Entrepreneur Leader in Pharmacy Nancy Simonot: "You have to be passionate about your idea."
Snapshot
Education: B.Sc. Phm, University of Toronto
Current Role: President NKS Health, Former Cofounder of NKS Health Specialty Pharmacy
In addition to the specialty pharmacy, we opened a lab within NKS for tighter patient monitoring. Outside of NKS, I own a compounding pharmacy, have acquired a Health Canada psylocybin licence currently involved in mental health research.
What excites you about being an entrepreneur?
I love the freedom to go after opportunities as they come up. I love getting a team together, developing a plan, measuring results and celebrating the wins. Every small win is progress for a new project and exciting to see traction developing.
How has this evolved since graduation?
In my early years in pharmacy, I was a full-time pharmacist and I used to moonlight at the midnight stores a few extra shifts each week. I saw a great number of pharmacies which were well organized with a strong team and some that struggled and recognized the value of good staff. I had many years in pharmacy management and was continuously wanting to invest more time in patients and reward staff for their commitment, so much so that I eventually found a way to start out on my own. I appreciate that management is always dealing with shrinking margins in pharmacy and there was never a good time but I believed in the concept.
What's the key driving force?
You have to be passionate about your idea. After years in community pharmacy of knowing patients for many years on the thyroid or blood pressure medication, where I felt I was a resource for them, on some level I felt that I was supplying a replaceable service. Our profession has a lot of great pharmacists. When I had patients start on biologics given through infusion or injection, I saw patient after patient in tears because they were scared of needles or frightened about the safety of the new medication. Some cried because they did not think they deserved the treatment because of the cost. I found by focusing on this defined therapeutic area, I could stay on top of the worldwide registries and stay current on the efficacy benefits and the safest way to start and monitor patients. I started most patients with a one-hour home visit and gave my cellphone contact if they needed it afterwards. My staff were hand- picked and maintained a high level of service.
How do you define success?
For me, it is milestone sales targets. It is very measurable for the team and keeps everyone on track. My husband and partner has a saying: “A bad result with a good excuse is still a bad result,” so everyone knows we are committed to the number, although you have to appreciate the “tiered” goals. At first, it’s creating enough gross margin to cover your rent, then rent plus expenses. I have appreciated all of the moments; many of the more rewarding ones were with my staff: early stages when they were willing to join an unsteady start up (NKS opened in the basement of a 100-year-old building and some applicants walked out before being interviewed), then being able to pay out bonuses, attracting and hiring quality talent and being able to offer quality job opportunities that rivalled larger companies.
What are your biggest challenges?
Your idea may take much longer to gain traction and you are tested by mounting expenses.
What's your advice for colleagues?
If you believe in the concept, you will be tested, but stay the course. I believe if you feel you are bringing something of value to people where there is a need and the financial viability makes sense, then you will be successful. Also, give yourself permission to dream big, something my husband Steve showed me.