Formulation Compounding Center, or Formulation for short, is an established compounding pharmacy that creates custom medications for patients. We utilize only FDA-approved ingredients and have a state-of-the-art facility built with ISO-certified cleanrooms that are staged with the latest equipment and technology. This 4,000 sq ft. facility allows us to be efficient, safe, and conform to the highest compounding standards.
Compounding is a distinct specialty in the pharmacy industry. It allows us to customize medications to cater to individual patient needs. Some examples of compounding are liquefying capsules or tablets for those who can't swallow, removing certain ingredients from medications for those who may be allergic or sensitive, and combining two or three different medications into one so elderly people do not need to remember to take multiple pills a day.
Every compound we create requires a prescription and it is our goal to improve prescription accessibility. We are working to expand nationally by applying for a pharmacy license in every state, so that we may ship prescriptions across the country. Formulation Compounding is developing a proprietary software system that will allow anyone to connect with a licensed healthcare professional who can prescribe compounds, all from the comfort of their homes. The software system’s backend will have a HIPPA-compliant EMR (electronic medical record) which will make it easy for healthcare providers to electronically send prescriptions for compounds directly to Formulation. Formulation will then be able to compound these prescriptions and ship them directly to the consumer's doorstep. This software is still in its early stages and requires adequate funding to go live. Once live, people will have direct access to obtaining prescriptions for compounds and Formulation will have the ability to ship nationwide with proper state licensure.
Currently, there are over 56,000 retail pharmacies in the United States but less than 10% offer compounding services. Big box pharmacies abound but very few specialize in compounding. At Formulation, we are trying to bring back community pharmacy and make compounding more accessible to the general public. Obtaining licensure in every state will allow us to put a compound in the hands of anyone in the United States. The proprietary website and software will allow consumers to obtain a prescription for a compound while conveniently sitting in the comfort of their own homes. Advertising and marketing investment will allow us to grow and make Formulation a household name for compounding.
The pharmaceutical compounding industry is set to reach a market value of over $21B in the next 4-6 years. Demand for customized medications will continue to grow as people face medication sensitivities, side effects, and shortages. Formulation will offer increased accessibility to compounds via our upcoming online platform and the ability to ship throughout the United States. We strive to be on the forefront to meet growing demand and patient needs for customized medicine.
Roadmap After Funding:
Phase 1 - Obtain state licenses (1-3 months)
Phase 2 - Implement, test, and pilot front-end and back-end of website/software. Initiate national marketing and advertising by hiring outdoor sales representatives and creating social media ads. (6-18 months)
Phase 3 - Launch website (3-6 months)
Tabraiz Khan is the lead pharmacist, owner and CEO of Formulation. He comes with over 15 years of experience in retail and compounding pharmacy. He started his career in big box pharmacies where he managed teams at store and district levels. Throughout his career he has overseen business operations, procedures, systems, and key performance indicators. Tabraiz has managed everything from start-up locations to established pharmacies generating over 5 million dollars in annual revenue. Tabraiz opened up his first retail pharmacy location in McKinney, TX in 2018. After five strong years of growth, he opened up a second compounding pharmacy location in Lewisville, TX in 2022. At the newest location, Formulation Compounding, Tabraiz currently manages his team and oversees all day-to-day operations including the preparation, procurement, and shipping of compounded medications.
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