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“The practice has to move in the direction where more and more pharmacists think outside the box and think about better ways to deliver their professional skills.”

Clayton McWhorter

Pharmacist and Entrepreneur

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ABOUT THE AUTHOR

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Dr. Tice is the Director/Product Leader for Medication Therapy Management Services at Cardinal Health, Inc. Dr. Tice earned his BS and PharmD from the University of Kansas and MBA from Vanderbilt University’s Owen School of Management. Prior to his current position, Dr. Tice had experience in managed care with Humana, an MTM start-up, PharmMD, as Chief Clinical Officer, and was an associate professor at the Drake University College of Pharmacy & Health Sciences. His work has focused primarily on the development, implementation, and evaluation of innovative pharmacy services and has evolved into entrepreneurship. Dr. Tice attended the Experiential Classroom for Entrepreneurship Educators at Syracuse University and the Executive Management Program for Pharmacy Leaders at the Wharton School of Business and was a leader in the development of the DELTA (Drake Entrepreneurial Leadership Tools for Advancement) Rx Institute at Drake University. Dr. Tice defined and introduced the concept of entrepreneurial leadership in pharmacy through his presentation and accompanying publication and was awarded the Alfred B. Prescott Leadership Award in 2005. He has been an advocate of the integration of entrepreneurship principles into pharmacy education. He has also developed a software product to enable pharmacists to deliver and document their services and subsequently started a company, RX Interventions, LLC. Dr. Tice has served on numerous committees and in elected positions with the Iowa Pharmacy Association, the American Pharmacists Association, and the American Association of Colleges of Pharmacy.

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LEARNING OBJECTIVES

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LEARNING OBJECTIVES

After completing this chapter, readers should be able to

  1. Define entrepreneurship.

  2. Discuss characteristics and types of entrepreneurs.

  3. Discuss the applicability of entrepreneurship principles in the profession of pharmacy.

  4. Given an “opportunity concept,” apply the process of entrepreneurship to evaluate, pursue, execute, and harvest the venture.

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CHAPTER QUESTIONS

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  1. What are the three common characteristics of entrepreneurs?

  2. What are the four types of entrepreneur personalities, which one do you most identify with, and what leads you to identify yourself with this characterization?

  3. Why is the understanding and use of the “process” of entrepreneurship an important component in the establishment of entrepreneurship as its own body of knowledge?

  4. Why is it important for an entrepreneur to be able to clearly and succinctly communicate the business concept?

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SCENARIO

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Pharmacist John Adams works for a chain pharmacy in a large city with a population of over 1 million. He has been out of school for several years and has worked through such positions as staff pharmacist and pharmacy manager. In the last year, he has started focusing his work on patients with diabetes. He has incorporated a complete diabetes program into his practice that includes classes on blood glucose monitoring, ...

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