While psychedelics are still illegal under U.S. federal law, companies are jostling to try and patent key ingredients found in magic mushrooms, ayahuasca and other substances.
Recent events, such as the service fee cuts in Alberta, underscore the volatility of government funding and highlight the need for pharmacies to diversify their revenue streams.
Deals like the recent preferred provider agreement to supply specialty drugs are not only anti-competitive for business, they also restrict patients’ choice of where to obtain healthcare and ultimately, reduce the incentives for pharmacies to innovate.
I recognize the necessity of having a resilient mindset to handle the unpredictability of business. This resilience helps in weathering the inevitable ups and downs and is crucial for long-term success. I have always emphasized the importance of embracing both the good and challenging times, suggesting that overcoming obstacles is part of the rewarding experience of entrepreneurship.