Pharmacy Student Business Plan Competition
While pharmacists continually rate as one of the most easily accessible and trusted professions, pharmacists have been, for the most part, underutilized and overworked. In recent years there has been greater recognition of the expertise of pharmacists, as the profession moves away from a product-orientated, technical role, toward a more patient-orientated, clinical role. While changes have occurred, the full utilization of pharmacists’ expertise has been slow.
There have been numerous studies and documented cases that show greater clinical outcomes when pharmacists have a more involved role in patient care, yet adoption of that clinical role has been, in part, hampered by the majority of the profession not fully appreciating the managerial implications of such an enhanced role.
As stated by Harris et al.1, “translating the evidence supporting clinical pharmacy services into practice in the ambulatory setting has been hampered by the lack of a clear business-practice model.” In recognition of this need, the Management in Pharmacy (PHARM 417) course was redesigned in the 2010-2011 academic year to include a new project – a business plan. Furthermore, one of the strategic directions of the Blueprint for Pharmacy is to “provide pharmacy services that are financially viable and sustainable to optimize medication use, promote wellness and disease prevention.”2
For the Plan, pharmacy student groups of 5-6 students complete a business plan in which the goal is to implement a new, sustainable service into an existing practice. The students are free to choose where they would like to implement the new service, as well as what service they would like to implement. Guidelines are intentionally left broad so that the student groups can be creative in completing their Plan. After submitting their Plans, the student groups present their plans in a formal competition.
The Pharmasave-Rubicon Pharmacy Student Business Plan Competition is an annual event where pharmacy students present their business plans to a panel of pharmacy stakeholders. Stakeholders include representatives from pharmacy regulatory, advocacy, and industry organizations.
"Love the Business Plan Competition! It empowers pharmacy students to be innovative and creative and shows us that we can change or improve the field we are going into." 3
1 Harris, Baker, Berry, Halloran, Lindauer, Ragucci, McGivney, Taylor, and Haines (2008). Developing a Business-Practice Model for Pharmacy Services in Ambulatory Settings. Pharmacotherapy; 28(2):7e–34e.
2 Task Force on a Blueprint for Pharmacy. (2008). Blueprint for Pharmacy: The Vision for Pharmacy. Ottawa (ON): Canadian Pharmacists Association.
3 Perepelkin & Killeen (2011). 2011 University of Saskatchewan Pharmacy Student Business Plan Competition. Canadian Pharmacists Journal; 144 (4), 158-159.
The Pharmasave-Rubicon Pharmacy Student Business Plan Competition is an annual event where students present their business plans to a panel of judges made up of pharmacy stakeholders. Stakeholders include representatives from pharmacy regulatory, advocacy, and industry organizations, as well as a professional financial services firm.
Furthermore, if you’re an organization that would like to enquire about future sponsorship opportunities, please contact Jason Perepelkin.
Please send all correspondence to Jason Perepelkin