Success in Pharmacy
October 15, 2012
Pharmacy occupies a unique
position on the retail landscape.
Success in pharmacy requires
excellence in two distinct fields –
health sciences and business.
From the corner chemist shops
of days gone by, pharmacy has
evolved to become a competitive
retail industry, yet remained
driven by dispensary profits.
Those days are over. Those are
very much 'the old days'.
There are unique opportunities
for pharmacists who are serious
about repositioning to take
account of this monumental shift.
Responding to some of these -
for example increasing
professional service offerings -
requires a substantial undertaking.
The savvy recognise this, will
build a buffer and guard their
bottom line against market
turbulence. This year, pharmacies
will see an artificial elevation in
gross margin - we have
encouraged our members to
invest this into the long-term
capability of their pharmacies.
I would urge other pharmacists
to do the same.
Despite some questioning the
future of the Australian economy
in the context of the slo-down in
China, the banks remaining
skittish and consumer sentiment
at all-time lows, Terry White
Chemists is positive about a
vibrant pharmacy industry going
forward and the sustainability
and profitability of the
community pharmacy model.
Success will belong to those
who work harder and smarter.
Loyalty will be won be those who
listen and respond with
meaningful solutions and strong
returns will be a function of
innovation, investment and good
risk management.
This
week’s
contributor is
Anthony White,
ceo of Terry
White Chemists.
The above article was sent to subscribers in Pharmacy Daily's issue from 15 Oct 12To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 15 Oct 12
