Leaders and community members on Saturday celebrated the expansion of one of the city’s unique local businesses.
The Rio Rancho Regional Chamber of Commerce hosted a grand opening and ribbon-cutting ceremony at Olive Tree Compounding Pharmacy.
“We are thrilled to celebrate Dr. Didi Okpareke’s great accomplishments with the grand opening of Olive Tree Compounding Pharmacy’s new facility,” said Chamber President Jerry Schalow. Dr. Okpareke’s dedication to providing personalized pharmaceutical care reflects the spirit of innovation and entrepreneurship in Rio Rancho.”
A compounding pharmacy creates custom medications to meet patients’ special needs. That may mean it’s an easier form for the patient to take, a way around a patient’s allergies or a nonstandard dosage.
Olive Tree is the first compounding pharmacy in Rio Rancho. The company was recently awarded $66,990 through a New Mexico Economic Development Department program. A press released stated the pharmacy plans to hire three trainees at an average hourly wage of $28.40 and an intern at $19.75.
Olive Tree serves both human and and animal patients. Saturday’s event included a tour of the 6,000-square-foot building at 1713 Wellspring Avenue SE, and opportunities to meet Okpareke and the staff to learn more about available services.
Okpareke, the founder of Olive Tree Compounding Pharmacy, is a 2008 graduate of the University of New Mexico College of Pharmacy.
She said Tuesday that Rio Rancho is supportive of business development and Mayor Gregg Hull and the City Council have long been supportive of her efforts. She struggled to find that level of support in other cities.
Olive Tree is part of Rio Rancho, but reaches far beyond the city’s borders. The company is licensed to serve patients throughout New Mexico and in Texas, Nevada, Maryland, Georgia, Alaska, Illinois, and Indiana.
Okpareke said the new building, which she built from scratch, allows the company to expand into sterile compounds. She said she saw an opportunity to expand the business and “stop paying rent.”
Okpareke said she expects the pharmacy to officially open for business Monday.
She told the Sandoval Signpost in February that compounding allows a medication to be formulated to best work for a specific patient’s body chemistry. Okpareke said allergy testing and other analyses help pharmacy staff figure out the best way to meet the needs of each patient.
The new pharmacy opened a short distance from the original Olive Tree location, which Okpareke founded about seven years ago. The pharmacy will also to host a line of skincare products marketed under the name OliveTree.Skin.
The website for the product line says all the products are designed, manufactured, and packaged in the U.S. and Okpareke’s “passion is to support and promote all edifying efforts of black and brown beauty!”
More information about Olive Tree Compounding Pharmacy is available on their website at olivetreecompounding.com.