The essential connection between business and pharmacy practice
Embracing the business side of pharmacy goes beyond just maximizing profits; it also involves enhancing patient outcomes, healthcare systems, and the profession as a whole.
By Pavithra Ravinatarajan RPh
The work of a pharmacist has expanded beyond the traditional idea of what pharmacy practice appears to be.
Today's pharmacy practice is a complex field where business knowledge is essential to the development of the profession.
It's critical to understand that the effects of business extend beyond community pharmacy and understand how it impacts all aspects of pharmacy practice, including chain pharmacies, independent community pharmacies, staff pharmacists, hospital pharmacy settings, and non-traditional roles in the industry.
Every pharmacist needs to have a firm understanding of basic business fundamentals in order to genuinely flourish in this fast-paced industry.
These values are not merely beneficial; they are also necessary.
At the University of Waterloo School of Pharmacy, I teach a course that has taken proactive steps to ensure that these critical concepts are integrated into the curriculum in a practical and meaningful way.
Through an innovative approach that combines integrated learning and a practical case study competition, pharmacy students are exposed to the intricate workings of business across various practice formats. This holistic approach enables them to appreciate the broader context in which pharmacy operates and equips them with the skills necessary for success in a rapidly changing healthcare environment.
Pharmacy students are exposed to the complex business operations across numerous practice formats through an inventive strategy that includes integrated learning and a real-world case study competition. This all-encompassing approach enables them to understand the larger content in which pharmacy functions and provides them with the skills required for success in a healthcare system that is continually evolving.
Here is how we are laying the groundwork for tomorrow's pharmacists:
Business themes are effortlessly included into the standard pharmacy education in our curriculum. By doing this, students are trained to understand how these ideas are used in the real world and how they relate to patient care.
Competitions for Practical Case Studies
We support active learning. Students are exposed to real-world settings through our case study competitions, which test their ability to use their pharmacy knowledge along with business tactics. The skills of critical thinking, problem-solving and decision-making are developed through this practical experience.
Awareness of Various Practice Formats
Students gain first-hand experience with the various practice contexts where chemists are in demand because pharmacy is a flexible profession. Their preparation for success in a variety of jobs, whether in a community pharmacy, hospital, industry or research, is ensured by their exposure.
Lessons for Life
This all-encompassing strategy for pharmacy education gives students skills that go beyond the classroom. They are lessons for life that enable our graduates to adapt to an ever-changing healthcare environment, participate in the development of cutting-edge healthcare solutions, and establish themselves as leaders in their professions.
Embracing the business side of pharmacy goes beyond just maximizing profits; it also involves enhancing patient outcomes, healthcare systems, and the profession as a whole. We are investing in a better and more prosperous future for pharmacy, one that benefits the healthcare sector and the people we serve, by encouraging pharmacy students to have a thorough understanding of business fundamentals.
Pavithra Ravinatarajan RPh is the founder and CEO of Pavithra Consulting Inc