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Using innovation and technology is the best way for pharmacies to boost income and ensure efficiency in services, said tech-savvy independent prescriber and community pharmacy contractor Amish Patel. Patel has invested heavily in technological refurbishment at his pharmacy and installed the first dispensing robot of its type in the UK. Highlighting the downward trend in pharmacies' income, he said: "We know for the last five years plus, pharmacy income, pharmacy services - they have just been reducing… "We are still very heavily dependent on dispensing, and dispensing fees, and profit margins with the supply chain they have been ever reducing. "This (using technology) has been a new way of generating new income. But again, just to highlight it is just enjoyment of pushing the boundaries what I can do personally."

Instability in the supply chain network is frequently undermining the profit margins in community pharmacies, former Pharmacy Minister and Chair of the Health and Social Care Committee Steve Brine has said. Brine emphasised that community pharmacies often lack information about the prices wholesalers charge for essential generic medications. "They lack visibility into scarcity, and the pricing of these products is often significantly higher compared to other European countries," the former minister remarked during a parliamentary debate focused on the future of community pharmacies on September 14. From financial pressures to workforce crisis and pharmacy closures, the debate delved into critical challenges faced by pharmacies, aiming to propose tangible solutions for a sustainable future in the sector. Chaired by Sir Mark Hendrik, the debate was initiated by Conservative MP Peter Aldous and featured contributions from a host of participants including Labour MPs Taiwo Owatemi and George Howarth among others.

The pharmacy business is one of the most profitable businesses on the planet. However, the trends are changing and as we move forward in this digital world, we see a transition from traditional business practices to modern and digital business practices that change the whole scenario. In this era of advanced technology, if you don't keep up with the world, you lose the race. It is a fast-paced world where trends change every day, something might work today but it won't work tomorrow, it will be replaced with something better and more efficient whether it is a tool, a technique, a marketing strategy, or a manufacturing process. Everything is being replaced with better alternatives more than ever. Now it is time to realize this change and bring some new guns to your business arsenal. You can employ an auto attendant for your pharmacies, or build a website for online orders and deliveries. Online pharmacies are getting popular a lot and they are the future. Here are a few tips and tricks that you can use to run your pharmacy business like a pro.

Lack of appropriate funding is making survival a massive challenge for community pharmacy, a sector relied upon as a vital support system by both primary and secondary care in England. The Telegraph newspaper ran a story on Monday (August 22) which highlighted the dire straits community pharmacy finds itself in. Seasoned pharmacist Ian Strachan told the paper: "Our four pharmacies were the only point of call that was open (during Covid). We were there every single day, even when the virus was prevalent and people were dying." Describing the current situation, he said: "What is happening is we're facing a system that's just not working at all in our favour." Strachan says the issue is that pharmacists are "just not getting the help we need to be able to do this job properly". The sector is hugely dependent on funding from the NHS. The government had agreed in 2019 to set £2.6bn as annual funding for the sector. However, according to a report from EY that amount was already down £200m on the 2016 levels of government funding. "We've been starved of appropriate funding since 2016," Dr Leyla Hannbeck, chief executive of the Association of Independent Multiple Pharmacies told The Telegraph. "It looks grim for businesses. The fees pharmacists get are going nowhere, but now, there's higher utility bills, higher staff fees and higher drug costs."

Despite significant sales growth in the quarterly results, high street chemist Boots is moving forward with its plan to close 300 stores in the UK. The move, aimed at improving profit margins amid rising costs and competition, will reduce the chain's portfolio from around 2,200 to just 1,900. Last month, the U.S.-based Walgreens Boots Alliance, the parent company of Boots, announced upcoming store closures within the next year. However, the company assured that there will be no job losses as all employees will be given the opportunity to be redeployed to nearby shops. The following sites are confirmed for closure on the specified dates: Heathside Rd, Woking (end of July) UEA campus (end of July) Hamlet Ct Rd, Westcliff-on-Sea (August 1) Windhill Road, Wakefield (October 6) Upper Warrengate, Wakefield (October 7) Glastonbury (October 13) Guildford Road, Woking (end of October) Boots stores at Salford Shopping Centre in Greater Manchester, Church Street in Malvern, The Port Arcades Shopping Centre in Ellesmere, and King William Street in London have already closed since spring.