DELTA Rx and the Drake College of Pharmacy and Health Sciences recently hosted the second annual “Drake University Next Top Entrepreneur Competition.” The event coincided with Entrepreneurship Week USA, a time designated for colleges around the country to promote creative thinking within their student population. The competition at Drake, consistent with the DELTA Rx mission, served to foster a spirit of change and innovation amongst Drake students across campus.
Individuals and teams of different backgrounds and majors came together throughout the week to present their innovative health care related ideas to a judging panel. In the first round, eleven teams presented their ideas to a panel of judges in three minutes or less. All eleven teams then continued to the second round, in which the participants were given one hour to create a business plan addressing a problem revealed upon their arrival. This year’s problem was to develop an innovative product or service that addresses the growing problem of heart disease in the United States. Five teams were selected to continue to the third and final round of the competition. They were given five days to prepare and polish a formal business plan and budget for their original idea, which were presented to a judging panel in a ten minute time period. Three winners were selected and awarded cash prizes of $1,500, $1,000 and $500 respectively, funded by a grant from Wal- Mart.
1st place – “Out- Patience”
Presenters: Charlie Hartig (P4), Kejal Patel (P4), and Derek Lomas (P4)
Overview: “Out- Patience” is a new business model that will seamlessly transition patients from hospital to home. Pharmacists with “Out- Patience” will review hospital charts, screen medication for any issue, provide discharge counseling, follow-up with the patient, and send a report to any necessary care giver. “Out- Patience” will contract with any 3rd party payor (health insurance plan, PBM, self-insured employer) to make these interventions. Once contracted with a 3rd party, “Out- Patience” can flag a potential discharge and complete a medication review, avoiding unneeded healthcare costs. “Out-Patience” revenue is primarily based on annual 3rd party payor contracts. Through “Out-Patience,” companies will reduce healthcare expenditures and decrease total public spending on healthcare. Pharmacists and providers will enjoy improved relationships with each other and the patient.
2nd place – "The Private Practice Network”
Presenters: Elizabeth Litman (BCMB4)
Overview: "The Private Practice Network” is designed as a free service to private practice doctors, dentists, pharmacists and any other medical profession that can be offered in a private practice setting. The network is designed as a free service where doctors can network with other medical staff in the area. They may be looking for another medical professional for a patient referral or for a possible temporary replacement. The service is free and is maintained by web managers and sales people. The site is funded through advertising dollars from pharmaceutical and medical supply companies. “The Private Practice Network” is designed to benefit medical staff and the community helping medical professionals to develop relationships and resources that allow them to serve their patients in a more complete way.
3rd place – “The Clinical Pharmacist Consultants of America (CPCA)”
Presenters: Jordan Nelson (P4) and Lance Logan (P4)
Overview: CPCA is a clinical pharmacy consulting company that provides health care facilities with 24/7 access to the services of a full- time clinical pharmacist for a fraction of the cost of staffing one on-site. The services focus on rural hospitals and clinics that may not have the workload or budget to justify a full-time on-site clinical pharmacist. The CPCA uses existing technology (such as Pyxis Connect and PDF scanners) to get patient sensitive information from the hospital to the CPCA pharmacist. This technology allows one off- site clinical pharmacist to service multiple facilities. By paying a yearly membership fee, these hospitals and clinics receive access to clinical pharmacy services for their patients. Contracting one pharmacist with multiple facilities, based on projected workload, allows CPCA to generate revenue while increasing the level of care at small or rural health care facilities.
Overall, the competition was a tremendous success and enjoyable for all involved. Several students had positive comments about the opportunity to engage in the creative processes required throughout this competition:
“The Entrepreneur competition has given me a great opportunity to learn how to be more comfortable in front of other professionals. I could not think a better venue to put my business ideas to the test. This year's competition was very challenging, which is a great sign for the University as a whole. I truly enjoy the nature of this competition and would urge any student to give their ideas a shot next year.” - Tim Sullivan, PharmD Candidate 2011
The judges of each round were also impressed with the level of effort and professionalism of all students involved:
“Being a judge for the Next Top Entrepreneur Competition was both enlightening and inspiring. These students are not only generating new ideas for their industry, they are truly embracing interdisciplinary thinking and reaching across the boundary lines of the university. They are borrowing from management, leadership, fine arts, and behavioral sciences to create something truly new. While the competition was at the heart of this experience, these young people have a broader goal in mind: they truly want to change the world. Listening to them present their ideas, I was reminded how important it is for every person - student and instructor alike - to embrace the ideals necessary to make an impact. I would judge again in a heartbeat." -Timothy Johnson, Owner and President, Carpe Factum
Thank you to all who participated and helped with this event. We hope to see it continue to expand and grow in future years. Until then, keep the creativity flowing!