Home' Australian Pharmacist : Australian Pharmacist April 2015 Contents Australian Pharmacist April 2015 I ©Pharmaceutical Society of Australia Ltd.
CONTINUING PROFESSIONAL DEVELOPMENT
SUPPORTING PHARMACY PRACTICE
Do you have the skills?
Another element to consider is the skills
required to run and manage a pharmacy.
These are often very different from the
skills that make you a competent and
effective pharmacist. The ability to forge
and sustain relationships with health
providers, manage, guide and monitor
staff, plan and drive change, develop
and sustain your pharmacy offer and
build your customer base are skills
that many pharmacists find difficult
to master, having excelled at a more
scientific approach to their usual tasks
at hand. A personal SWOT (Strengths,
Weaknesses, Opportunities and Threats)
analysis is helpful in this circumstance,
allowing you to review your own
strengths and weaknesses, and identify
areas to improve through training and
development.1 It also allows you to focus
on the elements of pharmacy that you
enjoy and start to form a strategy for
the areas you may have a skills gap and
need to find assistance.
What does your ideal
pharmacy look like?
It is essential that you develop a
checklist of what your ideal pharmacy is
like, but be prepared to have a tolerable
level of flexibility in your 'ideal' due to
market forces and opportunity. If you
make your wish list too exhaustive,
the perfect match may never be
As an underlying philosophy, the key
• understand how you will be able to
grow the profitability of the business
• understand how you are going to be
able to differentiate the business from
your competitive set (i.e. determine in
what areas you are going to 'win')
• understand what it will take to
achieve both of the above.
When assessing whether a business is
appropriate for you, some elements on
your checklist should include location
and size, pharmacy offer, and ownership
Location and size
The geographic location of the
pharmacy is the central factor in
your purchase. If you are buying the
pharmacy with a plan to work in the
business, it will define your life for the
foreseeable future. As such, ensuring
the pharmacy is in a location that lines
up with your personal goals is crucial.
Pharmacies in isolated regional centres
with less competition may be more
profitable but may offer less lifestyle
Key elements on your checklist include:
• Urban, rural, regional -- are you
willing to relocate? It is important to
understand the area, history of the
business, any upcoming changes and
• Shopping centre, medical centre, strip
pharmacy -- all offer relative benefits
(higher foot traffic, higher script
volume) and costs (higher rents etc).
• Opening hours -- what lifestyle
considerations do you have
• Size and turnover -- what is the
ideal for your personal goals and
the pharmacy model you want to
implement? How much space do you
need to be able to execute this style
• Location and opportunity for doctor
surgeries, shopping centres or
any other demographic changes
or additions to the number of
pharmacies operating. If you are
seeking to implement a brand, is the
location appropriate for the offer?
Pharmacy o er
The style of pharmacy that you want
to offer is another key consideration.
If the potential pharmacy is currently
in a banner group or brand does this
align with your future goals? What is the
return on investment of current fees and
how can you improve this? What is the
current market perception? For example,
if the pharmacy currently has a discount
offer it may be difficult to increase the
gross profit percentage (GPP) or deliver
Considerations for certain offers include:
• Professional service offer (or forward
pharmacy) -- what is the potential
to grow income and how do you
determine unrealised potential in the
pharmacy? Is the site large enough
to have a clinic or consulting rooms
etc? Is there enough retail space to
implement a 'wellness' offer?
• General retail offer -- how much space
do you need? What are going to be
the points of differentiation and what
categories are you going to 'win' in?
Will the location and demographic
support the brand and your offer?
• Medical centre pharmacy -- how can
you grow profitability post-PBS
changes? Are there long-term
agreements locked in with
• Discount pharmacy -- can the GPP
cater for the operating costs? Is the
space large enough to cater for the
volume of stock required to ensure
discounts can be maintained?
"...ELEMENTS ON YOUR CHECKLIST SHOULD INCLUDE LOCATION AND
SIZE, PHARMACY OFFER, AND OWNERSHIP MODELS."
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