News
Pharmacy – The Perfect Storm Arrives
Converging influences arrived in 2011 to create the “Perfect Storm” in the pharmacy industry with dire consequences for a number of pharmacy owners. For the first time in our experience there are a relatively large number of pharmacies currently in the hands of administrators.
Pharmacy Location Rules - further protection for the pharmacy industry
The release this week of the much anticipated changes to the Pharmacy Location Rules has ended speculation circulating in the marketplace that long re-locations would go.
Unfair Dismissal under the Fair Work Act 2009
Employers should be aware that unfair dismissal applications are able to be commenced more easily under the Fair Work Act 2009 (Cth) (‘the Act’). The 100 employee exception under the WorkChoices regime was abolished when the unfair dismissal provisions of the Act came into operation on 1 July 2009.
Market Review August 2011
Pharmacy Solutions is currently engaged in selling about 30% more pharmacies than we would normally anticipate at this time of the year.
What Is The Value Of Your Pharmacy?
The value of your Pharmacy whether selling the entirety, selling a share or re-financing is a critical element of any deal with the financial institution that you or a potential purchaser of your business uses.
Preserving your financier relationship
Over the last few years Ferrier Hodgson has been engaged by a number of financiers and pharmacists to conduct business reviews, provide business health checks and make recommendations on the options available to them, when their relationship is no longer in the "honeymoon phase".
Think Lease In Advance of Selling
It is always important to consider your lease well in advance of any plans to sell your pharmacy. With a lease in place that suits the needs of the purchaser you can expect to maximise the price that is achievable for your pharmacy.
The Effect of a Recent Amendment to the Retail Shop Leases Act 1994 on my Pharmacy Lease
On 4 April 2011, amendments were made to the Retail Shop Leases Act 1994 ("Act") that can greatly benefit Retail Shop Lease holders when they renew their lease or enter into a new lease.
Personal Properties Security Act
Recently there have been some significant changes to the world we live in. Australia has been losing in the cricket, Collingwood has been winning football finals and NSW is no longer run by a Labour Government. It seems, to quote the Greek philosopher Heraclitus, that the only constant is change.
$55k Hassle Free on your Pharmacy's Bottom Line?
Pharmacies interested in adding to their bottom line might want to explore the benefits of engaging in the "Opioid Substitution Therapy" program. This can offer the dual benefits of performing a valuable community service while making an important contribution to community pharmacies bottom line.
The Pharmacy Market Enters a New Phase
Lots of pressures are hitting the pharmacy market at the one time and all will cause downward pressure on margins which in turn may affect the sale prices of pharmacies in the future.
Selling your business before it (or you) becomes too tired
On many occasions over the last fifteen years I have seen good pharmacies become average pharmacies. This has been for many varied reasons...
When a franchise has run its course
Franchises have a proved and popular and enduring model for pharmacy. The number and variety of those agreements coming across my desk suggests that the allure of the franchise is not fading and that the model will continue to go from strength to strength.
A Purchase offer too good to refuse
Are you a young pharmacist who is working as a managing pharmacist in a large pharmacy and wondering how and when will you ever be able to afford to buy an interest in such a pharmacy, given the constant increase in pharmacy prices?
Have you suffered from premature application?
Part VII of the National Health Act 1953 (Cth) regulates the operation of the Commonwealth Pharmaceutical Benefits Scheme (PBS) by, in part, controlling the number and distribution of pharmacies approved to supply subsidised medicines under that Scheme.
Sharpening the focus
The key to financial management is 'timeliness' and 'accuracy (detail)'. Historically, financial reporting has been given little importance in pharmacy because of the following reasons:
The Keys to Succession
The completion of a succession plan rests firmly with the seller’s ability and willingness to introduce a partner and the buyer’s ability to enter ownership in a profitable business with empathy for the seller and patience for implementing change.
The shifting space of pharmacy
By now you will have started receiving your PBS reimbursement minus the on-line fee. Most of you will not have felt the decrease because the opportunity of substituting generics in the dispensary continues to support the net profit.
Unfair Dismissal Claims Under Fair Work
The referral by the States of their industrial relations powers to the Commonwealth, earlier this year, means for pharmacy that the employer/employee relationship in most if not all cases is governed by the Commonwealth Fair Work Act 2009 and the Pharmacy Industrial Award 2010.
Information Technology - Hardware - Making the Right Decision
The role of Information Technology (IT) in the operation of Community Pharmacy during the last decade has moved from "important" to "central".
