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Dr. Schumock is a graduate of Washington State University (B.Pharm.), the University of Washington (Pharm.D.), and the University of Illinois at Chicago (MBA). He also completed a residency and a research fellowship. Currently, Dr. Schumock is director of the Center for Pharmacoeconomic Research and professor in the Department of Pharmacy Practice at the University of Illinois at Chicago. He teaches courses on pharmacy management, pharmacoeconomics, and business planning for pharmacy services. He has published over 100 articles, book chapters, and books. He is on the editorial boards of the journals Pharmacotherapy and PharmacoEconomics. He is a board-certified pharmacotherapy specialist and a fellow of the American College of Clinical Pharmacy.

Dr. Wong has been on the faculty of the Haas School of Business at the University of California, Berkeley, for over 20 years. His areas of interests are corporate strategic planning, entrepreneurship, information technology management, and venture capital. He has conducted leadership and strategic planning workshops for various health care groups, hospital administrators, and pharmaceutical companies and has lectured to executives in 20 countries. He has served on the boards of directors of several California banks, Silicon Valley companies, and international corporations. He received a B.S. from the University of Wisconsin, an M.S. from UCLA, and a Ph.D. from Harvard University.

JoAnn Stubbings is manager, research and public policy, in the Ambulatory Care Pharmacy Department at the University of Illinois at Chicago (UIC), and is clinical associate professor in the Department of Pharmacy Practice and Administration. She also has a faculty appointment in the UIC Center for Pharmacoeconomic Research. She received a B.S. in pharmacy from the Ohio State University and Masters in Health Care Administration from the University of Mississippi. Professor Stubbings is responsible for managing and communicating pharmaceutical policy issues that pertain to outpatient pharmacy services especially to underserved populations. She teaches courses and publishes in business planning, justification and payment for clinical pharmacy services, risk evaluation and mitigation strategies, and Medicare Part D.

After completing this chapter, readers should be able to

  1. Describe the purpose of “business plan” planning.

  2. Discuss the important components of a business plan.

  3. Review important aspects of communicating and implementing a business plan.

  4. Highlight examples of business plan planning within pharmacy organizations.

  5. Understand how to write a business plan for a pharmacy organization.

The scenario begun in Chapter 4 continues here. In brief, Ted Thompson is a clinical pharmacist at a medium-sized community hospital. Ted has just finished participating in the process of developing a strategic plan for the pharmacy department. Included in the 5-year plan is a goal for the department to develop and implement specific clinical pharmacy services that help to deliver care, improve patient outcomes, and reduce spending, and, where possible, to generate revenue from those programs.

After his first year at the hospital, Ted has formulated several ideas for new clinical pharmacy services that the department could offer ...

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