On a day when eight Major League Baseball teams fought to stay alive in the playoffs, and when bitter college football rivals clashed, another heated competition was taking place in the Kansas City Convention Center at the NCPA Annual Convention. Three teams of students vied for first place in the 23rd Annual Good Neighbor Pharmacy Pruitt-Schutte NCPA Student Business Plan Competition.
“This competition helps future pharmacists understand the importance of developing a thoughtful business plan when they prepare to start their own business,” said NCPA CEO B. Douglas Hoey.
The three finalists presented to a panel of judges who came from the worlds of pharmacy, finance, and technology. The format is designed to replicate the experience of presenting a business plan to lenders or investors. Here’s what they proposed.
University of Mississippi School of Pharmacy
The team sought a loan of $1.6 million to purchase an existing pharmacy, Velvet Ditch Drug, in Oxford, Miss. They chose the location because of its proximity to growing residential areas and medical offices. Their vision is to create a pharmacy recognized by the surrounding community as a full-service health care destination.
Their presentation covered the management structure, the floor plan, the marketing strategy, and revenue expectations. They plan on building separate areas for private consultations and dispensing. They expect to provide a full range of clinical services, including diabetes testing, hypertension testing, and body composition analysis.
The University of Texas in Austin College of Pharmacy
Sought a loan of $1 million to purchase and expand a pharmacy specializing in taking care of aging patients, Navarro Cornerstone Pharmacy and Homecare. The pharmacy they are proposing to acquire is in Corsicana, Texas, which they say is currently underserved. Eighteen percent of the population is below the poverty line, and there are only a handful of pharmacies in the area, most of which are big chain locations.
They plan to offer services that the competition doesn’t, such as compounding and long-term care at home. There’s also a nearby hospital whose patients need counseling once they are released.
In addition to the full range of on-site services, they plan to launch the Pharm Truck, a mobile pharmacy to help them reach patients where they are.
University of Washington School of Pharmacy
Sought a $450,000 loan to purchase an existing island on Lopez Island, a 29-square-mile island roughly 100 miles north of Seattle with a year-round population of roughly 2,500. The team says there’s no urgent care facility or hospital on the island, and Lopez Island Pharmacy, which they are proposing to purchase, is the only pharmacy there.
The population of the island swells in the summertime, so they’ll offer services and products for the permanent residents as well as seasonal visitors. They’ll do point-of-care testing, Medicare Part D consultations, and medication therapy management. They’ll also screen for high blood pressure, diabetes, and heart disease. With such a small population, they team plans to emphasize on community engagement, with movie nights and other events aimed at building good will and relationships.
The winning team will be announced at today’s general session, sponsored by Anda, Inc., 9:30-11:30 a.m.
