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Walgreens Boots Alliance on Tuesday (June 28) scrapped the plan to sell its UK high street pharmacy chain saying no third party was able to make an adequate offer due to the turmoil in global financial markets. Walgreens' move to call off the sale comes as private equity bidders Apollo Global and TDR faced headwinds in raising financing for the deal, as banks were wary of underwriting large chunks of the financing due to tough market conditions. Boots was initially valued at as much as £8bn with the auction process being led by Goldman Sachs. Global economic uncertainty and rising inflation have triggered a spike in interest rates as central banks have rushed to take action in the most widespread tightening of monetary policy for more than two decades, making deal financing costlier and harder to access. Walgreens had put its Boots UK business up for sale after announcing a strategic review in January as the second-largest US pharmacy chain renewed its focus on domestic healthcare. The company said the decision to retain Boots and No7 Beauty Company was also underpinned by their ongoing strong performance.

Perrigo, one of the world's largest providers of self-care products has appointed Ronald van Workum as Sales Director Germany, Customer Strategy & Implementation DACH Cluster. van Workum will continue to drive the successful integration of HRA Pharma into the Perrigo network, with a focus on well-known brands such as Abtei, Compeed and Granu Fink. He most recently held the position of Head of Key Account Management for Perrigo in Europe, based in the Netherlands. Prior to joining Perrigo he worked for Procter & Gamble in several countries, including Singapore, and in various functions, including: Market Strategy Planning Manager for the Gillette brand; and in Europe as multifunctional Team Leader Emerging Channels. The company also announced Tobias Geiger has been promoted from his role as Finance Director of the Perrigo DACH Cluster, which he held since April 2020, to General Manager of the Perrigo DACH Cluster. During this time, he successfully supported the implementation and stabilisation of the DACH cluster. He also led several business optimisations with his teams, such as the implementation of SAP in Switzerland, process digitalisation and the creation of a DACH Finance Business Partner Model. Before joining Perrigo, Geiger worked for Sanofi for more than 10 years in various leadership positions in DACH and in Latin America.

Leo Pharma, one of the leaders in medical dermatology, has appointed Kasper Künzel as Interim Vice President and General Manager for its UK and Ireland business. Kasper is an established leader within Leo Pharma, having previously been Vice President, IPO Preparedness Office, at Leo Pharma in Denmark. Kasper brings over 17 years of pharmaceutical experience, previously taking on local and global leadership positions across Leo Pharma in functions including R&D, Finance and Commercial. Having first joined Leo Pharma in Denmark in a financial function, his previous roles include General Manager in South Korea, Vice President of Corporate Transformation, and Director of R&D Business Finance He commented: "I am delighted to join the Leo Pharma UK and Ireland team and continue to build on the company's strong heritage in these markets. The UK and Ireland team are committed to the Leo Pharma values as a leader in medical dermatology, and I'm looking forward to all we can achieve together this year.

Chiesi Farmaceutici, the international, research-focused biopharmaceuticals and healthcare group has acquired Amryt Pharma, a global biopharmaceutical company dedicated to developing novel treatments for rare diseases. More than 300 million people worldwide are affected by rare diseases, including those who are living with ultra-rare metabolic and dermatologic conditions who still have no approved treatment. The acquisition reinforces Chiesi's commitment to deliver innovative treatments to patients with highly unmet medical needs. As a benefit corporation and a B Corp, Chiesi strives to create a world where it is common to have a therapy for all diseases and acts as a force for good, for society and the planet. Chiesi's Head of Chiesi Global Rare diseases Giacomo Chiesi commented: "We are excited to add the Amryt family to our company in this acquisition that demonstrates our commitment to rare diseases and aligns with our growth strategy through partnerships beyond internal research and development." Chiesi's new CEO Giuseppe Accogli said: "By joining forces and expertise we will be able to grow our capabilities and further strengthen our position to provide a positive impact on patients living with rare diseases." With regard to the financing of the deal, cash consideration has been partially financed through a EUR 700m syndicated loan led by BNP Paribas and Crédit Agricole as Global Coordinators and ESG Structuring Banks, acting alongside BPER and Deutsche Bank as Mandated Lead Arrangers. Crédit Agricole is Loan Agent too. Lenders have been advised by Clifford Chance, while Baker and McKenzie has assisted Chiesi Farmaceutici.

PanOptica has raised up to $45m in a Series B financing to fund the clinical program for its lead compound, PAN-90806, a pharmacologically unique small-molecule selective inhibitor of VEGF

The English health secretary has fumbled the opportunity to prevent a crisis in the NHS this winter. She either does not understand or value the role of community pharmacy as the third pillar of patient access to essential healthcare. Her announcement that she wants community pharmacy to provide more services to take the strain off A&E departments and GP surgeries comes on the same day DHSC announces no new long-term investment to sustain the sector. Does she not understand that as a result of years of government underinvestment in England the network is in decline with random closures across the country? Too many pharmacies are temporarily closed every day due to workforce shortages beyond the control of pharmacy owners. Adding a new service here and there, even with some additional funding, does not address the longer term viability of the network which needs to know which patient services it will be expected to provide over the next 10 years - not just the next few months - and how those will be adequately remunerated. Asking more from our sector with no new investment is a strategy which is bound to fail. The pharmacy contract remains economically illiterate. The sector's finances need open heart surgery not a couple of paracetamol tablets.

Medical school and residency are major financial burdens for those in healthcare, and neither program is going to teach you how to stay in good financial health through the process. In this article, Danielle Kelvas, MD, offers insight from her own experience in both on how to keep your finances in order during this difficult time. Read more: https://www.hospitalrecruiting.com/blog/8597/what-no-one-tells-you-about-financial-health-in-medical-school-and-residency/?utm_source=social_media&utm_medium=blog&utm_campaign=social_posting

The healthcare rules in the 21st century keep changing and more frequently in the post-pandemic era. Ordinarily, physicians have limited time for administrative tasks; however, recent developments have made their time even more crucial. One comprehensive answer to resolve financial troubles once and for all is to hire a medical billing service. A medical billing company files, follow-ups, and collects from insurance companies on behalf of providers.

QPP MIPS participation is a great way to stabilize finances in the shaking economic industry. Many professionals have already started to plan and strategize on how to get maximum score in the end. Given in this article is a complete guide on MIPS 2020 eligibility status. Going through it will help in setting up goals for participation.

QPP MIPS participation is a great way to stabilize finances in the shaking economic industry. Many professionals have already started to plan and strategize on how to get the maximum score in the end.

A second Global Covid-19 Summit will be held virtually next month for countries to discuss efforts to end the pandemic and prepare for future health threats, according to a joint statement on Monday (April18). "The emergence and spread of new variants, like Omicron, have reinforced the need for a strategy aimed at controlling Covid-19 worldwide," the White House said in a news release with the Group of Seven and Group of 20 nations. The announcement comes amid a surge of Covid-19 cases around the world prompted by easily transmissible variants of the virus. China's most populous city, Shanghai, is trying to return to normal after a nearly three-week shutdown, which, along with wider China curbs, are taking a toll on the world's No. 2 economy. The summit will build on efforts and commitments made at the first global summit in September, including getting more people vaccinated, sending tests and treatments to highest-risk populations, expanding protections to health care workers and generating financing for pandemic preparedness, the statement said.

Digital pharmacy app Charac has raised over £1 million in debt and equity, bringing total funding to date for the London-based startup to £2.5m. Pharmacy Business understands while the majority of the new finance, worth about £1.2 million, comes from the National Pharmacy Association (NPA) coffer, the remainder is put forward by a number of individual pharmacy businesses. The pharmacy sector is in a state of crisis, experiencing nearly two closures per week over the past two years, Charac said in a statement. According to data from the NHS Business Services Authority, there are now only 11,026 community pharmacies in England, the lowest number since 2015. The current crisis is attributed to escalating operational costs, a shortage of staff, and diminished government financial support.

Thornton & Ross is all set to expand its consumer healthcare offering by acquiring the well-established Opticrom eye-drops brand from Sanofi in the UK. Opticrom forms part of a wider transaction between Thornton & Ross' parent group, STADA, and Sanofi for eight local consumer healthcare brands across several countries, including Belgium, Germany, Hungary, Spain and the UK. The transaction will be financed with a combination of cash on balance sheet and existing facilities, and is scheduled to close in the fourth quarter of 2023, subject to customary approvals of relevant regulatory authorities. Opticrom Allergy 10ml bottle and 20 single doses for itchy, watery, red and inflamed eyes can be found behind the pharmacy counter, while Opticrom Hayfever 10ml bottle is available to purchase via self-selection to soothe and relieve eye symptoms of hayfever. These non-prescription medicines contain 20 mg/1ml sodium cromoglicate (2.0% w/v) and offer relief within 2 minutes.

A member of the English Pharmacy Board and RPS Assembly, Sharon Isobel Tait Buckle (also known as Sibby) has been elected unopposed as the treasurer of the Royal Pharmaceutical Society (RPS). Sibby takes over the role from Andre Yeung, whose tenure ended in June 2022. Sibby was first elected to the English board in 2012 and is the first woman to hold the post since RPS became the professional leadership body in 2010. She is already part of the Finance and Investment Committee, where RPS budgets, pensions, assets, financial priorities and performance, reserves and investment policies are scrutinised and agreed. Commenting on her new role, Buckle said: "I want to build on the great contribution made by our previous Treasurer. Over the next two years of my tenure I will monitor and challenge our financial performance, our focus on Environmental, Social and Governance factors (ESG), investment strategy and performance and our financial governance.

The Association of Independent Multiple Pharmacies (AIMp) and senior official of NHS Property Services (NHSPS) had a meeting on August 18 to review the rent policy for health centre pharmacies. Earlier, the association had sent a letter to NHSPS that was signed by pharmacies from across the sector, including single independents, pharmacy groups and members of the Company Chemists' Association. The letter outlined concerns about rent reviews and the impact of it on the co-located health centre pharmacies. Dr Leyla Hannbeck, CEO of AIMp, said: "We outlined that whilst in the past, the norm established by the industry, was to base rents for co-located pharmacies primarily based on patient list size, (and taking account of a few other factors), the industry now needs to revise the basis on which rents are determined for co-located pharmacies." The association, on behalf of the pharmacy sector, met the CEO of NHSPS and two of their senior directors (director or property management and their finance director).

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.

The Community Pharmacy England Committee has adopted a new approach to engagement with sector by inviting all pharmacy owners to share their views on pharmacy's finances, pressures and capacity ahead of its meeting in July. It has sought views of pharmacists via short poll by Sunday (2 July) and will have a discussion on the poll results at the meeting before reporting back to the sector afterwards. The key focus for July Committee Meeting will be to make most of £645m for the community pharmacy sector, and also on the ongoing work to make the wider case for more investment in the sector. This new way of working follows association's rebrand on 30th May which signalled the start of its new approach to engagement to help them to build stronger relationships with pharmacy owners. The association hopes this new approach will help them better engage with members and listen to pharmacy's views better.

Pfizer's plan to sell its Haleon stake is not a surprise, the consumer health company's finance chief Tobias Hestler told Reuters on Wednesday (3 May). London-listed Haleon was carved out as an independent company in July and comprises consumer health assets once owned by GSK and Pfizer. Pfizer, which has a 32% stake in the maker of Sensodyne toothpaste and Panadol painkillers, told the Financial Times on Tuesday that it intends to offload that stake in a "slow and methodical" manner within months. Hestler said Pfizer has long been clear about its intention to sell off the stake, suggesting that the reason the potential of the selloff has gained traction is because the selling window opens around the time that Haleon's results are announced. "This will happen every quarter from now until they're sold off…this is just what's expected," he said, adding: "If I get a courtesy call the evening before they do it then that would be nice, but they don't even have to do that." Shares of the world's biggest standalone consumer health business were down more than 3% in early trading.

Boris Johnson has picked Steve Barclay as the new health secretary following the resignation of Sajid Javid, who stepped down on July 5 after saying he had lost faith in prime minister's leadership. Barclay - who had served as chief of staff of the prime minister since February 2022 - was previously a junior health minister in 2018, responsible for NHS workforce and finance, before serving as Brexit secretary, chief secretary to the Treasury, and chancellor of the duchy. He is the fourth health secretary after Jeremy Hunt, Matt Hancock and Sajid Javid in the past five years. In a statement on his appointment, Barclay said it was "an honour" to be take up the position, adding: "Our NHS and social care staff have showed us time and again - throughout the pandemic and beyond - what it means to work with compassion and dedication to transform lives. "This government is investing more than ever before in our NHS and care services to beat the Covid-19 backlogs, recruit 50,000 more nurses, reform social care and ensure patients across the country can access the care they need."

It is important to revisit our financial situation early in the tax year and the various ways in which we could save some tax, extract cash from the business and reduce tax liabilities. We list below some of the tax planning opportunities available in the current tax year (05 April 2023 for individuals and 31 March 2023 for corporates). Salaries As a director of a limited company, you are entitled to be paid a salary for your work and so are members of your family who work for the company. Paying at least a small salary can be very beneficial, particularly when the recipient does not already have the 35 qualifying years needed for entitlement to the full single-tier state pension, which is payable to those who reach state pension age on or after 06 April 2016. To preserve entitlement to state pension, and to ensure the year counts as a qualifying year, it is advisable to pay a salary at least equal to the lower earnings limit for National Insurance Contributions (NIC) which is set at £578 per month for 2022/2023 i.e., £9,100 per annum. Salaries may be beneficial where funds are needed in a recession for example, and the company does not have sufficient reserves to pay dividends. Dividends The annual tax-free dividend allowance for 2022/2023 is £2,000. Although referred to as an "allowance", it is actually a zero-rate band and therefore uses up your basic or higher rate band as appropriate. Dividends are treated as the top slice of income and for 2022/2023, dividend income is taxed at 8.75% to the extent it falls within the basic rate band, 33.75% if it falls within the higher rate band and 39.35% to the extent it falls within the additional rate band.

Modulator therapies, manufactured by Vertex Pharmaceuticals (VRTX.O), may no longer be available for new cystic fibrosis (CF) patients in the UK. A draft guidance recently published by the National Institute for Health and Care Excellence (NICE) stated that it would not recommend the use of Kaftrio, Symkevi and Orkambi on new CF patients. Kaftrio and Symkevi are currently recommended for the treatment of cystic fibrosis in patients aged 6 years and older, while Orkambi is used for patients aged 1 and older. The NICE draft guidance highlighted medicine costs and the strain on resources and finances faced by the National Health Service (NHS) as reasons for removing these drugs.