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College of Pharmacy

KPIC

Kennedy Pharmacy Innovation Center

Business Plan Competition

The Kennedy Pharmacy Innovation Center hosts an annual Business Plan Competition to facilitate education on the business planning process, develop creative practice models for the community pharmacy setting, and ultimately result in more pharmacy entrepreneurs. 

About

A business plan is a core component of a successful entrepreneur. The annual KPIC Business Plan Competition challenges students in the Pharm.D. program to create the blueprint necessary for buying an existing independent community pharmacy or developing a new pharmacy concept.

Students participate in teams of up to four students to submit a written business plan. Four teams of finalists are selected to participate in a final live presentation in order to be eligible for awards. Finalists conduct a 20-minute formal presentation before a panel of judges, simulating a presentation to a lending institution or group of interested parties. Teams are evaluated on the business plan, as well as their presentation skills. The winning team represents UofSC in the Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition.

2022 Business Plan Competition

The 2022 KPIC Business Plan Competition has concluded. Details for 2023 coming soon!

2022 KPIC Business Plan Competition

  • January 7: List of team members due to Pamela Hite
  • March 11: All application materials and complete business plan due electronically by 5 p.m.
  • April 12: Final virtual presentation event at 7 p.m.
What is a business plan?

According to the Small Business Administration:

“A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume. The basic financial components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.”

How many students can help prepare the business plan?

Any number of students can help prepare the business plan. However, only 4 members of the team are allowed to participate in the competition and live presentation competition in order to be eligible for awards.

Can I participate with less than 4 team members?

Yes, teams with less than 4 members may apply.

Can students in their final year of pharmacy school participate?

Yes, as long as the student will have graduated within 6 months of NCPA’s annual meeting.

Students, faculty and staff can find additional information on the KPIC Intranet page.


 


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