Pharmacy Daily | Should I buy my own pharmacy?

As a pharmacist you answer many questions every day: Is this the right tablet? Which medicine is best? Can you please serve Mr Smith I can’t stand to talk to him again? But how often do you think about the inevitable question – should I buy my own pharmacy? Whilst lecturing I continually hear first year students contemplating this dilemma! I tell them to consider this – do you want to be a pharmacist in business or a business owner in pharmacy? The roles share similarities AND some fundamental differences. Buying a pharmacy necessitates that you become an effective employer, take financial control, understand legal and contractual obligations and take responsibility for the performance of your pharmacy in every way – a tough ask! Statistics show the vast number of businesses go bankrupt in the first 12 months of operation. To be a success story you must be ready to move beyond the role of pharmacist and take on these new challenges. Talking through your financial and legal position with an expert BEFORE considering your options is a wise move. Building an experienced, effective team around you is also integral to a successful business. Advice and research are essential because nothing in your pharmacy training prepares you for the exciting ride that is business ownership! For more details on becoming a Pharmacy owner or buying and selling, email - prowe@razorbs.com.au. This week’s contributor is Paul Rowe, Chief Executive of Razor Group of Companies

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