Good Neighbor Pharmacy Finalists for Student Business Plan Competition

Published - Written by Marissa Fox

Every year the National Community Pharmacists Association (NCPA) picks finalists for the Good Neighbor Pharmacy competition. This year’s pharmacy students have been chosen as finalists from the Medical University of South Carolina, the University of Arkansas for Medical Sciences College of Pharmacy, and the University of Texas at Austin College of Pharmacy.

The NCPA and NCPA foundation seek to promote interest in independent community pharmacy ownership. The goal of the competition is to motivate student pharmacists to create plans necessary for acquiring an established independent community pharmacy or developing a new pharmacy. This competition gives students the skills to prepare for a successful future as pharmacy entrepreneurs.

The Business Plan Competition is the first national competition of its kind in the pharmacy profession and is named to honor 2 great champions of independent pharmacy: the late Neil Pruitt, Sr., and the late H. Joseph Schutte. The Pruitt and Schutte families initiated an endowment fund with the NCPA Foundation to help support annual operating expenses of the Competition. The Competition is supported by Good Neighbor Pharmacy (GNP), Pharmacists Mutual, and the NCPA Foundation. The finalists will be split into teams and will present their business plans in a live competition on October 9 at the NCPA Annual Convention in Charlotte, NC. The winning team will be announced on October 10 as part of the convention’s First General Session. 

This competition targets the issues and challenges that arise in the pharmacy business. A solid business plan is crucial in addressing issues that can develop. The Business Plan Competition aims to equip pharmacy students with the tools and confidence to be entrepreneurial in their careers. It is a great honor for the teams chosen in the 2021 Student Business Plan Competition for their impressive work.

Team members from the final 3 schools will compete for the following first, second, and third place awards.

  • First Place: $3,000 to the NCPA student chapter and $3,000 contributed to the school in the dean’s name to promote independent pharmacy.
  • Second Place: $2,000 to the NCPA student chapter and $2,000 contributed to the school in the dean’s name to promote independent pharmacy.
  • Third Place: $1,000 to the NCPA student chapter and $1,000 contributed to the school in the dean’s name to promote independent pharmacy.

The business plans will be reviewed by independent pharmacy owners, business coaches and consultants, financiers, or community pharmacy practitioners, who must follow a detailed rubric when grading plans. Schools submitting to the competition for the first time will receive a plaque for their participation. For each year that a school participates, it will receive a plate commemorating the year of participation to be added to the competition plaque. Teams placing in the top 10 receive a special plate acknowledging this distinction.1,2

“Having an established, solid business plan in place is the key for more easily tackling challenges or unexpected issues that might develop,” said NCPA President Brian Caswell, RPh. “Learning how to develop these plans now will help the students be more equipped and confident pharmacy entrepreneurs in the years to come. I’m proud of all teams participating in this year’s Student Business Plan Competition for their strong work. Best of luck to the finalists from the Medical University of South Carolina, the University of Arkansas for Medical Sciences College of Pharmacy, and the University of Texas at Austin College of Pharmacy. We’re looking forward to seeing the students present their plans at NCPA’s Annual Convention in October.”

 

References

  1. NCPA. Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition. https://ncpa.org/business-plan-competition. Accessed August 9, 2021.
  2. NCPA July 22, Ncpa. NCPA announces finalists for 2021 good Neighbor Pharmacy NCPA pruitt-schutte student business plan competition. https://ncpa.org/newsroom/news-releases/2021/07/22/ncpa-announces-finalists-2021-good-neighbor-pharmacy-ncpa-pruitt. Accessed August 9, 2021.

 

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