The University of South Carolina College of Pharmacy continued its strong showing in national competitions, securing second place at the 2024 Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition.
The team finished behind the University of Texas at Austin and ahead of the University of North Carolina in the college’s third consecutive appearance at the event.
The team's proposal centered on acquiring and expanding an existing pharmacy in Mt. Pleasant, South Carolina. Their plan emphasized enhancing patient services through the addition of an immunization center, point-of-care testing, test-to-treat services, travel immunizations, and sterile compounding capabilities.
Led by team captain Jacob King, alongside members Farehaa Hussain and CharLeigh Steverson, the group receives a $2,000 prize for the local NCPA chapter, plus an additional $2,000 contribution to the school in the dean's name to promote independent community pharmacy.
We wanted to challenge ourselves by developing a business plan for a pharmacy in a completely different part of the state ... This enabled us to come up with new innovative services that would better serve the community.
All three team members, graduates of the Class of 2024, are pursuing postgraduate training. King is currently serving as the PGY-1 Community Pharmacy Resident at USC College of Pharmacy and Medicine Mart of West Columbia, Hussain is pursuing a combined PGY1-Pharmacy/PGY2-Health System Pharmacy Administration & Leadership program with MSHA at the University of Virginia, and Steverson has taken an executive fellowship with the Board of Pharmacy Specialties at the American Pharmacist Association.
After winning the competition in 2023, Steverson and her teammates decided to enter the competition again to further refine their plan.
"We wanted to challenge ourselves by developing a business plan for a pharmacy in a completely different part of the state," says Steverson. "This enabled us to come up with new innovative services that would better serve the community."
The team worked under the guidance of Patti Fabel, clinical professor and executive director of the Kennedy Pharmacy Innovation Center, and Jordan Ballou, clinical associate professor and interim associate dean for student affairs.
KPIC, which sponsors the local competition, revamped the event for this year. Student teams indicated their interest in participating earlier in the year and had more structure as to how to develop their plan, along with access to more resources for developing their pharmacy business model. Additionally, each student team was matched with alumni independent pharmacy owner mentors to help support their ideas and work through the feasibility of their plans.
Dean Stephen J. Cutler praised the team's accomplishment.
"Their proposal to acquire and expand a local pharmacy exemplifies the innovative spirit we cultivate at the University of South Carolina College of Pharmacy. By introducing essential services like immunizations, point-of-care testing, and sterile compounding, they are not only investing in a business but also advancing accessible, comprehensive health care."
Topics: Pharm.D. Program, Kennedy Pharmacy Innovation Center, Business Education