Group items tagged

We have been specialising in community pharmacy sector for over 30 years and have helped many pharmacists acquire their first pharmacy. We have seen several of those first-time buyers transition into multiple pharmacy owners under our specialist guidance and support through the years. Acquiring the first pharmacy can be a challenge to most pharmacists especially when they do not have the necessary skill in reading the numbers presented in terms of the target pharmacy's performance and how to interpret these in order to arrive at a valuation for the purpose of submitting an offer. Without the guidance of a specialist accountant in community pharmacy, one of the major risks is that one could end up paying more than what the pharmacy is worth. Once the offer is accepted, there are other challenges to overcome to get the deal over the line. 1) Assessing the risk 2) Valuation of the business 3) The negotiation process 4) Asset or company purchase 5) Financial due diligence 6) Asset/share purchase agreement 7) Finance the purchase

David Ogle and his family, who had been running the business for more than three decades, put it up for sale last year as they wanted to retire or pursue different business interests. Located in the Worcester city suburb of St Johns, DL Ogle Pharmacy dispenses an average of 12,000 items per month. The high-dispensing community pharmacy has been sold to brothers Ali and Mohammed Talib, Tapiwa Masamha and Chikondi Mlia, property adviser Christie & Co has revealed. The four brothers are also the owners of Gohil's Pharmacy and Whistlers Pharmacy in Lincolnshire. Carl Steer, Director - Pharmacy at Christie & Co. commented: "The sale was confidentially marketed but, within just a few days, interest was achieved from multiple parties, and we were able to present our client with an acceptable offer - this was a truly remarkable achievement but one that the long-standing business deserved.

Our Totton branch has an incredibly high volume of original pack dispensing, roughly 45,000 items. As we became busier and busier in the dispensary we were finding that our pharmacists, dispensers and other technicians simply didn't have capacity to deliver the services that we needed them to. We all know there is a real emphasis right now on pharmacies doing more services and we knew we had to change the way we operate to survive. So we decided it was time to look into a sound automation solution for our medication dispensing process, one that would allow us to free up the time of the pharmacists and the rest of the team so they could better support patients. After a lot of research we invested in Centred Solutions FLOWRx Hub and InStore solutions which were installed late last year. It provides us with the whole package and has automated our entire dispensing process from picking to packing and labeling to checking. Our situation was quite unique as we bought the system initially for our existing high-volume pharmacy in Totton so the hub and the spoke are actually on the same site. People wouldn't usually look at a hub and spoke solution for that kind of set up but it has allowed us to significantly free up time in store for more services. What it has also done is allow us to look at other opportunities to grow and expand. The pharmacy landscape is changing and there are lots of opportunities coming up. We have found that having your technology and the right infrastructure in place to support your existing footprint before you expand is the ideal way to grow in a safe and controlled way. We never thought that five years ago we would buy another pharmacy, yet we have already bought one and are now in the process of buying two more. I'm not worried about the increase in volume this expansion will bring because I know our technology is going to be able to support it. The pharmacies we are buying are struggling but having our solution already in p

RP Healthcare, a multi-operator, has sold Hammersmith pharmacy in West London to an independent pharmacist for an undisclosed amount. "Mariam Moshref, owner of Fulham Pharmacy, together with her twin brothers, Arya and Jaan Moshref, purchased Hammersmith Pharmacy from Ravi Patel of RP Healthcare," Christie and Co, who handled the sale, said in a statement. This pharmacy operates during standard hours, handling an average of 5,920 items per month, the statement added. Refurbished in 2018, the pharmacy is located on Fulham Palace Road, W6, near Charing Cross Hospital and Hammersmith Underground station. RP Healthcare placed the pharmacy on the market as a strategic move to divest from the area.

A married couple who are investing in a pharmacy for the first time have bought Paydens branch in Peterborough for an undisclosed price. A standard hour community pharmacy with a substantial home delivery service, West Town Pharmacy is located on the outskirts of the city centre and sits on a predominantly residential street, within half a mile of three GP surgeries. The pharmacy has been operating from a sizeable premises with a large, open plan sales area and has excellent potential to improve its over-the-counter sales, in addition to its strong travel vaccine customer base. West Town Pharmacy was purchased by Paydens in 2016 as part of a group acquisition and was brought to market because the company realised that geographically it "did not fit" with the group's, mainly Kent-based, portfolio.

There are many reasons why people might need help with their dental problems. Maybe they don't have insurance, or maybe they just don't have the money to go to a dentist. In these cases, the pharmacy can be a great option. Pharmacists can provide a variety of services that can help people with their dental problems, including over-the-counter medications and advice on how to take care of teeth and gums. In this blog post, we will discuss some of the ways that pharmacies can help you take care of your teeth! So, whether you have a toothache, cavities, or bad breath, a pharmacy can be a great place to turn. 1) OVER-COUNTER MEDICATIONS One of the most common services that pharmacies provide is the sale of over-the-counter medications. These medications are designed to be taken for short periods of time and can help with a variety of dental problems. For example, if you have a toothache, you can buy an antiseptic rinse or analgesic gel that can help relieve the pain. If you have bad breath, you can buy mouthwash or breath fresheners that will help mask the odor. And if you have cavities, you can purchase fluoride rinses or gels that can help with decay prevention. If you are worried about the cost of dentists, these medications can be a great way to get the relief you need without breaking the bank. However, it doesn't mean that you should neglect regular dental visits! 2) PROVIDE YOU WITH EDUCATION Another way pharmacy can help you with your dental problems is through advice and education. Pharmacists are trained to provide general information on oral hygiene and health and can help you make educated decisions about which products to buy. They can also provide recommendations on how often you should brush and floss your teeth, as well as advice on diet and lifestyle choices that can help prevent dental problems. In addition, some pharmacies may even have an oral health specialist on staff who can answer any questions you might have about your teeth or gums

Well Pharmacy has announced a new partnership with RangeMe, a product discovery, sourcing and purchasing platform, as it looks to increase the diversity of products available to its customers. The independent pharmacy chain said the partnership will provide new, emerging and diverse brands increased access to its buying teams. There are already over 200,000 suppliers registered on the RangeMe platform. "We pride ourselves on being at the heart of the communities we serve and are delighted to be working with RangeMe to increase the diversity of the products we are able to offer to our customers across the UK," Reena Takhar, head of OTC & NHS buying at Well Pharmacy said. "Given the ongoing cost-of-living crisis, we're keen to do all we can to give businesses of all sizes the opportunity to connect with our buyersto allow us to offer new and interesting great value products to our customers." RangeMe helps retailers and their buying teams scale product sourcing efforts with streamlined submissions, simplified discovery tools, and the industry standard digital sell sheet.

People who use pharmacies in parts of Pendle have suffered shortages or delays in buying prescription medicines such as insulin, councillors have been told. In the Barnoldswick area, a number of pharmacies have been impacted and some councillors hope a new regional NHS organisation might look into the problems. However, pharmacies in the neighbouring town of Nelson are facing shortages with other medicines. A pharmacists in Nelson Pharmacy told Pharmacy Business that he was struggling to meet local demand for children's paracetamol due to ongoing shortages. Pendle Council's West Craven Area Committee heard about the issues at its latest local meeting, held in Earby. An agenda for the committee stated: "Pharmacy provision in West Craven. It is reported that there is an acute problem with people being unable to get prescriptions filled, with Whitworth chemists suffering a breakdown in service. Previously, Well chemists has suffered similar problems." Speaking at the meeting, Lib-Dem Coun David Whipp said: "It's quite an appalling situation where people are queuing 30 minutes to get a prescription filled but when they get to the counter they are told it's not ready. They have to go home and come back at 5pm. It's an ongoing problem. "It includes insulin, which is critical for people with diabetes. I know several people who have failed to get insulin, It's a very serious problem." He added: "I think the committee should contact the local integrated care service. I think they are responsible for primary care which includes pharmacies. We need to find out what's happening and improve things in future. "

In many cases, a pharmacy's most valuable asset is its NHS contract. This is what buyers are paying for - the right to provide pharmaceutical services commissioned by the NHS and be reimbursed for the medicines dispensed. However, a pharmacy consists of more than just an NHS contract and when buyers look for a pharmacy to buy, they will also examine these other areas - the pharmacy's customer base, its staff, the property it operates from - to name a few - because these are all also crucial to a successful pharmacy. In this day and age, another important consideration is the pharmacy's intellectual property (IP) i.e. the pharmacy's rights to certain types of information, ideas, and forms of expression. At the most basic level, this includes the trade mark in the name of the pharmacy, because all pharmacies will have a name by which they distinguish themselves from other pharmacies. The more well-known the name, the more valuable this form of IP is - mention 'Boots', for example, and most will have an instant association with the largest pharmaceutical retailer in the UK.

Anyone who has studied the finances of an independent pharmacy business knows that money is tight. In many cases, they are perilously close to failure. It's easy to assume they are retail businesses, cashing in on the higher public profile the sector has enjoyed during the pandemic years. But those have been mere words. Certainly, the pandemic represented a halcyon period for the profession. We engendered a feeling of normality, dependable and accessible to society. We played a substantive role in keeping people out of hospitals and giving the vulnerable the ability to live independently from their own homes for longer. We mobilised to smash flu vaccination records and deliver covid jabs. But despite the warm words of a new service based future and the incessant expressions of gratitude contractors desperately need the headroom to prepare, plan and invest. Platitudes, press releases and assurances of a bright clinical future are small comfort to what is needed and that's cash on the table. As the adage goes: "Talk is cheap, money buys houses." Cashflow crisis Since 2016, we have witnessed almost 650 pharmacies fall by the wayside. Some may have merged; the majority, however, have perished due to the relentless need for an increasing cashflow. It is cash, or rather the lack of it, which is killing independent pharmacies.

To support NHS, clear the backlog created by the Covid-19 pandemic and help community pharmacies support more people, the Welsh government has announced an allocation of further £12.5 million funding. Of the total amount, £10mn will be distributed across the 22 local authorities to buy equipment to help people to live independently in their own homes post hospital stay. The remainder, £2.5mn, will be used to support community pharmacists and patients to improve access to treatment and advice for a range of common ailments. The move is aimed at alleviating waiting times and reducing winter pressures on the NHS. Commenting on the announcement, Elen Jones, Royal Pharmaceutical Society director for Wales said: "We are delighted that the Welsh government continue to recognise the value of pharmacists in patient care and we welcome this additional investment and support for Community Pharmacy teams across Wales.

Maxwellia has appointed Ian Adamson as strategic advisor to shape the next phase of pharmacy medicine launches - a process which involves identifying and converting suitable prescription only medicines into versions people can choose to buy under the supervision of a pharmacist. Ian brings over 30 years' international consumer health and personal care experience to the Maxwellia team. He is currently an advisor to the board of the UK independent pharmacy chain Day Lewis plc, an advisor to the board of Spanish healthcare company ReVa Europe S.L and board advisor to East Midlands Pharmaceuticals Ltd. Prior to this Ian was Chief Commercial Officer and a main board director at SSL International plc (prior to its sale to Reckitt Benckiser) with responsibility for a $1bn portfolio of brands, which included Durex and Scholl. Ian's appointment follows the landmark reclassification of the progestogen only pill by the MHRA, a change spearheaded by Maxwellia, and the company's subsequent launch of its first product Lovima in July 2021; and the current MHRA public consultation on the reclassification of Maxwellia's new pharmacy brand, Aquiette 2.5mg Tablets (Oxybutynin Hydrochloride) for the treatment of overactive bladder symptoms which are not adequately controlled by bladder training alone.

Restricting sales of vape products to pharmacies is not a solution to curb illegal sales of vape among underage adults, said UK Vaping Industry Association (UKVIA). In an oral evidence at the House of Commons on 'Youth Vaping' called by the Health and Social Care Select Committee (HSSC) to figure out action needed to reduce vaping among those under 18. Rachael Maskell, York Central MP's suggested on vape products being available from licensed pharmacies. Marcus Saxton, Chairman, Independent British Vape Trade Association (IBVTA) said: "We are calling for further regulation to tighten up what has now been an extreme growth in single-use products. If you put them into those environments, as New Zealand and Australia are telling us, the perception of the public is that, while they can buy tobacco freely anywhere, the vaping product that is up to 95% safer is licensed through a pharmacy. It makes absolutely no sense. The negative consequence of considering such a thing will take us backwards years."

Walgreens Boots Alliance, the American owner of Boots UK, could risk losing billions after a private equity firm interested in buying its UK high street pharmacy chain valued the retailer at a steep discount, The Telegraph reported on Monday (April 11). "Buyout funds CVC and Bain indicated that they were willing to pay just £4bn for the business," the newspaper said, adding that "the consortium bowed out of the running" in March. The US retail giant Walgreens, which acquired Boots in 2014 for £9bn, has put a £7bn price tag on the UK pharmacy retail chain after selling its wholesale arm, Alliance Healthcare, last year. Citing city sources, the newspaper said the low valuation of the pharmacy multiple was "significant" because CVC's UK operations were led by Dominic Murphy, a Walgreens board member involved with Boots for 15 years. "He (Murphy) knows where the bodies are buried," the newspaper quoted one City source as stating. A spokesperson for Boots confirmed that CVC and Bain never lodged a formal offer for the company.

The price concession for Atorvastatin 80mg has been increased to £3.91 from the previously set £3.45 for prescriptions dispensed in July, the Community Pharmacy England has said. The Department of Health and Social Care additionally introduced a concession price of £3.38 for Atorvastatin 20mg. "In July, our Dispensing and Supply Team experienced an unusually high influx of reports from pharmacies struggling to acquire Atorvastatin 80mg tablets at the listed Drug Tariff price," said CPE. CPE requested a price concession early in the month. However, after extended discussions, an agreement on the price wasn't reached. Consequently, on July 31st, the DHSC imposed a concession of £3.45. Addressing enduring pharmacy concerns over the pricing, CPE intensified advocacy with DHSC. This endeavour resulted in the revision of the Atorvastatin 80mg tablet concession price to £3.91 for prescriptions submitted and dispensed in July. According to CPE, this adjusted price sufficiently covers costs as reported by the majority of pharmacy owners. However, DHSC has refrained from modifying concessionary prices for the other two requested lines by CPE. DHSC communicated that their team's data collection for July, employing real-time sales and volume data, was incongruent with the adjustment of these prices, CPE further said.

Over a century-year-old Boots pharmacy in St James's Street, Brighton shut its doors permanently on Saturday (20 January) leaving the communities disappointed. The branch in Kemp Town, which was opened to the public for the first time in 1914, was supposed to close on November 19 last year but continued trading into the new year, The Argus reported. Locals are not happy with the retailer's decision to close the store as some say it used to be "always busy with prescriptions and people buying things." Another person recalled that Boots had earlier closed two pharmacies, one on Lewes Road, Brighton, and another on Church Road, Hove. The American-owned health and wellbeing chain is in the process of closing more UK branches in the coming months as it's targeting to reduce its store portfolio to 1,900 from 2,200.

As the new school year approaches parents won't just be in a flurry of buying new pencil cases and the next size up in shoes but also will be looking to stock their cupboard for their health needs for the next year. Along with the Supermarket's Back-to-School sales there is also the opportunity to help parents with a clever display of the top needed cupboard accessories with some smart recommendations to help with choices. Looking at the UK retail market it is also worth considering that we are seeing a push for sustainability in products with those touting green credentials starting to stand out from the competitors but with a backdrop of rising prices making price perhaps more important than ever. Cuts and scrapes One to definitely think about in the children's health range for back to school is plasters and wound cleaning preparations for those inevitable playground grazed knees, cuts and scrapes. With a focus on sustainability and some strong green credentials Elastoplast Green and Protect should be considered for any back to school health display with eco-friendly construction and a climate neutral product but there is also Patch Kids Bamboo Sensitive Plasters which boast being home compostable.

Bladder leakage is one of the most common healthcare issues affecting women, with the effects of the condition having major effects on women's lives. 1 in 3 women over the age of 18 experience bladder leakage at some point in their lives,1 and in general, prevalence increases at the start of the menopause. It is a major taboo and due to embarrassment women sometimes struggle to discuss the condition and need help. It is now time for community pharmacy teams to take the lead and provide the proactive support your customers need - and don't just reach for the pads…. You can help them stop the leaks, and build customer loyalty. If women are regularly buying pads, or have struggled with using pharmacological solutions you can now offer alternative approaches. What is incontinence? Urinary incontinence is when a person accidentally passes urine when they don't want to. It occurs when their bladder is put under pressure, such as when they cough, sneeze, laugh or run. Frequent or occasional, it can vary from a few dribbles to a complete loss of bladder control. There are several known types of bladder and urinary incontinence. They receive their name from the origin of the issue that causes the passing of urine. Although they are similar and can have some of the same symptoms, they mostly differ in the way they come about: Stress urinary incontinence (SUI) - causes the leak after a person strains or exerts themselves during a physical activity, including coughing, sneezing, laughing, running or jumping. This is the most common type of urinary incontinence.

The Medicines and Healthcare products Regulatory Agency (MHRA) has maintained the prescription-only status of Aquiette 2.5mg Tablets for symptoms of overactive bladder, following a public consultation and the review of a reclassification application from the manufacturer Maxwellia Ltd. Aquiette, which contains the active ingredient oxybutynin, is used for the treatment of long-term symptoms of overactive bladder (OAB) in women aged between 18 and 65, such as the urgent need to urinate and frequent urination without pain. The regulator decided against the reclassification of Aquiette 2.5mg Tablets from a prescription-only medicine (POM) to a pharmacy (P) medicine, concluding that a medical prescription continues to be required to ensure the safe use of Aquiette. Since an OAB diagnosis requires medical supervision to ensure that the correct treatment is received, and other health conditions are not overlooked or left untreated, the MHRA said the decision would ensure that the medication is used safely and appropriately under medical supervision. "After taking on board the views of the many patients and healthcare professionals who responded, we have decided to refuse the reclassification of Aquiette 2.5mg Tablets for women with symptoms of overactive bladder (OAB)," Dr Laura Squire, MHRA chief healthcare quality and access officer, said.

Anglo-Swedish drugmaker AstraZeneca said on Monday (January 9) that it had struck a deal to buy US-based drug developer CinCor Pharma for up to $1.8 billion to increase its stock of heart and kidney drugs. Core to the deal is CinCor's experimental therapy baxdrostat, which is in development to treat conditions including high blood pressure and chronic kidney disease. AstraZeneca aims to combine baxdrostat with its own Farxiga, a diabetes drug whose sales ballooned after it was also shown to benefit patients with heart failure and kidney disease. Farxiga, whose sales jumped by almost 50 per cent during the first nine months of 2022 to reach $3.2 billion, belongs to a highly competitive class of drugs that includes rivals such as Boehringer Ingelheim and Eli Lilly's Jardiance. AstraZeneca gets about a third of its revenue from cancer drugs, but its heart, kidney and diabetes medicines are its second most lucrative business by sales, generating roughly $6.9 billion of the drugmaker's total revenue of more than $33 billion in the first three quarters of 2022.