Business Proposition and Focus

What is a business plan?

implementing a new service into an existing model of pharmacy practice

What is a business proposition?

how a business does (or intends to) make money

• focuses on value proposition, resources and processes, profit formula/potential

What company decision can impact a business proposition?

• Strategic plans: Current business focus (mission), future focus and effort (vision)

• New products/services/programs are best when matched to the business proposition

• Substantial refocus of a business proposition is challenging

What is an entrepreneur?

develops innovative products, services, models

What is an intrapreneur?

develops innovative products, services, models that incorporate into a system you work in

What are important skills to have regardless of not owning/managing a pharmacy?

• Understanding basic financials

• Organizational structure knowledge

• Interdisciplinary communication skills (advocacy): providers / non providers; internal / external

What are generic business models in pharmacy?

• solution shops

• value-add business

• facilitated networks

What are solution shops?

provide solutions to complicated problems that have limited answers

What are value-add businesses?

intermediary in market channels

• buying something from manufacturer, wholesaler

• provide add-on services: resell (repackage, customer experience)

What are facilitated networks?

use of platform to connect people together to offer things of value

What may be impacts on the customer with certain business models?

helps to determine primary customer by knowing who the business serves / what focus is

Who are the primary customers?

most important groups/individuals served; targeted by business offer

• patients, prescribers, other businesses

What may be impacts on the value proposition with certain business models?

• Value proposition is the promise to your customers: what value will be delivered / expected

• Value proposition explains: why customers should choose your business / what makes you better

What may be impacts on the organizational operations with certain business models?

• Mission and values: miss of the organization and vision that drives decision making

• Tangibles: location, facilities, equipment, products, services offered

• Team: who makes up the key members of the team and whos responsible for planning/providing

• Workflow: how do required tasks get completed in a consistent and efficient manner

What may be impacts on Management with certain business models?

Different business models have different teams, leadership structures, reporting mechanism