WE HEARD IT
In early spring 2002, the founders of DynaLabs, Michael Pruett (SLU) and Russell Odegard, were inadvertently alerted to impending legislation that would begin regulating pharmacists who were compounding sterile preparations from non-sterile sources. The lights went on, prompting a cascade of events over a 15-month period, culminating in a study of the market and its needs, a SWOT analysis of the competition relative to the market’s needs and a first edition of an extensive business plan.
WE UNDERSTOOD IT
By mid-summer 2003, the founders had identified key market segments, determined a more effective and efficient means of service delivery to those segments, refined their business plan and began exploring potential sources of finance. Pleased with the outcome of their research, they stepped back to take an objective look at the data. Doing so, the partners realized that this project had a high probability of success. Reality Check: An early November phone call to the US Pharmacopoeia (the pharmacist’s bible) coupled a favorable response with some practical advice regarding DynaLabs’ chosen technology, thereby providing the final impetus.
WE DID IT
Both partners brought significant expertise in their respective fields to the table. Combining these talents produced an additive effect that made this project work. In less than a year, DynaLabs:
1) Acquired seed funding
2) Found and equipped appropriate, affordable lab space
3) Applied for patent protection of the technology and business process
4) Established DynaLabsâ€™ core operating principles
5) Developed and implemented DynaLabs’ branding strategy
6) Developed and launched the industry’s first fully-interactive state-of-the-art web site
7) Established the lab operating system
8) Developed the nine test methods that are the foundation of DynaLabs’ database
9) Generated $2,500 (as in two-thousand five-hundred dollars – EOY 2004) in revenues from just four customers.
By EOY 2011, DynaLabs:
1) Increased its client-base from 4 pharmacies to over 1,100 (DynaLabs now has a presence in Canada and Australia)
2) Developed more than 230 test methods
3) Was issued patents for its business process and IP
4) Partnered with the St. Louis Development Corporation to develop prototypes of an instrument which miniaturizes potency testing, culminating in a device (the DVx) that provides pharmacists with a cost-effective means to perform their own on-site quality testing
5) Began marketing the DVx into select hospital markets
6) Grown to more than 30 employees, while generating millions in annual revenue.
Looking forward, DynaLabs expects to further develop the hospital pharmacy market here in the United States and abroad. With interest expressed in our products and services from France and the U.K., we are confident the next decade will be at least as exciting as the first!