Avicenna non-executive director Shiraz Hirji warned delegates that the proposed Government funding cuts could wipe £110,000 from a pharmacy’s practice allowance over five years.
He suggested that contractors should consider a series of actions now to counter the effects of the cuts including preparing a five-year cashflow forecast and business plan. “Look to your nearest competition – can you join forces?” he asked. “Look at reducing your [opening] hours and compare the cost versus benefit of everything you do.”
Independents should examine their business processes to improve efficiency and upskill their teams to provide more services. “Reduce your stock levels, especially counter lines, and consider whether time spent sourcing generic medicines is better invested elsewhere.”