The Changing Face of Retail Pharmacy
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Transcript The Changing Face of Retail Pharmacy
THE CHANGING FACE OF
RETAIL PHARMACY
Robert Miller
THE CHANGING
PHARMACY
FACE OF
RETAIL
Who we are
Robert Miller – Director of HPG Business Sales
Lesley Sibley – Pharmacy Sales Manager
Agents & Valuers of Pharmacy Businesses and Dental
Practices
Based in Hertfordshire
We operate throughout England & Wales
Part of Frank Taylor & Associates who have been
established since 1988
SWOT ANALYSIS
STRENGTHS
11,400 community pharmacies
Each day about 1.6 million people visit a
pharmacy in England
Approximately 2.7 million items dispensed
daily
Strong relationships with customers
Trust
Advice
SWOT ANALYSIS
WEAKNESSES
Dependence on NHS dispensing fees
Supporting traders closing down
Customers being pointed elsewhere by doctors and
notices in surgery waiting rooms
Services income under threat as PCT’s put contracts
out to tender
SWOT ANALYSIS
OPPORTUNITIES
To increase revenue from services
Raise revenue from treatment rooms using
Complementary therapists
Promotion of Healthy Lifestyles
Well stocked medicine counter
Invest in modern shop fittings, shop
front & signage - finance is available
from FT&A Finance
T - 0845 612 3424
SWOT ANALYSIS
THREATS
Competition from distance selling pharmacies
Tariff cuts
SURPLUS OF PHARMACISTS
There are now more qualified pharmacists than there
are positions available. This has lead to a reduction in
pharmacists wages. This situation will continue for
another 5 years even if university places are reduced
this year
Consider employing a 2nd pharmacist for some hours
during the week to increase MUR’s
and other services.
T - 020 8927 0971
Locum pharmacists with accreditation
and good references can be recruited from Locumlink
COMPETITION
Distance selling pharmacies – these deny patients
the opportunity to take advice when receiving their
medicines. Not needed in England where 96% of
the population can reach a pharmacy within 20
minutes either by walking or public transport.
Dispensing doctors – These practices have
unqualified people dispensing drugs and also work
on a more favourable financial basis. Pharmacists
should call for a level playing field.
GOODWILL
The goodwill of retail pharmacies has been
very buoyant during the past year with prices
reaching 130% of turnover or more in some
cases.
If you would like to know the value of your
goodwill call me for a free desktop valuation.
GOODWILL examples
Pharmacy in home counties with 50:50 NHS to
OTC split and high property costs. Turnover
£950K – Sale price achieved £925K approx. 97%
of turnover
100 hrs. pharmacy in London. Turnover £1.3
million – Sale price achieved £1.175 million
approx. 90% of turnover
Pharmacy on London/Middx. Borders working
9am to 9pm seven days per week. Turnover £1.2
million – Sale price achieved £1.3 million approx.
108% of turnover
Register today
Any pharmacy owner who leaves us their details
today and signs a Letter of Instruction before the
end of January will receive a 20% reduction in
our fees.
The usual fee charged is 2.5% of sale price and
this offer will reduce this to 2%
CONCLUSION
If
you would like to have a confidential
chat about your pharmacy, please contact
us.
Directly after this seminar
By telephone on 01707 291824
By email [email protected]
@HPGSales