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Flashcards in W2, Entrepeneurship Deck (5)
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1

What is entrepeneurship?

  • Definition: ‘The pursuit of opportunity beyond resources controlled
  • ’1 The three elements of pursuit, opportunity and ‘beyond resources controlled’ are defined by Stevenson as follows:
  • “Pursuit” implies a singular, relentless focus
  • “Opportunity” implies an offering that is novel in one or more of four ways. The opportunity may entail: 1) pioneering a truly innovative product; 2) devising a new business model; 3) creating a better or cheaper version of an existing product; or 4) targeting an existing product to new sets of customers
  • “Beyond resources controlled” implies resource constraints. At a new venture's outset, its founders control only their own human, social and financial capital

2

How do entrepeneurship & innovation relate to pharmacy & healthcare?

  • ‘In the context of pharmacy, entrepreneurship is generally associated with the establishment of community pharmacy and business management. However, entrepreneurship and its associated skills are key to the development of a range of health services in community and hospital sectors.’ Laverty, Hanna, Haughey and Hughes 2
  • UK: repeat dispening,  medication management, minor ailment services, pharmacists prescribing meds 
  • US: patient adherance, medication management therapy programs; with interactive voice recognition tools to remind patients to pick up or order medications
  • AUS: provision of influenza vaccines, in store allied health services 
  • entrepeneurship is more than dispensing & OTC sales but interaction with patients & clients 

3

Example of entrepreneurship (1)

• U.S. Pharmacist turned fintech entrepreneur3 • Michael Rea, Kansas City pharmacist
• Medicines very expensive
• Mr Rea invested his time in working out alternative, more affordable medicines
• Savings of $250 per month for one customer
• Created the company Rx savings
• Now employing 35 people

4

Example of entrepreneurship (2)

•View Health (chemo@home)4
• Founded in 2013 by:
• Julie Adams, Curtin University Graduate and Cancer Services Pharmacist and (2016 Telstra Business Woman of the Year) and •Lorna Cook, Registered Nurse & MBA qualifications
• Both founders realised there was a gap in the service delivery systems available for an ‘at-home’ service for patients requiring chemotherapy and other infusion treatments
• This multi award winning company is now Australia’s leading provider of home based infusion treatments, including:
• Chemotherapy
• Immunotherapies
• Targeted cancer therapies
• Infusions for chronic conditions
• Iron infusions and many others

5

The entrepeneurial process

1. Identify an opportunity 
-change in demographic 
-new technologies 
-emergence of new market segments 
-regulatory change

2. Develop the concept
-opportunity for new products, services or processes/
-new technologies or sales distributions channels

3. Determine required resources
-skilled employees
-some general management expertise
-technical expertise
-financing & distribution supply
-sources of supply 
-protection of intellectual property 

4. Acquire necessary resources
-debt, equity, leasing
-temporary staff
-joint ventures
-supplier financing

5. Implement & manage
-implementation of concepts
-re investment 
-expansion

6. Harvest the venture
-absorbing the new concept into mainstream operations if successful
-licensing of rights
-family succession
-selling venture
-going public 
-if unsuccessful, selling the venture