Interactive Session 1: How to develop a business plan for clinical pharmacy services

Linked to EAHP Statements
Section 2: Selection, Procurement and Distribution
Section 4: Clinical Pharmacy Services

ACPE UAN: 0475-0000-17-022-L04-P. An application based activity.

Abstract

Expansion of already existing clinical pharmacy services or implementation of new services is important to ensure both that all patients that need pharmaceutical care receive it, and that optimal outcomes from medication use are achieved. In settings with limited financial resources it may be difficult for pharmacy directors to justify to financial decision makers the hiring of additional hospital pharmacists for clinical services expansion. Such justification will usually require not only evidence that the economic benefit of the proposed services will be in excess of the new costs, but also thorough research and planning. A well-developed business plan, complete with a clear mission and objectives, an analysis of the opportunity and need, a description of the service proposed, and an accurate estimate of both the costs and clinical/economic benefits (including a return on investment analysis), arranged in a convincing and professional way, could be the solution!

Learning Objectives

After the interactive session, the participant should be able to:
• describe the framework for economic justification of clinical pharmacy services, and outline the basic elements of a business plan; 
• perform important elements of business planning for a proposed new or expanded clinical pharmacy service, including a basic return on investment analysis.

Keywords:  Business plan, clinical pharmacy services, return on investment

* No conflict of interest has been declared.