Mi Cuerpo (Body); Mi Salud (Health); Mi Bebe (Baby);
Mi Belleza (Beauty); and Mi Sabor (Taste).
To develop Vida Mia, Navarro held extensive market research with focus groups inviting U.S. Hispanics from diverse Latin American nations, testing out logos and colors that might appeal to multiple nationalities. We were careful to avoid products that featured the colors of just one Latin American country’s flag. The final purple, yellow, white and red design of Vida Mia proved festive, attention-grabbing and popular for everyone. Vida Mia is often referred to as “the people’s label.” Wording also was studied. Because fruits, teas and other items often carry different names in different countries, Navarro hired professional translators to use the most neutral, recognizable words both in Spanish and English. Navarro has good reason to move fast as private labels products or services made by one company for offer under another company’s brand are trending in U.S. retail today.
In 2012, Vida Mia produced more than $6 million in new revenue from in-store sales in stores, online at Navarro.com and wholesale through Hispanic retailers in the U.S. and the Caribbean through our wholly owned subsidiary, Magellan Distribution.
Q. How about your pharmacy operation. Is anything new there?
A significant investment in technology and training has allowed for pharmacy operations to fill most prescriptions in 15 minutes or less and deliver prescriptions to customer’s homes or businesses at no cost. Customers can also conveniently manage their prescriptions or view their prescription history via the Navarro Rx Mobile Application for smart phones or online at Navarro.com. Above and beyond convenience, Navarro takes pride in offering personalized medications through its Compound Pharmacy division for those customers with special medication needs. Our highly qualified, licensed and board-certified staff provide in-store immunizations for flu, shingles and pneumonia.
In 2012, Navarro launched Navarro Health Services and a Fulfillment Center Facility at its headquarters in Medley. This process gives Navarro’s in-store pharmacies the opportunity to improve patient care and maximize efficiencies thereby providing its pharmacists with more quality time to spend with patients. The process is seamless and allows patients to order their prescriptions in person, via telephone or online while decreasing wait time at store level for all new and acute prescriptions. Navarro Health Services registered pharmacists fill prescriptions on a high volume basis. Some of the specialty prescriptions Navarro Health Services is able to provide specialty medications on a wide range of disease states including oncology, HIV/AIDS, hemophilia, multiple sclerosis, Crohn’s disease and rheumatoid arthritis.
Q. Please tell me about your financial results and your projections for this year?
A. Sales for 2012 were $349 million, an increase of $21 million or 6.4 percent over 2011. We are projecting sales of $387 million for 2013.
Q. How was the company able to withstand the Great Recession - what is the secret of your success?
A. At the time the recession in 2008 and 2009, I was Navarro’s CFO. The recession impacted south Florida and the Company acutely. Over the next 24 months, I worked side by side with other members of the Company’s management team to restructure operations. My team and I helped to stabilize sales and customer traffic during the recession, reduced operating expenses by $10 million in a 24 month period, and worked with the owners to recapitalize the company. At that time we also identified approximately $8 million in new revenue streams and fostered a team oriented environment focused on collaboration. The secret to any business’ success is simple - give the customer what they want. Throughout this time period through today, we remain focused on our customers.
Q. Where do you see the pharmacy industry headed in the next decade?
A. We view ourselves as an integral part of the health delivery system. It makes sense since Hispanics and many others look upon pharmacists as their neighborhood “doctor”. We are dedicated to the goal that our pharmacists being service driven, not product driven. Allowing the registered pharmacist more time to spend with the patient on one-on-one consultation is our goal. We are developing collaborative agreements with physicians, immunization programs, providers of 340B drug programs and acting as in house pharmacies at certain local clinics.
In response to customer service needs and technology trends, Navarro’s Central fill facility has successfully allowed pharmacists to spend more consultation time with the patient on both acute and chronic illnesses. Our Specialty Services help manage more complex diseases both from an educational perspective as well as financial support through different foundations. Our Call center services include electronic and telephone refill reminders and drug regimen reviews.