Everyone wins when we invest in pharmacist entrepreneurs

The importance of pharmacist entrepreneurs has been frequently demonstrated through their contributions to pharmacy practice. As pharmacists are asked to do more at the counter, innovative technology solutions have become essential to providing quality care to patients. For example, the implementation of minor ailments prescribing for pharmacists in Ontario has been supported by software solutions developed by pharmacist-led companies such as MAPflow, MedMe, and MedEssist. These solutions offered decision support and clinical guidance, empowering pharmacists to practice to their full scope. Another example of a pharmacist-led company is Medi-Scribe, a documentation tool that supports pharmacist prescribing, medication reviews and prescription adaptations. Medi-Scribe's founder, Lawrence Woo, a recent graduate of the University of Alberta, developed the solution after encountering the persistent challenges of documentation during his time in community pharmacy. Woo realized that the user experience and efficiency of the documentation process could be enhanced through technology. Recognizing this opportunity, he brought his vision of making documentation easy for pharmacists to a startup accelerator and then went all-in on his startup. The impact of his decision to pursue entrepreneurship has been significant. Since its inception in 2021, Medi-Scribe has supported over 1 million clinical services performed by pharmacists. Why pharmacists should consider entrepreneurshipPharmacists are uniquely positioned for entrepreneurship. They possess domain expertise in healthcare and the life sciences. They are exposed to the everyday challenges of pharmacy practice that only those within the profession can truly understood. Each of these challenges is an opportunity for pharmacists who recognize that their lived experiences could become the catalyst for a new business idea. There are also compelling upsides to consider for pharmacists who are thinking about entrepreneurship as a career. For example, autonomy at work, the opportunity to pursue an area of passion, the prospect of making an outsized impact and the real chance to generate personal wealth. But if pharmacists are so well-positioned to innovate, why aren’t there more pharmacist entrepreneurs?This is a key question that pharmacy educators are eager to explore. As a PhD student studying clinician entrepreneurship, I am encouraged by the recent interest in incorporating entrepreneurship as part of pharmacy education. But there are many structural and personal dimensions to consider when supporting pharmacists and pharmacy.Cultivating an entrepreneurial mindsetIt’s important to help pharmacists see themselves as entrepreneurs. At the University of Toronto's Leslie Dan Faculty of Pharmacy, a summer intensive elective for 3rd year pharmacy students was recently established to focus on topics of entrepreneurship. As a lecturer in the course, I invited pharmacist entrepreneurs to share their story with students. It was rewarding to see that pharmacy students appreciated learning about the ways that pharmacist entrepreneurs built their companies using their skillset as a pharmacist.Learners may also find value in gaining practical exposure through startup accelerators, business competitions, capstone projects, and professional experience operating startups. For pharmacy students, some startups offer this experience through rotation placements. These opportunities may offer learners a deeper simulation of the entrepreneurship journey. Additionally, they may provide a perspective into venture capital, project management and selling—topics that traditionally fall outside of the classroom setting.When considering the entrepreneurship mindset, it’s also important to emphasize competencies such as how to recognize opportunities, creativity, risk tolerance, resilience and adaptability. However, further research is needed to understand how educational programming within the pharmacy curriculum could be effective in instilling confidence in these areas. Lowering the barriers to entryIt is imperative to recognize that pharmacists and pharmacy students may also require support beyond interventions in the classroom. For example, many pharmacists face substantial student debt. They are also looking at significant opportunity costs in salary if they were to pursue entrepreneurship instead of a traditional pharmacist career. While this is not unique to pharmacy and likely also the conundrum faced by graduates in other healthcare fields, it presents clinicians with significant barriers to entry from a practical perspective.This is why financial support as a means of activating prospective pharmacist entrepreneurs is important. Organizations like the Canadian Foundation for Pharmacy (CFP) provide grant opportunities for innovative initiatives. These grants have been previously awarded to support companies like the aforementioned MedMe; giving new entrepreneurial initiatives a crucial boost as they prove their value. In this respect, more institutions should follow the CFP in providing financial support for pharmacists looking to innovate. Aspiring pharmacist entrepreneurs can also benefit from mentorship and developing a versatile network. Building social capital from scratch is not easy and giving introductions can go a long way. It takes a community to help pharmacists bring ideas to life and it’s in everyone’s interest to help make that happen. In general, governments have a vested interest to support entrepreneurship as it creates more jobs, increases economic growth, and supports the development of new technologies. For pharmacists, entrepreneurship may help create new types of jobs, lead to improved quality of life at the workplace, and find new ways to care for patients. Pharmacy as a profession is constantly changing. Pharmacists face growing pressures from understaffing, rising costs, and evolving patient needs. If we are to successfully navigate the opportunities and challenges that shape the future of pharmacy, we must invest in pharmacist entrepreneurs.

Everyone wins when we invest in pharmacist entrepreneurs

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Peter Zhang

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