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Louis Dai, Pharm.D. Candidate 2025
The “Shark Tank” is an annual competition hosted by Professor’s Tracey Hodurski and Fernando Gonzalez that encourages students to bring their business ideas to life. Selected groups of students are able to present their business ideas to the “sharks”, a panel of leading New York City pharmacy entrepreneurs. This past March, we were honored to have Mr. Craig Erlich, Mr. Hossam Maksoud, Ms. Irien Moawad, Dr. Danny Dang, Dr. Jabeen Ahmed, and Mr. Jacob Jamron visit our school. They listened to each group present their ideas and offered feedback and constructive criticism. TPN was honored to have the opportunity to interview a few of the “Sharks” after the presentations.
What did you look most forward to when judging this year’s Shark Tank?
Mr. Erlich:
I was looking forward to the ideas that were being presented and the thought and research that went into it. Generally, ideas come from “see a need, fill a need” and then you try to monetize that idea. I was excited to learn how the future of pharmacy is looking from these new, potential business ventures.
Ms. Moawad:
To be able to hear innovative solutions to issues concerning pharmacy practice today.
Dr. Dang:
I was looking forward to seeing fresh entrepreneurial ideas, seeing the quality of the management and teamwork within each group, and each teams’ execution plans.
Dr. Maksoud:
I was particularly excited about seeing how participants could harness creativity to identify new opportunities within the pharmacy sector. It's was inspiring to witness the innovative approaches used to try to advance the scope of practice and clinical services in pharmacy. Additionally, I looked forward to discovering how these budding entrepreneurs tackled the challenge of increasing profitability in an industry where financial margins are often squeezed by the tough reimbursement policies of insurance companies.
What do you usually look for in a successful business pitch?
Mr.Erlich:
I look for the upside opportunity to grow. Most business ideas have limits but an idea that can grow significantly is generally the one that finds the most success. Also, the target audience/consumer has to be large enough that you can penetrate a percentage and make a great business case.
Dr. Maksoud:
A successful business pitch, in my view, should have a solid foundation with accurate and realistic financial models. The uniqueness of the service being offered is crucial; it should fill a specific gap or serve a niche market, showcasing clear differentiation from existing solutions. It's also important that the pitch demonstrates a deep understanding of the target market and outlines a clear, executable strategy for capturing and growing that market.
Ms. Moawad:
An individual with passion, enthusiasm, a great influencer and perseverance to keep grinding with grit as well as grace.
Dr. Dang:
I look for how big of a problem, in term of financial impact, the business is trying to solve and what the success rate could look like. That is the best ROI (return of investment).
What advice would you give to pharmacy students who are thinking about starting their own business?
Mr. Erlich:
Starting or owning a business is not easy at all. Most new businesses lose money in the first few years and you have to be prepared for that. Too many folks start a business and think they have enough for the initial investment, but you will need enough working capital to get you through the tough times within the first year. I tend to suggest having enough working capital that can pay expenses for at least six months without any revenue such as rent, payroll, marketing, accounting, and other costs until the business can become break-even or self-sustaining.
Dr. Maksoud:
My advice would be to embrace the journey with courage and an open mind. Pursuing your dream is essential, but it's equally important to embrace the possibility of failure as a stepping stone to success. Thorough research and active listening to advice and feedback are crucial. While it's tempting to chase quick wins, a focus on long-term goals and sustainability can create a more resilient and adaptable business. Remember, every experience is a learning opportunity that can guide you to refine your approach and strategy.
Ms. Moawad:
Work in an field you are familiar with and always ask for advice.
Put everything in writing and think of the client on the other side in all aspects.
Your value is in personalized service and providing solutions & responsiveness to the consumer at all times.
Dr. Dang:
Simply approach your plan with the following 3Hs, (heart, head and hand). The heart is the passion, the head is to plan, and the hand is to execute. When the hand has failed, learn from your mistakes and go back to the heart and head and execute until you reach your goals.
TPN is honored to have interviewed Mr. Erlich, Dr. Maksoud, Ms. Moawad, and Dr. Dang. Their commitment and dedication are an inspiration for us all. Thank you.
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