Initial reaction to Pharmacy First
Recent research conducted by AIMp found that 70.8% of the pharmacy owners do not think there is sufficient funding allocated for the scheme, 20.8% say it is too early to say and just 8.3% responded saying it was adequate. Their #Fight4Pharmacies campaign was also launched on 20 March 2024 outside Parliament which created an extensive amount of interest with the media and politicians.
The success of the Pharmacy First scheme will vary and depending on factors such as local implementation, public awareness, pharmacist training etc. To address funding shortfalls, pharmacy owners need to explore other options such as reallocating resources, securing additional funding and enhancing relationships with GPs.
Pharmacy contract and funding
The old contract has expired, however, there is no news regarding the pharmacy funding negotiations. The negotiations are taking place between Community Pharmacy England (CPE) and the Department of Health and Social Care (DHSC), supported by NHS England (NHSE).
The reasons for the sale of community pharmacies
The sale of community pharmacies can occur for various reasons and under different circumstances as follows: -
The sale of community pharmacy is typically a complex process that involves legal, financial, and regulatory considerations. You as pharmacy owners may work with sales agents, financial advisors, or legal professionals to facilitate the sale and ensure compliance with relevant laws and regulations governing pharmacy ownership and operation.
If you are thinking of selling, it is paramount to get your house in order and speak to your accountant well in advance and prior to putting the pharmacy on the market. We can provide accountancy and taxation services through our associated company Silver Levene with a proven track record of over 30 years.
Changes in ownership
With last year’s corporate disposals, the tide has turned, and more pharmacies are now run by independents compared to corporates. The recent Sigma conference in South Africa highlighted this issue, as shown in the table below courtesy of RWA Pharmacy:
*Data as at February 2024
Other news
As we are continuously growing, we are pleased to announce that we will be moving into our new modern office premises in July located at Maple House off Tottenham Court Road in central London. We are only a stroll away from our current office at Warren Street and will keep you posted on the big move.
Thinking of selling or buying?
If you would like a free valuation or talk about how you could achieve a fantastic price for your pharmacy, please do contact us on our direct dial numbers: 020 7380 3446 or 020 7380 3424 and ask for Sanja or Diana in the first instance. We would welcome the opportunity to have a chat with you.
Alternatively, if you would like to buy a pharmacy, need accounting, or tax advice through our associated company Silver Levene, please also contact us on the same numbers. Your query will be directed to the right person. We refer you to a link to our brochure which includes a list of services which you may find useful to read.
This article is based on current legislation and practice and is for guidance only. Specific professional advice should be taken before acting on matters mentioned here. Should you require any advice please do not hesitate to contact us.
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