Student Business Plan teams progress

Nine teams have progressed to the quarter-final round of the Pharmacy Guild of Australia’s annual National Student Business Plan competition, an Australia-wide challenge aimed at encouraging creativity among pharmacy students.

The teams are from University of Technology Sydney, University of Tasmania, University of Sydney, University of Auckland and University of Otago.

Teams are required to develop two services to implement in their pharmacies: one “new to the market” or “highly differentiated” from something already on offer, and the other offering a social or community benefit.

Some of the ideas developed are aimed at tackling challenges such as mental health and sleep issues in rural locations, allergy testing, sexual health in youth, and medication management. All plans develop holistic and community-focused programs, utilising new technologies.

The quarter-final round began on June 18 and will conclude on July 1. The successful teams will progress to the semi-final round and compete for the chance to be selected as finalists, receiving complimentary registration, travel and accommodation to attend the Pharmacy Connect conference in Sydney in September.

The Guild says the competition is designed to promote creative entrepreneurship among pharmacy students and encourage the development of viable, innovative, pharmacist-owned community pharmacies.

“It gives Australia’s and New Zealand’s best and brightest pharmacy students an opportunity to demonstrate their understanding of pharmacy practice through novel and financially secure business models,” the Guild said.

The competition, a Guild initiative, is sponsored by Sanofi Consumer Healthcare (principal sponsor), EBOS (major sponsor), Gold Cross Products and Services and Pharmaceutical Defence Ltd.