Plan allows Oklahoma's rural hospitals to get big bang for little

Journal Record, The (Oklahoma City), Mar 10, 2009 by Brian Brus

Oklahoma's next big venture capital winner might be a software system that connects cash-strapped rural hospitals with off-site pharmacies after normal business hours.

At least that was Dustin McBride's hope Monday as he submitted his team's business plan entry in the fifth annual Donald W. Reynolds Oklahoma Governor's Cup Collegiate Business Plan competition.

McBride and his team of fellow students from Oklahoma State University's Oklahoma City campus are competing against about 50 other teams from across the state. That's more than 150 would-be entrepreneurs, trying to commercialize new technology, said officials at i2e, the Oklahoma nonprofit corporation focused on growing the technology-based entrepreneurial economy.

The competition is managed by i2e and underwritten with a grant from the Donald W. Reynolds Foundation, with AT&T as the presiding sponsor. In addition to nearly $200,000 in cash prizes for top finishers, this year's competition offers an Innovation Award and in- kind commercialization services worth $50,000 to a plan poised for commercialization; $10,000 in scholarship awards from the Oklahoma Business Roundtable; and an opportunity for the top two winning teams in each category to participate in a tri-state competition in Las Vegas in May for an additional $90,000. The deadline for submissions was Monday.

Applicants' business plans span a broad range of technology, from advancing medical breakthroughs using nanotechnology-based coatings to kill bacteria, to unique Web-based applications to sensors to detect explosives.

McBride described his team's concept, PharmAssist Direct, as a "low-budget solution for rural hospitals that cannot afford full- time pharmacy coverage, especially during evenings and weekends. ... Our service would utilize the IT (information technology) system already available in the hospital to send prescriptions to an off- site pharmacist."

PharmAssist Direct is the brainchild of Bill Arrington at Stillwater Medical Center. OSU business professor Joe Wilkie is the team's faculty adviser and will help guide the students through the commercialization process and review by venture capitalists in the contest. McBride said the effort so far has been exciting and very educational as he pursues a business degree.

"We are excited about the level of interest in the competition and entrepreneurship on our state campuses," i2e President Tom Walker said.

The top three Innovation Award presenters will make "elevator pitches" at the Governor's Cup Awards dinner April 14. The winner will be announced at the awards dinner.

Regardless of whether the OSU-OKC team reaches the finals and startup prize money, PharmAssist Direct will move forward into the market someday, McBride said.

"This is something that's totally feasible, and our guys will find the funding they need," he said. "I think it's a great plan, moving toward something that's going to face regulation in the future, so we'll have a jump on it."