FORM 3UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Charuvastra Elizabeth

(Last)(First)(Middle)
C/O TARGETED MEDICAL PHARMA, INC., 2980 BEVERLY GLEN CIRCLE, SUITE 301

(Street)
LOS ANGELESCA90077

(City)(State)(Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
01/31/2011
3. Issuer Name and Ticker or Trading Symbol
Targeted Medical Pharma, Inc. [NONE]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
XOfficer (give title below)Other (specify below)
Chairman & VP Reg. Affairs
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock 9,419,051
I
By Elizabeth Charuvastra and William Shell Family Trust dated 7/27/2006 and Amended 9//29/2006 (1)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)4. Conversion or Excercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Ms. Charuvastra is a co-Trustee of the Elizabeth Charuvastra and William Shell Family Trust dated 7/27/2006 and Amended 9/29/2006 (the "EC and WS Family Trust") and may be considered to have beneficial ownership of the 9,419,051 shares of common stock of the Company held by the EC and WS Family Trust. Ms. Charuvastra shares voting and dispositive control with respect to the securities owned by the EC and WS Family Trust with William E. Shell, MD, co-Trustee of the EC and WS Family Trust. Ms. Charuvastra disclaims beneficial ownership of any shares in which she does not have a pecuniary interest.
/s/ Elizabeth Charuvastra01/31/2011
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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