Abstract
For many decades, the healthcare sector has been playing catchup with other industries in terms of innovation, primarily due to the low number of healthcare professionals with innovation and entrepreneurship skills in the workplace. The lack of innovation skills, particularly among pharmacists, may result from the fact that innovation and entrepreneurship training is not an integral part of most pharmacy core curricula. In fact, a limited number of pharmacy schools offer innovation and entrepreneurship courses either as part of a joint MBA/PharmD degree or as a certificate. These programs differ greatly from each other in their curricular content, although their overall goals are to teach future pharmacists the skills required to manage service delivery, oversee budgets, improve efficiency, control costs and continuously achieve quality improvement. The aim of this article is twofold: first, to assess commonalities and differences in curricular content between entrepreneurship and innovation training programs in the USA and, second, to present a set of must-haves for innovation and entrepreneurship curricular content for core curricula in pharmacy.
Pharmacists are healthcare professionals capable of generating innovative healthcare services and ideas to improve patient care and transform the healthcare system (Alsharif, 2019). However, pharmacists’ ability to translate innovative ideas into viable new ventures is not always evident, due partially to a lack of business acumen and entrepreneurial background (Alsharif, 2019). Pharmacy students with innovation and entrepreneurship training may be considered more valuable by employers than their counterparts because of the ability to generate new revenue streams via the conception, design and implementation of novel healthcare services for patients. The need for pharmacists with innovation and entrepreneurship skills in the workplace has been on the rise in recent years, putting the burden on pharmacy programs to provide such training to pharmacy students.
ACPE standards on entrepreneurship and innovation
The 2016 ACPE standards urge pharmacy programs to provide students with the necessary training to demonstrate innovation and entrepreneurship skills on graduation (Accreditation Council for Pharmacy Education, 2017). Standard 4.3 on innovation and entrepreneurship suggests that students engage in innovative activities by using creative thinking to envision better ways to accomplish professional goals. As a result, a number of pharmacy schools have integrated innovation and entrepreneurship courses into their curricula either as part of a joint MBA/PharmD degree or as business or entrepreneurial certificates (Shealy and McCaslan, 2018).
Pharmacist impact on healthcare expenditure
Pharmacist entrepreneurs can play a pivotal role in improving the current healthcare system (Mattingly et al., 2019). National healthcare spending was estimated at $3.6 trillion in 2019, up 4% from $3.5 trillion in 2018, which offers tremendous opportunities for individuals and businesses who can provide novel and cost-effective services to patients (Centers for Medicare and Medicaid Services, 2019). As medication experts, pharmacists need to take on a more active role in shaping the healthcare system by creating new ventures based on innovative healthcare services and ideas. But first, it is critical that current and future pharmacists gain the knowledge and training necessary to become entrepreneurs. A recent study found that incorporating an entrepreneurial certificate program in the curriculum increased students’ confidence in entrepreneurial principles and skills (Shealy and McCaslan, 2018). There is also evidence that a growing number of pharmacists prefer to seek business or entrepreneurial training at business schools after they have entered the workforce (Alkhateeb et al., 2012). Some important traits are a “sine qua non” for successful entrepreneurship: according to industry experts, successful innovators and entrepreneurs are those who exhibit confidence in their ability to prosper, welcome criticism, take responsibility for their failures, favor moderate risk, value achievement over money and show flexibility in their decision making process (Huston, 2018; Kerr et al., 2017). These essential character traits may be innate for some, but most aspiring entrepreneurs must learn and develop them in order to run a successful business. Innovators and entrepreneurs need to possess fundamental business skills, which require a good understanding of accounting, financing, marketing and management principles (Alkhateeb et al., 2012). These fundamental business skills are traditionally acquired through training and education. Thus, future pharmacist entrepreneurs will benefit most from entrepreneurial training programs with a track record of high-quality didactic and experiential courses in entrepreneurship. Little information exists about how US colleges of pharmacy are responding to the demand for individuals with entrepreneurial and innovation skills. Therefore, the aims of this article are to assess commonalities and differences in curricular content between innovation and entrepreneurship programs and to provide a set of must-haves for innovation and entrepreneurship courses in pharmacy curricula.
Informing our recommendations
We first searched all US pharmacy schools’ websites for information regarding their innovation and entrepreneurship programs. We further extended our search to medicine, nursing and non-health-related institutions which also offered similar programs. The reason for such an approach was to assess the commonalities in entrepreneurship course content among healthcare-related schools and draw a parallel with business schools’ programs. We focused on programs with more than 5 years of experience of teaching innovation and entrepreneurship. We collected data related to school name, entrepreneurship program name, course requirements, length of the program and mode of delivery (Table 1). If any of the program characteristics were not available on the school’s website, we contacted the program administrator to obtain the information.
The curricular frameworks were diverse in structure and delivery mode. Among the colleges and schools assessed, the total number of courses required to obtain a certificate in entrepreneurship and innovation ranged from 3 to 7, the total credit hours provided by each ranged from 10 to 21, and the number of electives ranged from 2 to 5. The data collected are presented in table format to facilitate comprehension (Tables 1 and 2). Table 1 focuses primarily on healthcare-related programs and summarizes course prerequisites and course requirements for certificate completion. Table 2, in contrast, focuses on non-healthcare programs and summarizes entrepreneurship course focus and instructional objectives at various institutions. Taken together, the two tables allow the reader to compare and contrast curriculum content among various institutions and evaluate whether entrepreneurship course offerings at schools of pharmacy in the US provide sufficient knowledge and training to pharmacy students interested in innovation and entrepreneurship.
Innovation and entrepreneurship programs at health-related colleges and universities.
Similarities
Commonalities are observable in entrepreneurship and innovation education programs offered at both health-related and non-health-related institutions. Across the institutions assessed, educational offerings included entrepreneurship, accounting, innovation, management and marketing. In most health profession programs, courses are offered as semester-long courses. Some health-related programs require two elective entrepreneurship courses or more. In health-related institutions, the length of certificate programs in entrepreneurship and innovation ranges from 6 months to 3 years.
Though it is technically possible to complete some certificates’ course of study in less than 1 year, certificate students were generally allowed 2 to 3 years to complete the program. This timeframe provides enough flexibility for health profession students to access core courses and to simultaneously complete curriculum requirements in their primary areas of study. Across all programs, students’ learning outcomes are evaluated through a combination of in-course formative exercises and summative assignments, including business plans, capstone projects, service projects and final projects. There is a focus on encouraging students to apply their didactic knowledge to practical situations through the submission of a final project.
Innovation and entrepreneurship programs at selected non-health-related institutions.
Differences
In addition to classroom learning, pharmacy students expand their entrepreneurship experience by participating in experiential learning opportunities with a healthcare or pharmacy focus. These types of hands-on, discovery-based training opportunities occur during pharmacy rotations. Health-related programs do not require additional general didactic courses, instead targeting the program to allow health professionals to explore their entrepreneurial potential, to start and manage a healthcare business, and to move into management and supervisory positions. The number of credit hours is lower in health-related programs because they have greater flexibility in content inclusion and scheduling.
Must-haves in innovation and entrepreneurship curricular content for PharmD programs
In today’s healthcare system, pharmacists are expected to deliver exceptional prescription drugs and disease care as well as manage service delivery, oversee budgets, improve efficiency, control costs and continuously achieve quality improvement. It is no longer merely a choice of pharmacy students who are interested in developing entrepreneurial skills; reasonably, it has become a requirement for the modern pharmacist. An ideal solution would be to introduce entrepreneurship as an integral part of the PharmD degree, preferably early in the pharmacy curriculum. The didactic component of pharmacy curricula must include key topics such as financial management, marketing, leadership, organizational behavior and human resource management. Therefore, pharmacy schools should consider collaborations with faculty from the business department or adjunct faculty with expertise in innovation and entrepreneurship. Mattingly et al. (2019) identified five essential categories of knowledge, skills, and attitudes (KSAs) for pharmacist entrepreneurs that must be targeted in curriculum design. These include risk-taking, strategic planning, marketing, competitiveness, and social responsibility (Mattingly et al., 2019). Since many pre-pharmacy students are not required to complete any courses related to economics, business and finance, introducing topics related to above listed KSAs would require a balance between principles and immersive learning experiences with the use of methods such as simulations, site visits, live cases and group work. These approaches would further enhance teamwork, communication and problem-solving skills that are essential to pharmacists in order to provide the best patient care possible.
Conclusion and areas for further research
The myriad changes in the health care system, including managed care, drug reimbursement and pharmacy payment models require students of pharmacy to have a good understanding of business and management skills. Entrepreneurial skills are necessary in the pharmacy field, irrespective of the practice setting. Long-term sustainable entrepreneurial success is not guaranteed, and entrepreneurs must constantly innovate and adapt to new trends, technologies and challenges. As innovation and entrepreneurship continue to transform healthcare, pharmacy schools are increasingly incorporating business skills and knowledge into their curricula. This article provides foundational data for pharmacy schools and educators advocating for greater inclusion of entrepreneurship and innovation topics in the pharmacy curriculum. The diversity of certificates offered in medicine, pharmacy and nursing suggest that there is indeed a strong community of students in health professions who are actively interested in learning more about entrepreneurship and innovation. Research is needed to better understand the types of pharmacy students who are attracted to such entrepreneurship programs, their current intent to pursue a career involving entrepreneurship, and their sentiment toward various entrepreneurial characteristics.
Footnotes
Declaration of conflicting interests
The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.
Funding
The author(s) received no financial support for the research, authorship, and/or publication of this article.
