When Jarrod Tippins, a 2009 pharmacy graduate and owner of The Pharmacy in Florence, South Carolina, was approached about what could be done to spark more interest in careers in independent community pharmacy, his response was immediate: Create a pathway for students who want to own their own pharmacies.
“When I opened my pharmacy, there wasn’t really a course that provided in-depth information
about ownership,” Tippins says. “This began as an idea to launch an independent pharmacy
course, bring in all the experts and create a curriculum that they can learn from
to be successful.”
Vision becomes reality
That vision became reality in January when the college launched a newly revised independent pharmacy ownership elective. The initiative addresses what many in the profession see as a critical gap in pharmacy education.
“There was a lack there,” says John Holladay, 1992 pharmacy, 1997 Ph.D. and clinical assistant professor, who will facilitate the courses. “We’re training students to be pharmacists, but are we training them to own their own pharmacy?”
The connections I made with successful pharmacy owners, accountants and industry leaders shaped my path. If this course gives them nothing else, it gives them a pathway to developing meaningful relationships.
Two courses have been approved and are expected to become part of a track that is under discussion. The spring semester focuses on entrepreneurship: evaluating locations, understanding metrics and determining whether to purchase an existing pharmacy or start from scratch.
The fall semester will shift to operations: hiring decisions, store design, inventory
management, third-party contracts and profit-and-loss statements. Students will also
explore ancillary services that can diversify revenue streams.
Industry veterans share insight
The courses bring practicing and former independent pharmacy owners into the classroom to share real-world experience. And the timing could not be more critical. Independent pharmacies face mounting challenges from pharmacy benefit managers, reimbursements and industry consolidation.
Kyle McHugh, a 1995 graduate and independent pharmacy owner, agrees. “Navigating pharmacy ownership requires that you be an early adopter and stay on top of the constant changes.”
Despite the challenges, industry veterans believe in the continued viability of independent pharmacies — and the new electives as essential to its future.
“There are certainly challenges, but in every challenge, there is an opportunity,” says Addison Livingston, 1997 graduate and co-owner and president/CEO of Hawthorne Pharmacy and Medical Equipment. “And if you are adaptive and have an open mind, it will be around for a long time.”
Hugh Mobley, a 1978 graduate, USC Board of Trustees member and independent pharmacy owner, has practiced in a community of fewer than 10,000 people for 44 years. He emphasizes the unique role independent pharmacists play.
“You build trust. You build confidence. You build education, knowledge and outcomes,”
Mobley says. “You practice pharmacy 24 hours a day, seven days a week by virtue of
your relationship with your patients.”
Building networks, launching careers
The elective also aims to do more than teach business fundamentals. It seeks to build networks that can launch careers.
“Students start building meaningful relationships with those who are in ownership roles, and then it spirals,” Tippins says. “The connections I made with successful pharmacy owners, accountants and industry leaders shaped my path. If this course gives them nothing else, it gives them a pathway to developing meaningful relationships.”
Holladay sees broader potential in matching students with preceptors for experiential learning, creating pipelines for aging owners seeking successors and, ultimately, strengthening the profession.
“Listening to and making contact with pharmacists that have already done it is priceless. I would have given anything to have that opportunity.”
For students considering their options, Lynn Connelly, a 1978 graduate, shares a clear message that independent pharmacy ownership remains a rewarding path, and owners do not have to navigate it alone.
“Listening to and making contact with pharmacists that have already done it is priceless,” Connelly says. “I would have given anything to have that opportunity.”
Topics: Pharm.D. Program, Curricular Tracks and Special Programs