Do you have an entrepreneurial spirit and a desire to shape the future of community pharmacy? Do you have an innovative service idea that will contribute to a vibrant and dynamic community pharmacy network and make a genuine difference to the health and lives of our local communities?
If so, it's time to get down to business and get your business plan ready, polished and perfected for the Pharmacy Guild of Australia's National Student Business Plan Competition (NSBPC).
The National Student Business Plan Competition is an initiative of the Pharmacy Guild of Australia. The project is coordinated by the Member Services and Innovation Group.
The Pharmacy Guild of New Zealand is proud to support the National Student Business Plan Competition in 2019 and aspiring pharmacy owners currently studying in New Zealand.
The National Australian Pharmacy Students' Association (NAPSA) is proud to support the National Student Business Plan Competition in 2019 and to collaborate with the Guild in promoting and supporting pharmacy students.
The objective of the competition is to assist pharmacy students to gain the skills required to approach the task of owning or managing a pharmacy through the development of a business plan.
The competition is designed to promote creative entrepreneurship among pharmacy students and encourage the development of viable, innovative, pharmacist-owned community pharmacies.
It focuses on developing innovative services which can be provided in their pharmacies that aim to meet the health needs of the Australian community.
The objective of this competition is to allow pharmacy students the opportunity to complete a business plan and have it reviewed by not only pharmacist owners but accountants and business experts for viability.
Teams entering the competition must contain a minimum of 50% of team members who are:
Multi-disciplinary teams can also enter the competition. The students from disciplines other than pharmacy that will be accepted in a team are those students studying in a primary health discipline such as physiotherapy or nutrition.
Multi-disciplinary teams cannot include students studying accounting, business, finance or other related fields. Multi-disciplinary teams must have half of their members from the pharmacy school—i.e. A team of three or four must contain two pharmacy students.
All students must be from a school of pharmacy whose courses have provisional or full accreditation with the Australian Pharmacy Council (Australian and New Zealand Pharmacy Schools).
Teams can consist of between one and four team members.
Cross institutional teams can also enter the competition. It is possible for students from two different universities to join together to enter a team should they wish. If the team is successful in becoming a finalist, the prize money allocated to the pharmacy schools will be equally distributed.
Business or management studies are not a prerequisite to developing a business plan or for entering the competition.
Many potential small business owners start by going through the wealth of resources available to the public and talking to mentors with small business experience. It is for this reason that the competition mandates that all entrants must seek out TWO advisors or mentors.
Each team must have a minimum of TWO team mentors. To assist entrants, mentors should be selected based on the following priority order:
ESSENTIAL: Each team or individual MUST have a current community pharmacy owner as a mentor who is a member of the Pharmacy Guild of Australia, or a retired past Guild member pharmacist owner an MUST have a business or financial mentor.
OPTIONAL: An academic mentor.
The team mentors are not allowed to participate in the Quarter Finals, Semi Finals or Live Finals presentation sections of the competition.
Prize money in the National Student Business Plan Competition totals $15,000.
In addition to prize money, the three entries selected as finalists receive complimentary registration, travel and accommodation to attend the Pharmacy Guild of Australia’s 2019 Pharmacy Connect conference.
Attendance at Pharmacy Connect, will present a unique opportunity for the competition finalists to attend informative and educative workshops conducted by a line-up of diverse and quality subject matter experts. By attending, the competition finalists will have the opportunity to access a wide range of industry representatives; increase their knowledge and grow their network of pharmacy contacts. Valued at $5,000 per team
The awarding of prize money to the Pharmacy Schools is to assist in the promotion of the pharmacist-owned community pharmacy model.
All quarter and semi-finalists who do not progress to the next stage will receive a Certificate of Achievement.
Pharmacy School Component
$5,000 to the winning entry (team or individual)
$2,000 to the Pharmacy School
$4,000 to the second placed entry
$1,000 to the Pharmacy School
$2,500 to the third place
$500 to the Pharmacy School
These guidelines aim to provide a consistent base for all teams, to allow them to focus on the innovation component.
All business plans submitted by the participants in the National Student Business Plan Competition 2019 must comply with these guidelines.
The business plan MUST be based on the ‘Foundation Pharmacy Profile’ which is located in the RESOURCES section of the website. All entries must use the ‘Foundation Pharmacy Profile’ from which to develop their new pharmacy business.
Do not construct your business plan on an existing pharmacy business – your pharmacy is fictitious
To be successful in the first round of the competition, the business plan MUST use the information provided and MUST detail the development of a new to market or highly differentiated service to be run from the pharmacy. The business plan MUST also outline how this service offers a social or community benefit.
The plan should be succinct and be able to satisfy the scrutiny of a loan provider and assembled as though being made to a bank or lending institution for finance - use plain language and avoid jargon
Teams submit a business plan based on the
The Quarter Final round consists of a 1,500 word response to feedback received from the judges in Stage One.
All resources required for the Quarter Final Round will be provided to teams at commencement of the round.
The Semi Final teams will present a video pitch to the Judge Mentors in preparation for the Final Rounds of the Competition.
The top three teams at the end of the Semi Final stage will be invited to participate in the Stage Four Finals.
Prior to the Finals presentations, the Teams will have one telephone conference with the Judge Mentors who will provide feedback and mentoring on how they can improve their pitch for the Finals and one face to face meeting will be scheduled with the Judge Mentors on the day prior to the Finals presentations.
This coaching will assist all teams to deliver the strongest possible pitch at the Finals. The Judge Mentors will not participate in the judging of the final presentation.
All resources required for the semi-final round will be provided to teams at commencement of the round.
The Finals presentations will be held at the Pharmacy Guild of Australia’s 2018 Pharmacy Connect conference in September 2018.
The purpose of the live presentation is to provide an opportunity for each team to present to a room of potential investors. The teams will have five minutes to pitch their idea.
The pitch should highlight why investors should provide financial support for the innovative pharmacy ideas set out in the business plan of each of the finalists.
Teams will be provided with all necessary resources at the commencement of each round.
Following the live Pitch, each team will be contacted by the judging panel to meet for 20-40 minutes to answer some post pitch questions, prior to the judging panel finalising their decision.
As per the previous rounds, teams will be provided with all necessary resources at the commencement of each round.
If your team is successful in making it to the final round, it is expected that you will be available to attend the Pharmacy Connect conference in September 2019 and will be present for the duration. The Guild uses the event as a platform to showcase you as the future of pharmacy and provides you with the opportunity to network, learn and expand your skills and knowledge.
Building a business plan that will drive a successful, community-focused healthcare business. The pharmacy focus should be to provide a dynamic, valued health destinations. Will the investor be excited by your business plan and will they be confident in its success?
Have you provided sound demographic information and presented a clear understanding of the needs and issues within that community? Have you demonstrated clear knowledge of the innovative service you are providing?
What is your approach to running the pharmacy? Consider some of the following: Business planning/strategy, communication systems with customers and staff, stock control, retail management, marketing, management structure and human resources
How have you reached out beyond the pharmacy? In what ways do you support the various community groups or engaged them in health communication, promotions, education and projects?
What professional health services does your pharmacy provide (on the premises or otherwise) that are unique and fill a special gap in your community. Have you/will you train staff to provide bespoke services, or perhaps brought in other professionals to practice in your pharmacy?
Have you used the Foundation Pharmacy figures provided? Have you explained why an investor would want to invest in your business idea? Do you understand and have you outlined what the investor will receive in return?
When developing your business plan have a clear understanding of what it is you are offering an investor, what it is you would like them to commit to and what you would like in return. Which business structure is right for you? Are you looking for an Investor who provides capital with the expectation of a future return through profit share or a Loan which will require principal and interest repayment?
Consider the business structure that would be required, i.e. trust, partnership or company and the implications this will have on the return to lenders and the distribution of profits and the legal requirements of non-pharmacists providing financial assistance to pharmacies.
Consider what the agreement looks like and how you can make it attractive for potential investment, however, also ensure that your financial return is also accounted for. Remember to be realistic - the end goal is to ensure that your pharmacy business is viable.
What is your purpose, vision, and values? What do you deliver? — Products, services, value, difference and experience. Who do you care about? – Customers and community. How do you behave? – Actions, what you say and how you say it. How do you look? – Your name, tagline, design and logo.
How well have you explained your understanding of the health issues you are addressing? Have you provided evidence/research to support your claims?
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FREE PDL Student Membership
PDL membership is FREE for pharmacy students and interns. You don’t pay anything to join but the benefits of membership are enormous.
Full professional indemnity insurance liability cover including: professional indemnity; public liability and; products liability. Covers everything in the scope of practise of pharmacy as regulated by the Pharmacy Board of Australia (PBA).
Advice and support for incidents and critical times together with an online reporting and account management facility. You will also receive a bonus subscription to the Australian Journal of Pharmacy (AJP) online magazine.
PDL supports emerging talent and innovation in pharmacy through university awards and prizes. PDL is a founding sponsor of the National Student Business Plan Competition since 2006. PDL’s ongoing support of the competition provides the opportunity for pharmacy students to gain valuable learning and experience of community pharmacy business models through participation in the competition.
For more information visit www.pdl.org.au and click on the ‘Student and Intern’ button.
Gold Cross Products & Services is a fully owned subsidiary of The Pharmacy Guild of Australia and endorses pharmacy products and services badged with the Guild’s logo.
The Gold Cross is also used by approved providers of products and services:
The Gold Cross device is increasingly viewed as the definitive symbol for quality care and advice on medicines.
Endorsed products and services branded with the Gold Cross are working well to drive both recognition and positive associations for the Gold Cross symbol and brands displaying the symbol.
We encourage the support of Gold Cross branded products.
The competition is coordinated and managed by the Pharmacy Guild of Australia, Member Services and Innovation Group.
Phone: 02 6270 1846
The Pharmacy Guild of Australia National Secretariat
Level 2, 15 National Circuit, Barton, ACT 2600 Australia
PO Box 310, Fyshwick, ACT 2609 Australia