Pharmacists and Business Plans: Identifying Pharmacists’ and Pharmacy Students’ Comfort Level Developing Business Plans

Abstract

OBJECTIVES: To assess the comfort level of pharmacists and 4th year pharmacy students regarding their ability to develop business plans and their perception of available resources to help them. METHODS: A questionnaire sought information on the comfort level on multiple sections of a business plan: mission statement, executive summary, description of business/service, marketing, operations, and finances. The questionnaire was sent electronically to pharmacy preceptors and pharmacy students at The University of Arizona College of Pharmacy. RESULTS: Questionnaires were completed by a total of 94 pharmacists and student pharmacists (30% response rate). Of those 94 respondents, 55 were pharmacists, 35 were student pharmacists, and 4 were left unknown. Individuals between the ages of 21-29 were less comfortable with business plan concepts (p-values range from 0.005 to 0.028). Men were more comfortable with the business plan than women (all p-values <0.002). Pharmacists had shown to be more comfortable than student pharmacists in all areas of the business plan (all p-values <0.005). Forty-six percent of the individuals said there are currently not enough resources available and 83% of individuals said that there is a definite need for more training opportunities. Live, web-based CE courses and elective pharmacy curriculum courses were thought as the most beneficial training opportunities (29%, 30%, and 22%, respectively). CONCLUSIONS: There is a need for more resources and training opportunities to improve the comfort levels that pharmacists and student pharmacists have for business plans in order to help implement new innovative ideas that will continue to expand pharmacy services.