UA pharmacy students win national business plan competition

Tucson— Four University of Arizona College of Pharmacy students copped first place in a competition run by the National Community Pharmacists Association to hone the entrepreneurial skills of future pharmacists. The team eclipsed 29 others, including finalists Samford University and The University of Kansas, in the Pruitt-Schutte Business Plan Competition, held in Tampa, Fla, earlier this month.

For first prize, the team received a total of $6,000. Half of that benefits the College of Pharmacy, and half comes to the local student NCPA chapter. In addition, the students won a free trip to the NCPA’s 2009 Multiple Locations Conference in Puerto Rico.

Second-year pharmacy students Lauren Bartoli, Katie Schiraldi, David Jacobson and MaiHuong Nguyen developed the plan in the elective course “Concepts in Pharmacy Business: Entrepreneurship.” The plan includes specifications for a buyout of a real pharmacy in Payson, Ariz., making building modifications, and expanding existing services with the current owner. The team was selected as one of three finalists for the national competition at the American Association of Colleges of Pharmacy annual meeting in July, after a committee reviewed all the submissions.

Jacobson says that one of the biggest challenges in preparing the plan was learning how to understand and apply business principles, especially financial benchmarks. Another challenge was the presentation itself.

“We pretty much had to memorize our parts because we were very close to the time limit allowed,” says Bartoli. “However, we couldn’t sound monotonous or as if we had memorized everything word for word. It was also difficult to remember to talk slowly and clearly when we were trying to beat the clock.”

To prepare for the final contest, the team rehearsed their presentation in front of more than 100 fellow pharmacy students here in Tucson.

“Our success at the live presentation in Tampa was partly due to our readiness to confidently answer questions, which the entire student body helped us prepare for,” Bartoli says. “It was a wonderful educational opportunity…and we had fun!”

Released Oct. 24, 2008