Pharmacy sentiment dips
November 18, 2013
Pharmacists are “somewhat
pessimistic about the future of
pharmacy,” with the latest UTS
Pharmacy Barometer showing
overall confidence in the sector has
declined in the last twelve months.
The third wave of the study,
created by UTS: Pharmacy and
Cegedim Strategic Data, was
completed in Sep 2013 and also
revealed a dramatic increase in the
number of pharmacists who believe
their pharmacies will decrease in
value in the next year.
“The research is telling us that the
pressure of Expanded Accelerated
Price Disclosure is having a marked
negative effect,” said Professor
Charlie Benrimoj, head of the UTS
Graduate School of Health.
“It’s clear that pharmacies are no
longer able to do business the way
they have in the past if they expect
to succeed in the future.”
The survey focused on minor
ailment services, which Benrimoj
said could be a key competitive
advantage for pharmacists.
“But we’re only seeing a push
from selected areas in expanding
this part of the business”.
The poll also showed enthusiastic
support for extending the range of
S3 products.
“There is an excellent opportunity
for pharmacists to look at their
business holistically, pursuing
opportunities across the
broad spectrum of pharmacy,
encompassing dispensing,
professional services, generics,
S3 products and minor ailment
services,” Benrimoj said.
He also said it was surprising that
despite concerns about external
market forces and uncertainty over
how to implement new revenue
streams, one in five pharmacy
owners are not currently seeking
any type of professional financial
advice for their business.
UTS Industry Advisory Board
chair, Warwick Plunkett, said
that pharmacists want support
in pursuing these opportunities,
“but it’s clear that they see the
pharmaceutical industry as an
integral part of and support for
practice change.
“This is particularly evident in the
widespread desire to increase the
number of S3 medications and the
support for information advertising.
“In my opinion there is a
significant opportunity for both
pharmacists and pharmaceutical
companies to build new, diversified
business models around these
channels,” Plunkett said.
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