NCPA names finalists for 2020 student business plan competition
The National Community Pharmacists Association has chosen three teams of pharmacy students as finalists in the 2020 Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition.
Teams of pharmacy students from the University of Arkansas for Medical Sciences College of Pharmacy, the University of Iowa College of Pharmacy, and the University of North Carolina Eshelman School of Pharmacy will present their business plans in a live competition on Oct. 17, 2020 at the NCPA Annual Convention in Nashville, Tenn.
The Student Business Plan Competition, which is supported by Good Neighbor Pharmacy, Pharmacists Mutual Insurance Company, and the NCPA Foundation, is the first national competition of its kind in the pharmacy profession and honors two great champions of independent community pharmacy, the late Neil Pruitt Sr. and the late H. Joseph Schutte. The purpose of the competition is to motivate students in pharmacy school to create a thought-out plan for either purchasing an existing pharmacy or opening a pharmacy from the ground up, and to prepare tomorrow’s pharmacy entrepreneurs for a successful future.
“A solid business plan is vital tool for community pharmacists to be prepared to handle challenges that may arise in the future,” said NCPA President Brian Caswell. “This competition helps train pharmacy students on how to write a thorough business plan now, so that they are better equipped as future pharmacy entrepreneurs. Writing a business plan is challenging enough on its own, but these teams demonstrated their resilience and drive by writing one during a pandemic. I am especially proud of the three teams of finalists who will be giving live presentations during the competition at NCPA’s Annual Convention in October. Best of luck to the pharmacy students from the University of Arkansas for Medical Sciences College of Pharmacy, the University of Iowa College of Pharmacy, and the University of North Carolina Eshelman School of Pharmacy.”
Team members from these three schools will compete for first, second, and third place in an exciting, live competition for the following 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; and
- 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 teams rounding out the top 10 of the competition, listed alphabetically, are: Ohio Northern University Raabe College of Pharmacy, Philadelphia College of Pharmacy University of the Sciences, Rutgers University Ernest Mario School of Pharmacy, University of Georgia College of Pharmacy, University of Missouri Kansas City School of Pharmacy, University of Oklahoma College of Pharmacy, and Western University of Health Sciences College of Pharmacy.
Those grading the plans are independent pharmacy owners, business coaches and consultants, financiers, or community pharmacy practitioners, and must follow a detailed rubric when grading plans.
Schools submitting to the competition for the first time will receive a plaque for their participation. 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.