After suffering 'extensive business losses,' Smart Pharmacy lays off most of its workforce

Smart Pharmacy recently dismissed 73 employees in response to financial distress. In a filing with the state of Florida, the Jacksonville-based compounding pharmacy said: "The company suffered extensive business losses over time and attempted to seek new capital through the sale of assets that would support continued operations.

Smart Pharmacy recently dismissed 73 employees in response to financial distress. In a filing with the state of Florida, the Jacksonville-based compounding pharmacy said: "The company suffered extensive business losses over time and attempted to seek new capital through the sale of assets that would support continued operations. The company's efforts to restructure were unsuccessful." The filing said the workers being laid off included pharmacists, lab assistants, customer care employees, shipping specialists, and account representatives. Greg Balotin, one of Smart Pharmacy's founding pharmacists, says a large portion of the company's business involves converting by-mouth prescriptions to topical applications. In 2019, Smart Pharmacy was sued by Florida and the federal government on grounds that it billed Medicare and TriCare for medications that were not authorized or that it did not provide. The government accused Smart Pharmacy and its parent company of adding an antipsychotic drug inappropriately to compounded pain creams to obtain higher reimbursement and of routinely waiving patient copayment obligations—allegations Smart Pharmacy denied. The case was sent to mediation in September, with a decision set for February 2020.