RESEARCH FINANCE
ALIGN YOUR STRATEGY WITH THE OPPORTUNITIES FOR GROWTH
by Martin Aitken & Co.
During 2013-18, overall dispensing chemists’ revenue in the UK is anticipated to increase at a compound annual rate of 1.5 per cent according to the report published by IBIS World at the end of 2017.
The forecasted growth is mainly being attributed to an ageing population and the increasing prevalence of diseases such as obesity and associated health ailments. The rising popularity of electronic prescription services and the development of direct contracts with drug manufacturers have also underpinned growth.
However, despite this, pharmacists are coming under pricing pressure due to regulatory changes, decreasing NHS
budgets, the loss of patent protection and increasing competition.
Economic and political uncertainty, which is impacting all industries in the UK, is likely to continue to constrain growth as consumers opt for low-margin generic prescription drugs over high-margin branded products. Regulation and continued cuts to NHS funding are expected to limit growth. Further, low-cost generic drugs will continue to fl ood the market as pharmaceutical patents expire, aggregating downward pricing pressure.
With competition from supermarkets and with online-only retailers such as Amazon poised to enter the market,
the importance of having a clear business strategy and marketing plan for the pharmacy is vital.
Identifying the key opportunities for growth should be your starting point: an ageing population; increasing health consciousness in the general population; rising NHS prescription volumes; demand for services such as vaccinations and new products such as biological and biosimilar medicine are also forecast to increase.
Here are some questions to consider as part of your planning process; The answers to which will help you to develop your strategy.
How close is your establishment to the nearest GP surgery? How does this affect demand?
How do you ensure your pharmacy is easily accessible? How late are your opening hours?
Business, tax and financial advice for pharmacists looking to make more informed decisions and improve profits.
www.maco.co.uk
SCOTLAND’S BOOST FOR GP PHARMACY TECHNICIAN DEVELOPMENT GP pharmacy technicians in Scotland
are set to benefi t from a new educational framework, believed to be the fi rst of its kind in the UK.
The ‘Foundation Framework for General Practice Pharmacy Technicians’ was developed by NHS Education Scotland (NES) in
response to a gap in pharmacy technician education and
development. Launched by Scotland’s Chief Pharmaceutical Offi cer, Dr Rose Marie Parr, the framework covers the diverse roles carried out within NHSScotland by General Practice Pharmacy Technicians.
The framework consists of a set of ‘Core’ and ‘Role specifi c’ competencies, which will allow pharmacy technicians to identify development needs and gain experience in the variation of roles undertaken in General Practice, over the fi rst 1000 days post-registration.
It is also designed to be used as a tool for established pharmacy technicians taking up new roles to verify competency in a different area of practice.
The framework will also be supported by the provision of a Guidance and Resource Handbook which will provide further guidance to both supervisors and pharmacy technicians on the types of evidence to be collected, the relevant tools which can be utilised and the assessment process.
Pictured (l-r): Val Findlay, Chief Pharmacy Technician, NES; Arlene Turnbull, Pharmacy Technician, NES; Fiona Stewart, Associate Postgraduate Pharmacy Dean, NES and Dr Rose Marie Parr, Chief Pharmaceutical Offi cer.
The competency framework will now be piloted with a selection of General Practice pharmacy technicians.
How have supermarkets in your area affected your business recently? How will you differentiate your services from those offered by supermarkets/ Amazon?
How will you alter your product portfolio to cater for both an ageing population and increasing health consciousness in the wider public?
Are you accurately managing stock?
What software and business applications are you using to run and manage fi nances?
How do you hire and retain qualifi ed staff? Are you providing staff training to deal with elderly customers, millennials and time-pressed working parents?
If you would like to discuss further, get in touch and I’ll help you to progress your business and fi nancial strategy for the year ahead.
Feedback from the pilot will allow NES to gauge peer support, resources required and future investment to support implementation across all pharmacy sectors. Further work will commence in early 2018 to develop competency frameworks for hospital and community pharmacy technicians.
‘I am delighted for NES to launch this framework,’ said Professor Anne Watson, Postgraduate Pharmacy Dean, NES, ‘which will support the developing role of pharmacy technicians within NHSScotland, and cement their important role in future pharmacy services. This should ensure competence and confi dence of this staff group and in turn promote excellence in pharmaceutical care.’
Piloting of the framework will begin with Pharmacy Technicians attending cohort four of the residential training course for Pharmacists and Pharmacy Technicians working in GP practice.
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