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The Changing Face of Retail Pharmacy

The Changing Face of Retail Pharmacy. Robert Miller. The changing face of Retail Pharmacy. 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

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The Changing Face of Retail Pharmacy

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  1. The Changing Face of Retail Pharmacy Robert Miller

  2. The changing face of Retail Pharmacy 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

  3. 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

  4. 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

  5. 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

  6. SWOT Analysis • THREATS • Competition from distance selling pharmacies • Tariff cuts

  7. 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’sand other services. Locum pharmacists with accreditation and good references can be recruited from Locumlink T - 020 8927 0971

  8. 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.

  9. 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.

  10. 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

  11. 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%

  12. 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 info@hpgroup.co.uk @HPGSales

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