The future of your community pharmacy...
When we are no longer able to change a situation, we are challenged to change ourselves
Change is a constant in business but when faced with exceptional events, leaders must take a hard look at their businesses. Not all businesses are affected equally, however all will recognise the need to review their approach to remain as sustainable as possible.
Historically, a community pharmacy’s NHS prescription-based income has grown at an average rate of 4-5% a year. For most, this now represents over 90% of their turnover. However, this growth has now plateaued and is likely to decline. Given that reduced funding and margins on dispensing activity will not get any better and, with competition and expectations from both commissioners and consumers of our services increasing, this is not a sustainable business model.
Large multiple pharmacy groups are already announcing significant restructuring and remodelling plans in response to the financial, operational and landscape challenges, but where does that leave independent pharmacy?
Our research has shown that pharmacy contractors and their teams are facing a number of problems:
- Financial - overdrafts increasing, cashflow challenges month-by-month, costs exceeding income, and lower margin dispensing activity consuming capacity, being asked to do things without a fee
- Personal strain – working longer hours, losing confidence, feeling undervalued, worried about health and business viability, isolated and alone, unable to say ‘no’
- Feeling out of control – overwhelmed with information, confused, can’t see a way out, unable to see a future and not knowing where to start
- Team – wrong skill-mix, underperforming, staff turnover and absence, concerns about being at risk, disengaged and demotivated
- Capacity – not enough time to do anything other than core dispensing, not enough staff with the skills to release pharmacist time, sub-optimal operating efficiencies and productivity
- Competition – losing customers to online providers, customers not coming into the pharmacy and customers limiting purchases to reduce transaction time.
The Pharmacy Complete Reset and Recover Programme helps pharmacy owners and managers apply a systematic approach through these challenging times, with an emphasis on visibility (knowing where you are now), gaining control (knowing where you want to be) and building agility (knowing how to change the things that will make a difference).
The programme is underpinned by three key questions:
- What can you see right now?
- What can you control right now?
- How can you be agile to change right now?
Our programme takes pharmacy owners and managers step-by-step through a comprehensive and practical developmental programme over a series of online modules supported by a set of practical resources.
We understand that individuals may be time-poor, so we have limited these modules to a maximum of 60 minutes each and ensured that only the most effective tools are described that will make an immediate difference to practice.
The modules are delivered as seven webinars available on-demand. Practical templates and resources are provided to enable delegates to plan and then implement changes relevant to their businesses.
To learn more about the programme, connect with us.
The planning for growth workshop delivered by Pharmacy Complete provided our contractors with a good insight as to how to take a refreshed view of their business to ensure that their pharmacy remained vibrant in the current uncertain environment. The feedback from our contractors who attended the event was very positive and the average satisfaction rating of the workshop was 9.75/10.
Ruth Buchan, CEO, Community Pharmacy West Yorkshire, June 2019
We have just completed two Planning for Growth workshops with our Pharmacy Managers. Pharmacy Complete provided an excellent insight into the factors affecting performance at a local level and how to create effective strategic business goals to improve performance. The teams left with renewed vigour and enthusiasm to develop their action plans. A great success!
David Atkinson, CEO The Hub Pharmacy Group, July 2018