I'm sure, just like many, you've been taking a bird's-eye view of your pharmacy as a business and setting some goals to kick off the next 12 months. Reflecting on last year as an industry, it's safe to assume that one of these goals might revolve around revenue growth and a solid marketing plan, right?
It is that time, when I do another year end wrap up blog, after another amazing, interesting, challenging and perhaps pivoting year. This will one of those years that will be forever highlighted as significant shifting moment for the pharmacy industry, with several major critical issues thrust upon everyone unwillingly through the impact of 60 DD, post 60 DD, expanding scope of service and many, many other issues.
Throughout August to November, I've had the privilege of connecting with pharmacy owners all over Australia. It has been immensely rewarding and I have met so many inspiring pharmacy owners. Obviously, 60 Day Dispensing continues to dominate conversations, and particularly what owners need to be doing now and the impact on valuations. Not only are the conversations on valuation impacts, but also on the strategies that owners must be employing to reduce the impact of the hit.
Pharmacy ownership marks a HUGE milestone in a pharmacist's professional journey. And it often begins with acquiring a stake in the pharmacy where they currently work. It's a logical progression, especially for those who have climbed up to managerial positions. Nevertheless, this transition is not without its unique challenges, particularly for those with limited exposure to business matters. If we had a dollar for every time, we've heard pharmacists say, "I didn't learn this in university," we'd be millionaires! In this blog, we will explore the essential considerations that every aspiring pharmacy business owner should grasp before embarking on this thrilling venture.
