Estimation of financial returns on investment in bridging education in pharmacy
Keywords:
Program evaluation, educational administration, International Pharmacy Graduates, internationally educated professionalsAbstract
Background: Determining financial value of educational programs is an important vehicle for demonstrating accountability and responsibility to stakeholders. Several methods of estimating financial value and economic impact of educational programs have been proposed, including the throughput value model, the benefit cost ratio (BCR), and the return on investment (ROI) model.
Objectives: To estimate the financial value of a bridging education program for internationally educated pharmacists seeking licensure in Canada.
Methods: Three separate studies were undertaken utilizing the Throughput Value Model, the BCR and the ROI model.
Results: All three models estimated positive benefits for students involved in bridging education in pharmacy. The Throughput Value Model estimated positive in each of years 1, 5 and 15, following completion of the program. The BCR model and the ROI models both estimated values of greater than 1, indicating positive financial returns from bridging education in pharmacy.
Conclusions: While certain methodological limitations are inherent in estimating financial value of educational programs, all three studies were positive, highlighting the economic importance of bridging education. While financial value is one measure of success, other humanistic and social justice outcomes must also be considered when evaluating overall objectives of any educational program.
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