Pharmacy: Industry Update

By Trent Ruprecht, Trent Ruprecht
Business Advisory Principal
25 March 2020

We are in uncharted territory and there is much that is uncertain. One thing that is certain, is that to come out of the COVID-19 pandemic with a strong business, it’s important to take stock now, and plan for the future.

Mark Williams Management has joined forces with PKF to offer pharmacy owners specialist business advice.

This isn’t our first rodeo. With over 15 years’ experience in the pharmacy industry, we understand the unique challenges that pharmacists face and have created a tailored guide to the Australian Stimulus (released on Tuesday, 24 March 2020) and the business challenges you are likely to face as we, as a nation, attempt to flatten the curve of COVID-19.

Market overview – Pharmacy

  • Current spike in sales
  • Product supply becoming more difficult
  • Reduction in supply of critical medications
  • Downward pressure on sales in the short to medium term
  • Potential reduced workforce due to sickness / quarantine

Action pharmacists should take

There are many things you need to consider however three urgent things to take action on today:

  1. Government Stimulus Package– There are many new payments available that can help your business survive in tough times.
  2. Business Continuity Planning– Proactively planning for the disruption of operation can ensure your businesses survival. Whilst pharmacies are essential businesses, forecast sales, staff availability and supply are all unknown.
  3. Will and Enduring Power Of Attorney (EOPA)– Uncertain times are ahead. If you are unavailable to run the business, short or long term, it is vital that you have a EOPA and will that are updated and fit for purpose.

To ensure that your business is structured to reap the benefits of the stimulus package, contact us today. Mark and I will work together to bring you a stress-free solution that offers security and certainty.