Michael Pruett and Russell Odegard had a friendship that featured honesty, integrity and a robust desire for success when they decided to go into business for themselves. What started as a harmonious relationship as friends became a thriving, industry-leading business based on those qualities, as well.
Their company, Dynalabs LLC, was founded in 2003 as a groundbreaking analytical laboratory that tests pharmaceutical drugs for pharmacies nationwide. For 15 months, Pruett and Odegard studied market needs with respect to new regulations affecting pharmacists who were compounding sterile preparations for nonsterile sources. Both partners brought their expertise in the diagnostic, consulting and pharmacy industries to the table when they devised technology that would provide 24- to 48-hour turnaround time and competitive testing to pharmacies. In comparison, competitors were taking up to 21 days to provide testing results.
Immediately considered an anomaly in the industry, the Dynalabs founders kept marketing their innovative test methods, and soon the competition took notice. Competitors were forced to step up their service levels and lower their prices. Dynalabs now is routinely asked if there are investment opportunities by venture capitalists. In addition, its two main competitors have made buyout inquiries.
The company’s website allows pharmacists to enter testing information without having to deal with paperwork. Other efficiencies have been made in the analytical laboratories and in getting results faster.
Another product that would change the face of the industry is being developed. This is a point-of-use potency testing device that will allow pharmacists to test various injectable medications on their site in seconds for a fraction of Dynalabs customary fees. Once coupled with high-end testing equipment, this device will allow the company to enter the hospital, industrial and international markets.
As close friends and now successful partners, Pruett and Odegard speak throughout the area on entrepreneurship in addition to donating time and sponsorships to several nonprofit organizations.
How to reach, Dynalabs LLC, (314) 533-1660, or www.dynalabs.us