cash flow. ese were all in Saik’s toolbelt when he first struck out on his own — but his first venture was not very successful.

Saik’s first choice was to create his own business from scratch. He was prepared for some lean years but facing the late 1970s and mid-’80s high interest rates and the deepening of Alberta’s worst recession, things didn’t go according to plan. “ e economy collapsed, and the expected growth did not materialize,” says Saik. “But I would do it again, because it prepared me for success on my second try.”

Put people first.

Saik returned to Daysland with his family and, in 1991, bought Daysland Pharmacy. It was an established business with a cash flow and existing clientele. But Saik knew it would still require a lot of work. e mainstay of maintaining and growing his client base, he says, has been intentional relationship-building.

“Develop an environment where people want to come into your pharmacy because they feel comfortable, valued and able to interact,” says Saik. Professionalism and trust leads to relationships that increase loyalty, “which is exactly what you need to succeed.”

He applies a similar philosophy to marketing. “Focus marketing on the customers you already have, who are going to tell their community what a great pharmacy you have, leading to more loyalty.”

Empower your team.

Saik says that those who recognize and embrace change in the practice of pharmacy are going to be successful.

“Maximizing the clinical skills of your pharmacists leads to higher billings for clinical services and creates a positive feeling as a professional,” Saik says. “Without full scope, pharmacists and pharmacy technicians may not feel professionally satisfied. Empower your team to do their best work and create the most satisfying environment.” Most importantly, Saik says working within a full scope means patients experience be er health outcomes.

Become a part of your community. In small centres, everyone knows the pharmacist. Over the years Saik has cared for patients and their children, and their children’s children. “I cared for the people that I played hockey with, met at barbecues, a ended weddings and graduations with,” Saik says. “ ey are my dear friends and family.”

Saik says that you can also become entrenched in your community in an urban se ing. Get involved with your neighborhood and support local programs. Get involved with your city — join a small business association or mentor a pharmacy student and become a preceptor. Interact directly with your patients.

Beyond Daysland, he runs the Saik Family Foundation, which has supported the Golden Bears Alumni Football Scholarship program, Adopt-an-Athlete program and Bears Education and Tutoring program. And he endowed a gi for student athletes in the pharmacy program called e Jerry Saik and Family Athletics and Pharmacy Award. He is also one of the first partners of Edpharm Partnership, acting as long-time treasurer. Edpharm is a group of 36 independent pharmacies in Alberta that develops working and social relationships with pharmacy owners and family, pharmaceutical manufacturers, wholesalers, and other pharmacy-related companies.

“You need to build meaningful relationships with everyone associated with your profession,” Saik says.

– KALYNA HENNIG EPP

Numbers 764

The number of undergraduate and graduate students benefting from donor-supported bursaries, awards and scholarships in 2021/22