Karl Fiebelkorn, MBA, R.Ph.
The elective "Topics in Pharmacy Management" taught by Karl Fiebelkorn, MBA, RPh, clinical assistant professor of the University of Buffalo's Pharmacy Practice Department has been offered for many years. It has the full support of Dean Wayne K. Anderson. Prof. Fiebelkorn has taught the pharmacy management course since1991. He reported that 110 students were enrolled in the class in 2001, and 80 students took the course in 2002.
Fiebelkorn described his "big picture" philosophy on the need to offer this material to the students. He said, "First, I dislike the word 'retail' although 'profit' is not a dirty word.
Community pharmacists need to know business and have entrepreneurial training for a variety of reasons: opening their own business (not necessarily right out of school, but many times a few years later), developing proposals (business plans) for projects (even in a chain setting) that involve the use of business skills; developing businesses/specialties outside of the norm of community (e.g., consulting services, partnerships etc.)".
Fiebelkorn agreed that the $80K salaries available to young pharmacies may discourage ownership, but with a caveat. He said, "I see many students who say they will never use the materials I teach but to turn around a few years later and want to explore opening their own pharmacy. The reason? Satisfaction; even though a successful independent will make more than a chain staff." Fiebelkorn also said that positive quality of life aspects of pharmacy ownership are promoted to the students.
The University of Buffalo's program has no external funding.
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