BUSINESS IN FOCUS
GROWTH strategies for Pharmacy
environment and trends as well as the businesses agility and ability to concentrate on one or two strategic levers such as sharpening operational efficiency or improving customer experience and relationship can be the key to delivering long term growth.
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In Northern Ireland, similar to the global picture, the opportunities are the product of increased pressures on the healthcare system, demographic changes such as population sizes, location and age profile, consumer lifestyles and behaviours and the embracement of the digital age.
With competition intensifying there is a continuous need to focus on delivering differentiation in a commercially viable way which contributes to future business growth and ultimately sustainable profit.
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egardless of the size or sector in which a business operates, awareness of the market
WINNING Mark Cunningham, Regional Business Development Manager at Bank of Ireland UK
Health and lifestyle, regulatory, consumer and competitive trends are shaping the future landscape for healthcare and Pharmacy businesses in Northern Ireland, providing both challenges and growth opportunities for the sector.
Increasingly as we move forward integrated services are shaping the future of healthcare with pharmacies providing a greater range of primary care services. This will help to drive the growth plans of pharmacists, although there are challenges ahead with many questions remaining unanswered including what the future overall model for healthcare will look like in Northern Ireland.
Our past experience and most recent customer engagements within the pharmacy and general healthcare industry in Northern Ireland clearly illustrate an increase in activity as pharmacies look to the future with their growth plans focused on 2 key priorities, cost management and investment in future services.
The sector continues to be very aware of the importance of providing services and increasing their offering beyond their traditional role of dispensing. With the well documented strains on
our hospitals and GP services there is an increasing need and opportunity for pharmacies to step in and take on responsibility for some primary healthcare services.
As with many other sectors the key to success is customer centric through understanding and tailoring their offering to the needs of the local community which they serve looking at the advice and support services they offer on medicine management, minor ailments, diabetes, obesity etc.
This focus on services coupled with managing costs and embedding “innovation” is increasingly important in driving business differentiation for growth – but what does innovation
really mean and how does it fit in the business of pharmacy in Northern Ireland?
The key point from a pharmacy business perspective is that the product, service or technology is new and that its uptake leads to practical beneficial outcomes for the customer and ultimately the business.
If you are considering investing for growth, maximising cash flow solutions and want to find out about funding options with Bank of Ireland UK please contact Mark Cunningham via email
MarkA.Cunningham@
boi.com or visit our website at
https://boini.bankofireland.com/ business/. n
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