PHARMACY owners are being urged to look beyond the COVID-19 crisis, assess where their businesses struggled, and consider whether they should "cash-in the chips" and sell their stores.
Providing a market update on Facebook yesterday, Medici Capital Managing Director, Frank Sirianni, stressed owners need to prepare for business after the pandemic.
"[Owners need] to start looking beyond the current management of the pandemic and all the issues that relate to it in community pharmacy," he said.
"Start thinking about what sort of business you really want to have, and I think the whole episode of COVID-19 has really forced a lot of people to really think about lifestyle, work habits and other aspects of their lives - pharmacy must do the same and be cognisant that this is happening in the community.
"The second issue is to build a better business - start to look at what failed in the current system, whether it's supply chain, teams, not having the right configuration, or you didn't have the risk mitigation plans in place.
"Give some thought to those sorts of issues and build a wish-list of what you want to address post-COVID-19.
"Overarching all that is, you're going to need to give some serious thought about whether or not you're going to want to stay in business - whether or not now is the time to cash-in the chips, because it's still a solid market."
The above article was sent to subscribers in Pharmacy Daily's issue from 21 May 20
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 21 May 20
