Pharmacy students win National Student Business Plan competition - again!
9 September 2009
The team from the University of Sydney have just been awarded first prize at this year's Pharmacy Guild National Student Business Plan competition. The competition is an Australia-wide challenge promoting entrepreneurship among students preparing for a career in community pharmacy.
Ms Anjana Rao, Ms Jane Xie, Ms Jenny Nguyen, Mr Andrew Tran (4th year) and Ms Rebecca Dean (3rd year) presented their strategies as one of three finalist teams at the 2009 Pharmacy Women's Congress on the Gold Coast, which ran from the 14-16 August.
The competition focussed on how the pharmacy profession can add value through innovative ideas for the benefit of customers and the health of the nation. The University of Sydney's winning plan was based on compounding (human and veterinary products), an individualised pharmacy healthcare program and innovative marketing strategies that included an interactive website.
Professor Lesley White has acted as mentor to the winning teams for the last two years. "The students have learnt valuable skills in their preparation of the business plan. They've conducted market research, learnt the principles of accounting and developed marketing and HR strategies. They worked extremely hard but also had a lot of fun, I'm very proud of them" she says.
This is the second year running that Sydney University has won the competition. Anjana and Jane, two of the fourth year students, had previous business plan experience having also been part of the winning team in 2008. Defending its title, the Faculty's team competed with entries from 11 universities across the country. Second place went to James Cook University with a plan based on indigenous health issues and third to Curtin University with a plan for specialised women's health.
Developed in 2006 by the Pharmacy Guild of Australia to promote innovation and excellence in the community pharmacy environment, the National Student Business Plan Competition is credited with helping students to gain valuable experience, not only in demonstrating the financial viability of their plan, but also how they will capture market share, pay and manage staff, manage capital and achieve return on investment and a host of other regulatory and financial challenges.
Judging the competition were representatives from the Guild, the Women and Young Pharmacists' Committee, the Australian College of Pharmacy Practice and Management, The National Australian Pharmacy Students Association and a representative of an accounting firm specialising in the pharmacy industry.
The winning team received $3000 for the students, $3000 for the University and a perpetual trophy, which is housed at the university for the year. Prizes were provided by Pharmaceutical Defence Ltd and Gold Cross Products and Services.More information on the competition can be found on the Pharmacy Guild of Australia website http://www.guild.org.au.
Contact: Claire Riordan
Phone: 02 9351 2311