The Apothecary Shops, the Southwest’s foremost chain of independent pharmacies, was recently named one of the top 50 Arizona Companies to Watch by the Arizona Small Business Association (ASBA). Additionally, the company received a Spotlight Award for outstanding achievement in Competitive Clout.
Arizona Companies to Watch is a unique program designed to shine the spotlight on a vital, but truly overlooked, driver of the state’s economy — second-stage companies. Growing second-stage enterprises generate the bulk of new, sustainable jobs and are a powerful economic force.
“As an Arizona small business owner, it is important the community understands the total impact we have on the economy. Being recognized as one of the 50 Companies to Watch by the ASBA is a wonderful accomplishment for The Apothecary Shops. Without the tireless and selfless efforts of our entire staff, we could never have achieved this recognition,” said Dr. John D. Musil, Pharm.D., FACA, Owner and CEO of The Apothecary Shops.
The defining characteristics of second-stage enterprises for the Arizona Companies to Watch program are: annual revenue or working capital of between $1 million and $100 million, 10 to 100 employees, and the “intent and capacity to grow.” Second-stage companies are past the start-up phase; are generally concerned with issues of growth, not survival and have not yet become large corporations. Such enterprises are important economically because they create a substantial portion of the net new jobs each year.
Beginning in late February, more than 280 companies nominated businesses for the award. Of those nominated, 173 applied. Of those companies 108 were selected by the Edward Lowe Foundation and ASBA for the next round of judging. In early April, 12 appointed judges selected the final 50. After a brief due-diligence period, the inaugural group was named.
In addition to being a full-service pharmacy, The Apothecary Shops specialize in the area of pharmacy compounding. Working with a physician and the patient, the pharmacists prepare customized medications in a special compounding laboratory, using the latest techniques and devices available. The pharmacists and certified technical staff at all 11 locations are on the cutting edge of the pharmaceutical industry.