Philadelphia, PA - October 25, 2010
Pharmacists Mutual Insurance Companies (PMC) of Algona, Iowa, was honored today at the National Community Pharmacists Association (NCPA) Second General Session with the 2010 NCPA Corporate Recognition Award during NCPA's 112th Annual Convention and Trade Exposition held October 23-27. The annual award recognizes a specific company for their support and work on behalf of independent community pharmacies.
PMC (originally known as Druggist Mutual) was founded in 1909 by pharmacist Al Falkenhainer. It was in response to his expense seven years earlier when a fire destroyed his drug store in Titonka, Iowa. The frustrating claims process caused Falkenhainer to build a better insurance company for pharmacists. More than a century later Pharmacists Mutual operates in 49 states and has grown into a company catering to a wide assortment of needs in the pharmacy profession under the umbrella of subsidiaries Pharmacists Mutual Insurance, Pharmacists Life Insurance Company and Pro Advantage, Inc., and d/b/a Pharmacists Insurance Agency.
"NCPA and its members have a strong relationship with Pharmacists Mutual, a company that is certainly deserving of the 2010 NCPA Corporate Recognition Award," said Joseph H. Harmison, PD, NCPA President. "They are a constant supporter of NCPA in many ways. We have encouraged our members to consider Pharmacists Mutual's Insurance products, which cater to independent community pharmacies. In fact, this month NCPA entered into an exclusive promotional agreement to market Pharmacists Mutual to our members, strengthening the bond we share."
Under the exclusivity agreement, NCPA will inform its members about PMC insurance, investment products and services including professional liability, personal and commercial property/casualty insurance, life and annuity products. With the new and challenging areas of practices in pharmacy, including patient consultation, drug product selection, and patient profiles, comes a proportional increase in professional liability exposures—both from an operational standpoint as well as from an individual standpoint.
PMC has also been one of the main sponsors for NCPA's Ownership Workshop, which are intensive three-day continuing education programs offered three times annually for pharmacists considering pharmacy ownership or desiring additional management skills. In addition, PMC contributes to the NCPA Foundation, which is dedicated to preserving the legacy of independent community pharmacies through low-interests educational loans and scholarships to students. For example, a challenge grant pledge of $250,000 was made in 2008 to the Good Neighbor Pharmacy Pruitt-Schutte Student Business Plan Endowment Fund. The annual competition helps pharmacy students get real world experience in drafting business plans that are judged by pharmacy professionals. One of those judges is Ed Berg, President of Pharmacists Mutual.
"The Pharmacists Mutual Companies are greatly honored to receive the NCPA Corporate Recognition Award for 2010," said Ed Berg, President and CEO of PMC. "Pharmacists Mutual has been serving independent pharmacy since our founding in 1909 by a local druggist in Algona, Iowa. All of our outside directors are independent pharmacy owners and we are involved with 37 of the state pharmacy associations. We are a mutually owned company by our policyholders and committed to helping pharmacists attain financial peace of mind through outstanding service from our home office and field employees. We appreciate the relationship Pharmacists Mutual has had with NCPA for over a decade and look forward to a new chapter of even more integrated services between the two organizations."
The National Community Pharmacists Association (NCPA®) represents America's community pharmacists, including the owners of more than 23.000 independent community pharmacies, pharmacy franchises, and chains. Together they represent a $93 billion health-care marketplace, have more than 315,000 employees including 62,400 pharmacists, and dispense over 41% of all retail prescriptions. To learn more go to www.ncpanet.org or read NCPA's blog, The Dose, at http://ncpanet.wordpress.com.
Pharmacists Mutual Companies is proud to be the single source of insurance protection and financial services to our core markets of pharmacy, home health care, home medical equipment, and gift and card stores. We offer value, security, choice and convenience which we believe is unmatched by other providers. It is our privilege to serve you through our daily commitment "To help our customers attain financial peace of mind." To learn more go to www.phmic.com.
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