Congratulations to the participants of this year's Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition, all of whom made compelling business proposals to expand the health care capabilities of a community pharmacy.
The winning team, from the University of Texas at Austin College of Pharmacy, pitched a plan to purchase a compounding pharmacy in Liberty Hill, Texas, and rebrand it as a pharmacy and wellness center. They planned to expand the pharmacy's clinical services by adding pharmacogenomics, functional medicine services, and immunizations. They also planned to revise the management structure, execute a comprehensive marketing plan and renovate the building.
The first runner-up, from the University of South Carolina College of Pharmacy, proposed buying an existing pharmacy in Mt. Pleasant, S.C., and expanding its services. They pledged to finance 36 percent of the purchase themselves. Their plan included improving the patient experience through renovations to include a patient waiting area and an immunization center, as well as introducing point-of-care testing, test-to-treat, travel immunizations, and sterile compounding.
The second runner-up, from the University of North Carolina Eshelman School of Pharmacy, proposed buying an existing pharmacy in the Southern Village retirement community near UNC and expanding its services to include mobile immunizations, long-term care at home, and remote patient monitoring. They presented a complete demographic analysis, identifying an opportunity to target a growing Asian population, as well as a marketing plan. They also presented a complete SWOT analysis on the pharmacy's current strengths and weaknesses compared to competitors'.
