Teams from three schools went head-to-head yesterday at this year’s Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition, with each pitching a business plan for buying and expanding the services of an existing pharmacy to show that their plan is the most likely to succeed. This year, the three finalists come from the University of South Carolina, the University of Texas at Austin, and the University of Washington. The winners will be announced at today’s general session, 9:30-11:30 a.m.
All teams presented plans that included capital expenses, payroll expenses, revenue projections, market research, marketing strategy staffing needs, renovation plans and clinical approaches. Here are descriptions of each team’s proposed plans:
University of South Carolina College of Pharmacy: The team proposes to acquire Peak Pharmacy in Raleigh, N.C. They asked for a $1.1 million loan with a $200,000 down payment. Their pharmacy will include LTC and compounding labs, as well as an IV infusion suite. It will also have a nurse practitioner. It will feature med sync, performance packaging, immunizations, and health screenings (including in-body scanning to assess personal mass and bone health). Their philosophy is that every patient is an athlete, and the treatment they provide will be focused on general health, physical performance, and well-being. They will create three levels of membership with different levels of services. The team also said the pharmacy would partner with a nearby fitness center.
University of Texas at Austin College of Pharmacy: The team proposes to purchase Plum Creek Pharmacy in Kyle, Texas, which they’ll rebrand as Plum Creek Pharmacy & Wellness Club. They’ll transform the pharmacy into a health and wellness center featuring a 24-hour fitness center and offering personalized fitness (including personal training), nutrition, patient meeting rooms, and pharmacy services (including non-sterile compounding, immunizations, remote patient monitoring, diabetes counseling, and other services). Their philosophy is to encourage fitness and wellness so patients can avoid chronic illnesses. They are seeking a $1 million loan. According to their market analysis, no facility within 5 miles combines the services they plan to offer. They also plan to offer different levels of membership featuring exclusive services and discounts.
University of Washington School of Pharmacy: They propose to acquire Waterfront Wings Pharmacy in Madison Park, Wash., currently owned by Cascadia Pharmacy Group. Proximity to the airport would make travel vaccines a profitable line of business, and the store would feature an impressive front end. Their philosophy is to combine comfort, connection, and care. They will provide med sync, immunizations, consultations, travel consultations, expanded point-of-care testing, holistic front-end products, and high-end products. They plan on making 20 percent of their revenue from non-prescription sources, compared to 4 percent for the typical pharmacy. They requested a $2 million loan with a $200,000 line of credit.
