Innovative Pharma Company, Galt Signs 50th Franchise
Unique business model breaks barriers to pharma industry ownership
ATLANTA — 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 2 territories.
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 labeling.
“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 morning awakenings.
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)
Visit www.DoralRx.com for more details and full prescribing information.