PKF Australia

Accountants and Business Advisers

Is your pharmacy prepared for Simplified Price Disclosure?

Is your pharmacy prepared for Simplified Price Disclosure?

Posted 29 Sep 14

This Wednesday, October 1 sees the first price reduction under the Government's Simplified Price Disclosure.

While the long term outlook for the pharmacy industry remains strong, there is no doubt going to be a cashflow impact as a result of these changes – we've all seen the news and articles via the Guild and other sources on the extent of this impact.

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If you haven't already obtained a ScriptMap analysis to help assess the impact this will have on your pharmacy, I strongly recommend you do.

It is also important that you, as a pharmacy owner, are proactive in implementing strategies to try and make up this gap. In saying that, you should be constantly looking at ways to improve your business performance. If this hasn't been happening then hopefully the implementation of SPD is the trigger to get you thinking strategically about your business.

Don't rush into anything, however. You'll throw good money after bad and end up worse off if you don't plan properly.

Start by asking yourself some key questions:

  • Do you know your business and where there are opportunities to extract better efficiencies and/or more dollars out of your existing operation?
  • Do you understand your market? What do they need that you're not currently providing? There is no point providing a new product or service if they won't buy it.

Use the information that is available to you already in your management reporting, POS and customer databases and do some research to fill the gaps. You might get lucky without it, but only with the right information will you implement the right strategy to improve the performance of your pharmacy and address the impact of SPD.

Contact one of our Pharmacy specialists today to discuss how your Pharmacy can best deal with this dynamic industry.


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