Business Plan Competition

Business Plan Competition (Spring)

Student Resource: Visit here.

I. Description (What is BPC?): The Business Plan Competition Program is designed to help students learn more about the business and management aspect of pharmacy. It helps entrepreneur-minded students develop their own pharmacies. The program includes a well-developed lecture series with well-known and experienced speakers. This program is backed by many UIC professors, faculty members, and National NCPA representatives.

II. Target Audience/Participants (Should I join in?):

ü P1, P2, and P3 Students

ü I want a career in clinical pharmacy.

o Even if your goal is to go into clinical areas, we highly recommend that you participate. This experience will introduce you to developing a business plan and the finances associated with it, which may be applicable to your future in the clinical setting when you’d like to initiate or expand a pharmacy service within your hospital or clinic.

ü I want a career in industry.

o Even if your goal is to go into industry, we highly recommend that you participate. This is absolutely for you! Is it better to have clinical and business skills when you step into industrial world? Industry = business.

ü I want a career in retail pharmacy.

o For retail folks, managing a pharmacy needs you to have some management/business skills as well. So why don’t you prepare yourself ahead of others?

ü I want to be a leader in pharmacy.

o Bottom Line - If you take a look at the current events in pharmaceutical care, pharmacists are finding ways to enhance patient care through pharmaceutical interventions and services. These interventions and services cannot occur without a documented and approved plan, so these skills acquired from this competition will serve you for life.

III. Benefits (What will we gain from it?): 2 Elective Credit Hours!!!

ü Team building

ü Project management

ü Financial expertise

ü Business Planning

ü Public speaking

ü Time management

ü Research strategies

ü Creativity

ü Critical Thinking

ü Analytical Thinking

ü Current events in pharmacy

ü Learning your strengths and interests

IV. Logistics (How does it work?):

§ Groups of four will prepare a Business Plan and represent it to the judges at the end of Spring Semester.

§ Students can pick their own group if they want to.

§ There will be lecture series every other Monday.

§ Each group will have a mentor (groups can pick their own mentor).

§ Grades will be determined by number of factors including, but not limited to: attendance, competition completion, professional conduct, materials and presentation quality at the discretion of the Competition Committee and your team Faculty Mentor.

§ Lecture series will help the students with:

ü Have a good understanding of what business planning is.

ü Have a good understanding of how to develop a Marketing Plan and SWOT Analysis.

ü Learn how to effectively advertise and promote market.

ü Learn the basics of what should be included in the Description of Business Plan.

ü Have a good understanding of different loans, costs, and financial data.

V. Requirements (What do I need to do?):

§ It’s an optional 2 hours of elective credit; however, to be able to receive the 2 credit hours, students must sign up for 380/390.

§ All team members should be paid members of NCPA UIC

§ Team members must be present at each session. If this requirement is not met, a team dropout may be enforced.