The Pharmaceutical Industry And The New Era Of Health Reform

According to Bureau of Labor Statistics, the pharmaceutical industry plays a major growing role in the United States economy, with both the consumption and the production of its products. Total value of U.S. consumption of pharmaceutical drugs in 2009 was $300 billion, or about 40 percent of the worldwide market share, and reflected a 37-percent increase since 2003. (Statistics, U.S. Bureau of Labor, 2011). Also, the projected growth rate is 6% per annual. Nowadays, the role of the pharmacist in the new era of health reform is not only just pill-bottle fillers, but also transform into an entrepreneur who can maximizing their skill sets to assist patients, as well as gaining market in pharmaceutical community store. There are several†¦show more content†¦Next is applying to open community store with Texas State Board of Pharmacy. â€Å"Application for a license that authorizes a facility located in Texas to dispense a drug or device to the public under a prescription drug order. This pharmacy may not engage in compounding sterile preparations. Includes â€Å"closed door† pharmacy.† (Texas State Board of Pharmacy, 2015). In addition to securing a local and state business license, we will need to make sure we have the appropriate licenses from the Drug Enforcement Administration, Food and Drug Administration and the city’s department of Health and Human Service. Now we are called as pharmacist-in-charge (PIC), who also is responsible for taking an initial inventory on the opening day of business. This is required from Texas Administration Code, Title 22, part 15, Chapter 291, Rule  §291.17 â€Å"Inventory Requirement† (Texas Administrative Code, 1987). The inventory must include all controlled substances and all dosage. Also, an annual inventory must be taken on May 1 of each year, this must be signed by the PIC and notarized within 3 working days of completing the inventory. One of requirements from State is the PIC has to provide professional liability insurance, which usually call EO insurance – Error Omissions, this has to cover all pharmacists and pharmacy technicians, whom will operate in stores. All of those requirements are sourced from Texas State Board of Pharmacy: ï‚ § Texas Pharmacy Act (Chapters