MAJOR CHANGES AND IMPACT ON QUEENSLAND PHARMACY OWNERS Written by: Lachlan Ballinger, Managing Director, Yield Advisory In December 2023, the Queensland Government took a significant step by introducing a Bill that brings substantial changes to the Pharmacy Business Ownership Act. This new legislation, which has been in the works for five years, aims to refine
Since the announcement of the 60-day dispensing policy, pharmacy owners have sought my advice on how they should modify their businesses to reduce impacts. Is the answer in a brand's operating model? Could customer behaviour be influenced to minimise dispensary income loss? Would a concerted effort to upweight front of shop sales be the saving
The pharmacy industry is currently undergoing a transformational phase marked by a series of dynamic shifts and challenges. One of the most notable changes has been the introduction of 60-day dispensing (60DD), a move that has triggered conversations and re-evaluation across the sector. 60DD combined with inflationary pressures and mounting operating costs are other facets
I have written several articles in the past pointing out a myriad of serious issues resulting from the typical habit of pharmacy owners blindly signing pharmacy brand franchise agreements without first obtaining independent legal advice. Stating the obvious - the pharmacy owner already owns their pharmacy business, so when contemplating entering into a pharmacy franchise
In some states, as little as 30% of pharmacy owners are utilising the benefits of a pharmacy accountant. This can be problematic for several reasons and costly if the right advice is not being sought. Given the highly competitive environment that pharmacies operate in, it is crucial for pharmacy owners to engage a pharmacy specific
The pharmacy industry has been faced with a wide variety of challenges over the past few years, and as a result we are seeing a lot of change take place across the industry. Intense competition and limited supply of pharmacies means that the road to pharmacy ownership is now tougher than ever. So, the question
Your commercial lease is one of the most important business contracts you’ll ever sign. Unless you own the site, if you don’t have a lease you don’t have a pharmacy. It’s more important than a sale contract because, once you’ve paid for the pharmacy, the lease is the necessary contract which creates the value -
Given the significant sale prices being achieved for pharmacy businesses and the increasing complexity associated with being a proprietor of a retail business, where should a pharmacist start if considering to buy a pharmacy outright or in partnership with another pharmacist? Key Points Below are some key points for a buyer to consider in order
As we near the end of 2021, we look back at what has been an interesting and challenging year for some in the pharmacy industry. Pharmacy owners have been faced with a wide variety of challenges over the course of 2021 and we have seen a lot of change take place in the industry. Now
A pharmacist looking to sell or buy a pharmacy business is commonly asked to sign a heads of agreement as a pre-cursor to signing a formal contract of sale of business. A heads of agreement document is an example of a "preliminary agreement", which may also be described by many other names including a "letter