designing a business proposal using Sustainable Business Plan assignment techniques

Question

Task: How to design a business proposal using Sustainable Business Plan assignment techniques?

Answer

Proposed Future Business
As per research done for this Sustainable Business Plan assignment, Covid-19 paved the way for additional players to enter an already crowded market. Designer masks and related goods were offered by fashion labels. Customized masks are becoming more popular(Wilhoite et al., 2019). A superior offering for its clients was inspired by the fundamental success of other firms.In 2020, the pharmaceutical business had a market capitalization of 1.27 trillion dollars, having seen tremendous expansion over the previous two decades. A considerable contribution to the progress of research and development in the medical profession has been made by the pharmaceutical business by incorporating techologies, which has seen tremendous expansion in recent years. Additionally, improved manufacturing and delivery have altered the method in which individuals get medications(Lampkin et al., 2018). From online pharmacies to home delivery, the pharmacy sector has transformed and grown more convenient as a result of technological advancements. Additionally, as the availability of information has increased, the market has gotten more competitive. If done correctly, the pharmaceutical company may be tremendously lucrative as well as rewarding.

Few things are to be considered while writing the Sustainable Business Plan assignment for an E pharmacy business:
• Licenses are required for a pharmaceutical company. It is a good idea to make a list of all the licensesand the permissions required in the state the business opened.
• Setting up a pharmacy takes a certain amount of space. A pharmacy that is conveniently accessible during crises is more likely to succeed than one that is not. The importance of selecting an appropriate site cannot be overstated(Gatwood et al., 2018).
• Storage requirements for various medications and formulae vary. The majority of them, on the other hand, will be kept in a cool, dry location. As a result, securing a suitable storage facility is critical before beginning any work.
• To succeed as a pharmacist, the entrepreneur must have a deep understanding of pharmaceuticals and a keen eye for detail. There are repercussions for not doing things correctly when it comes to dealing with pharmaceuticals, so finding employees that know what they are doing, are properly trained, and are up to the task is crucial(Mattingly et al., 2019).

Investing in intellectual property (IPR) is critical to a company's success. A grant of exclusive rights to the inventor ensures that he will be the only beneficiary of any revenues. The product's marketing rights belong completely to the creator, and he may either sell or license it. The firm may make a lot of money and put it back into the business. Investing in research and development is critical to a company's long-term success because it must remain at the cutting edge. The well-being of the general people is always prioritized. IPR aids the customer with making an informed purchase decision. IPR aids in the maintenance of a standard and the assurance of quality, which aids the customer in making an informed decision. It’s also observed on this Sustainable Business Plan assignment that the risk of new diseases remains a major concern. As new illnesses emerge and pathogens evolve their resistance, it is imperative that new medications and vaccines be developed through technology.

Customers
Any local resident in need of prescription medicine or other health-related items may most likely be considered one of the target customers aged between 21 to 60 years of age. The individuals who are most likely to purchase your goods and services are your target audience. The more the entrepreneur will know about the target audience, the more effective their marketing and commercial operations will be. There is a good chance that the firm may come across more than one audience(Chetthamrongchai, Jermsittiparsert and Saengchai, 2019). In a community where there are many young families, for example, pediatric patients may be a significant part of the target market. A gym-goer may be an ideal customer if the firm is selling nutritional supplements and other health-related items. There is also the option for seniors with various medicines to move into adjacent retirement homes.

Competitors
Porter’s Five Forces
Bargaining power of suppliers
Commodity chemicals from the chemical industry are often used as raw ingredients in the pharmaceutical sector. For uncommon materials and unusual equipment, suppliers often provide a variety of items to manufacturers, which lowers the price. The Sustainable Business Plan assignment observes that the suppliers charge a premium for their services.

Bargaining power of buyers
Companies in developed areas may save a lot of money that are first to market with the manufacturer. When it comes to branded markets, patients and pharmacists are often unable to switch brands(Holdford, 2018).

Competitive rivalry
Many medications are set to expire in the next few years, which means that the e pharma businesses have a lot of room for expansion in the next years. Many innovative businesses are attempting to take advantage of the generic potential. Acquire or form collaborative ventures with generic businesses in order to develop themselves. There may also be rivalry from major pharma businesses, online or offline, with considerable market capital or investment, in addition to other generic players.

Threat of substitutes
A generic may be swapped for another by pharmacists in unbranded markets, where the risk of substitution is greater. Doctors and physicians may replace one medicine for another in branded markets and for medicines. Substitutes have varying effects depending on the substance they are being used to replace. There is a first-mover advantage, but as time goes on, the likelihood of a replacement grows exponentially(Nedelcheva and Filipova, 2021).

Threat of new entrants
This Sustainable Business Plan assignment also outlines the threat competitors to the business field. Due to the branded nature of the developing markets, there are substantial obstacles to entry. Generic manufacturers have a wealth of options. Though substantial legal knowledge and skill are required by the business, this isn't a simple task. To beat the competition, build the product sooner(Strojna, 2019). Only a select fraction of the world's most powerful corporations are capable doing this. Getting into the developing market of medicies, which is expected to be the next growth driver, involves clinical studies, considerable regulatory know-how, a logistical network, and a strong brand presence.

Porter’s Five Forces Model

As per Sustainable Business Plan assignment analysis, the e-pharmacy industry is relatively competitive, with a few number of competitors now holding a disproportionate share of the market. Axelia Solutions (Pharmeasy) and CVS Health Corporation are among the leading participants in the industry. Albertsons Companies Inc., ALTO, and CVS Health Corporation are other significant players. These businesses are using a variety of marketing methods in order to get a larger portion of the e-pharmacy industry. They are also concentrating on growing their geographic presence, particularly in emerging countries that offer lucrative potential.

Skills Analysis
Knowledge of current market trends
Pharmaceutical company employment need the possession of strong analytical and trend-spotting abilities. The Sustainable Business Plan assignment reports the recently developed E pharmacybusiness is well-known for its constant evolution and transformation. The entrepreneur must be aware of major business trends and impacts on the different sectors of the industry in order to stay up and advance. Those who are able to anticipate industry shifts, manage financial resources, and forecast the future are highly sought after in the pharmaceutical sector(Jin et al., 2017).

Management skills
The entrepreneur must prioritize the time and resources while working inthe E pharm sector. This profession is full of occupations that demand teamwork, so they will need excellent management abilities and the ability to deal with a variety of scenarios. They should also be able to keep track of the development the team and business is making, as well as the growth.

Conflict resolution
The workers are expected be able to work effectively with others in order to join the organisation and team. Working at a pharmaceutical firm requires strong interpersonal skills as well as the ability to work well with others. To be a successful member of an E pharm business, they must possess a wide range of interpersonal, diplomatic, and communication abilities. Working in a group may be difficult when people have divergent viewpoints, but if the owner have conflict resolution skills, they can handle these kinds of situations better(Smith et al., 2019).

Having a working knowledge of legal and regulatory issues
Formal education teaches students how to behave in a structured setting and how to adhere to rules and regulations. When it comes to working in the E pharm industry, there is no difference. The FDA, for example, requires that you understand how to follow their rules and regulations.The pharmaceutical industry's rules and regulations must be adhered to at all times. These guidelines do not apply just to the advancement of scientific knowledge. Regulatory regulations that apply to your firm or group must be understood.

Building of personal relationships
The ability to communicate effectively with people is critical to success in any field. Managing conflict, collaborating with others, and sharing duties are all essential for advancement in the pharmaceutical industry.

Possessing all these skills are necessary in implementing the business plan I have proposed and ensure the future success of it.

Cash Flow Forecasts

Projected Balance Sheet

Sustainable Business Plan assignment company Vision
The company's mission and vision is to become one of the most well-known digital pharmacy platforms in the world, providing clients with customised goods and services that meet their specific needs. Its goals are to provide reliable information about medications to consumers, to have items delivered to them, and to provide them with diagnostic services.For the digital pharmacy business, this will mean continually providing a better experience for prescribers, patients, and caregivers via the use of best practises in all contexts, whether in-store, at home, or in a personal care facility(Salgado et al., 2020).Disruptive technology and emerging trends such as robotics, artificial intelligence, 3D printing, precision medicine or patient design will alter the manufacture and distribution of drugs in the E pharmacy business proposed in the assignmen.The Department of Pharmacy is dedicated to achieving this goal. As per Sustainable Business Plan assignment research, it is the responsibility of a e- pharmacy as an important part of the healthcare team to ensure that the outcomes linked with the drug usage procedure are successful. Acknowledging that thedigital pharmacy staff members are our most valuable resource contributing to and taking responsibility for the achievement of optimum treatment results, which may include the promotion of well-being. Creating an environment that encourages the safe, effective, and cost-efficient use of pharmaceuticals is a top priority. The digital pharmacy business will also indulge in improving the medication administration process in order to improve continuity of care(Gastelurrutia, Faus and Martinez-Martinez, 2020). It is necessary to recruit and maintain highly skilled pharmacists and other related professionals for the Sustainable Business Plan assignment success ?

References
Chetthamrongchai, P., Jermsittiparsert, K. and Saengchai, S. (2019). The Mediating Role of Pharmacy Engagement on the Relationship of Perceived Service Quality, Customer Perception, Price Strategy with Pharmacy Customer Devotion. Systematic Reviews in Pharmacy, Sustainable Business Plan assignment [online] 10(2), pp.120–129. doi:10.5530/srp.2019.2.20.
Gastelurrutia, M.A., Faus, M.J. and Martinez-Martinez, F. (2020). Primary health care policy and vision for community pharmacy and pharmacists in Spain. Pharmacy Practice, 18(2), p.1999. doi:10.18549/pharmpract.2020.2.1999.
Gatwood, J., Hohmeier, K., Farr, G. and Eckel, S. (2018). A Comparison of Approaches to Student Pharmacist Business Planning in Pharmacy Practice Management. American Journal of Pharmaceutical Education, 82(5), p.6279. doi:10.5688/ajpe6279.
Holdford, D.A. (2018). Resource-based theory of competitive advantage – a framework for pharmacy practice innovation research. Pharmacy Practice, 16(3), p.1351. doi:10.18549/pharmpract.2018.03.1351.
Jin, H.K., Choi, J.H., Kang, J.E. and Rhie, S.J. (2017). The effect of communication skills training on patient-pharmacist communication in pharmacy education: a meta-analysis. Advances in Health Sciences Education, Sustainable Business Plan assignment [online] 23(3), pp.633–652. doi:10.1007/s10459-017-9791-0.

Lampkin, S.J., Gildon, B., Benavides, S., Walls, K. and Briars, L. (2018). Considerations for Providing Ambulatory Pharmacy Services for Pediatric Patients. The Journal of Pediatric Pharmacology and Therapeutics, [online] 23(1), pp.4–17. doi:10.5863/1551-6776-23.1.4.

Mattingly, T.J., Abdelwadoud, M., Mullins, C.D. and Eddington, N.D. (2019). Pharmapreneur – Defining a Framework for Entrepreneurship in Pharmacy Education. American Journal of Pharmaceutical Education, 83(10), p.7548. doi:10.5688/ajpe7548.

Nedelcheva, Y. and Filipova, M. (2021). APPLYING FIVE FORCES MODEL TO PHARMACEUTICAL INDUSTRY. RevistaInclusiones, [online] pp.162–173. Available at: http://revistainclusiones.org/index.php/inclu/article/view/191 [Accessed 7 May 2022].

Salgado, T.M., Rosenthal, M.M., Coe, A.B., Kaefer, T.N., Dixon, D.L., Farris, K.B., Salgado, T.M., Rosenthal, M.M., Coe, A.B., Kaefer, T.N., Dixon, D.L. and Farris, K.B. (2020). Primary healthcare policy and vision for community pharmacy and pharmacists in the United States. Pharmacy Practice (Granada), [online] Sustainable Business Plan assignment 18(3). doi:10.18549/pharmpract.2020.3.2160.

Smith, L., Gillette, C., Taylor, S.R., Manolakis, M., Dinkins, M. and Ramey, C. (2019). A semester-long critical thinking course in the first semester of pharmacy school: Impact on critical thinking skills. Currents in Pharmacy Teaching and Learning, 11(5), pp.499–504. doi:10.1016/j.cptl.2019.02.014.

Strojna, W. (2019). Analysis and evaluation of competitiveness on the basis of the pharmacy network. [online] repo.pw.edu.pl. Available at: https://repo.pw.edu.pl/info/bachelor/WUTdde62c4b0bd344a2b8fbbbc62d827c87/ [Accessed 7 May 2022]. Wilhoite, J., Skelley, J.W., Baker, A., Traxler, K. and Triboletti, J. (2019). Students’ Perceptions on a Business Plan Assignment for an Ambulatory Care Pharmacy Elective. American Journal of Pharmaceutical Education, Sustainable Business Plan assignment 83(5), p.6789. doi:10.5688/ajpe6789.