Pharmacy profile: Taking the plunge

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“I wanted the freedom and flexibility to implement my ideas”

For Ravinder Bansal, owning her own pharmacy had been a lifelong dream. In September this year, she finally realised her ambition when she completed the purchase of Notts Pharmacy – formerly known as Manns Pharmacy – in Carlton, Nottinghamshire (reports Kathy Oxtoby).

“I wanted the freedom and flexibility to be able to implement my ideas,” says superintendent pharmacist Ravinder, pictured above with her team. “I know I’m ready to become a successful owner of an independent pharmacy and to be the decision maker, instead of others making the decisions.”

From the moment Ravinder decided to become a pharmacist, owning her own business was part of her career plan.

Of her choice of career, she says: “I can’t remember wanting to be anything other than a pharmacist. Growing up, I had an interest in the sciences. I had lots of support from my family, who wanted me to be a pharmacist and really encouraged me.”

Initially, Ravinder took a Saturday job at a pharmacy in her hometown of Coventry. “I realised then that I wanted to do what the owner was doing,” she says. “I wanted to help people in the community.” 

Ravinder took her pharmacy degree at Aston University and did her pre-registration training at a multiple. She then went on to work in a variety of pharmacy settings, both multiples and independents, and as an employee and a locum pharmacist. She loves how the pharmacist role encompasses so much. 

“You get to have customer contact, share knowledge and make a difference to patients’ lives,” she says.  

As well as developing her pharmacist skills during her previous employment, Ravinder also learned about management, and employing and training staff. Then, after more than 20 years in the sector, in December 2023 she started the process of looking for her own pharmacy, registering with specialist pharmacy sales agencies. 

She also spoke to pharmacy owners about their experiences of buying a pharmacy and looked at information on the GPhC website. “You need to research everything,” she says, adding that self-belief and clear goal setting are also important when it comes to considering a pharmacy purchase.

In January this year, Ravinder saw a Christie & Co advertisement for what was then Manns Pharmacy and decided to go for it.  

“It was a good price and is a good size and in a lovely location – near to two schools and three GP practices,” she explains. The pharmacy dispenses a healthy number of items a month. Nine months later, the purchase was completed. 

During the buying process, “preparation and organisation were key”, Ravinder says. She also found it helpful to have prior business knowledge and the support of trusted advisers. 

Since becoming owner of her own pharmacy, Ravinder has invested in a creating a larger consultation room. She plans to offer a full range of pharmacy services to the community from the upgraded space, including a travel health clinic, the hypertension case-finding service and the Pharmacy First service. 

Among her team, Ravinder employs a pharmacy technician and a delivery driver, and she hopes to recruit two apprentice pharmacy technicians. 

Her aim is to become “a consistent face for patients, to build relationships with them and help them with their health issues”.  

To other pharmacists considering buying their own pharmacy, Ravinder’s advice is to be aware that with ownership comes a higher level of responsibility. “Even though you may have had experience of running a pharmacy, you will also be in charge of making sure bills are paid, of maintaining the property and being responsible for staff,” she says.

Those looking to purchase a pharmacy also need to bear in mind that there are going to be negatives. “You have to plan how to overcome those negatives”, Ravinder says. “For example, my consultation room was small and I had to be prepared to invest in building a larger one.”

Owning your own pharmacy also involves being “active and forward thinking”, adds Ravinder. “You need to think about how you’re going to change your pharmacy and what the competition is like,” she says. “

You need to keep on top of your pharmacy education and be prepared to delegate to staff members. And stay focused. If you really want to own a pharmacy, you’ve got to stick to your goals.”

Having realised her dream of owning a pharmacy, Ravinder feels she is now on the right path to achieving her career goals. Already, she believes the journey has been worth it. “At the end of the day, when I close that door,” she says, “it is my pharmacy.” 

“We wanted something of our own” 

The prospect of going it alone as a first-time pharmacy owner can seem daunting. But when Mitesh Assani got the keys to Acorn Pharmacy in Berkhamsted in June this year, pharmacist Chandni – his wife and business partner – was by his side.

The couple met when Chandni was in her pre-registration year and Mitesh was the manager of a pharmacy in London. “We both felt the same about owning a pharmacy,” says Mitesh. “We wanted something of our own.”

When they finally opened the doors to their own pharmacy, Mitesh was on familiar territory. From August 2019 to June 2021, he had worked at Acorn Pharmacy as pharmacy manager. 

Situated on the village-like high street, the pharmacy has a 10-strong team, two consultation rooms, a dispensary, a main counter for OTC pharmacy medications and, unusually for an independent pharmacy these days, a beauty counter. Mitesh describes it as having “good footfall” and a mixed demographic of patients.  

“Making a big difference” to the lives of these patients is what Mitesh enjoys most about his role as pharmacist-owner. “It’s a big reward”, he says. “There are so many ways you can help patients, even just by making sure you are there for them to talk to.” 

Born and brought up in Kenya, Mitesh was always interested in doing “something related to healthcare”. While doing his A-levels, he had work experience at a pharmacy – and that was when “something just clicked”, he says.

He decided to study pharmacy in the UK, where he had family, and to gain “new experiences”. He began his four-year degree at Keele University in 2006, followed by a pre-registration year at an independent pharmacy in north-west London in 2010. 

During that year, he gained hands-on experience at a busy store, which he says allowed him to equip himself with different skills.

After qualifying, Mitesh worked as a pharmacy manager in a variety of independent community pharmacies around London. “Whoever I worked for, I was told to ‘run the store the way you want’. That trust was vital and gave me the opportunity to explore and learn,” he says.

This experience allowed him to see “both aspects of pharmacy – the side where you could make a real difference to patients and also the business side”, he says. 

In 2022, Mitesh decided it was time to buy his own pharmacy. “Having run pharmacies for different owners,” he says, “I thought, why not do it for myself and get the financial reward, and the reward of making sure patients and customers are happy.”

He believes that in order to own a pharmacy, “you have to be prepared and take the challenges that come with that ownership”. As a starting point, he advises signing up with specialist pharmacy sales agencies and looking into what the sale process involves. 

It is then important to look at the sale particulars of any pharmacy you are interested in, and to pose questions to agents based on those particulars. 

It is also helpful to have an accountant look at key figures relating to any pharmacy you are considering buying. “Make sure you’ve done your homework and that everything makes sense to you,” he says.

It is also important to look out for any “red flags”, such as when a pharmacy is not busy but is over-staffed, Mitesh advises.

Positive signs to look out for include pharmacies offering NHS and private services. “In today’s pharmacy world, it is not just about prescriptions,” says Mitesh. “It is what you do together with the prescriptions that will make or break you.”

Having previously worked at Acorn Pharmacy, he believes that seeing it on the market (through Christie & Co) was fortuitous. 

“I had a good insight into the pharmacy,” he says. However, he still made sure that he didn’t take the business at face value but looked carefully into its full financial picture before deciding to go ahead with the purchase. 

The sales process took 10 months, including submitting an NHS application for the change of ownership, and enlisting the services of a pharmacy specialist solicitor to represent the husband and wife team through the sale. 

Acorn Pharmacy currently provides “all the usual NHS services”, including blood pressure checks, and flu and covid vaccinations, along with a travel vaccination clinic. However, Mitesh and Chandni are looking to bring in new private services, including ear wax removal, blood testing and weight management. 

Once they “get the services right”, they will look at how individual members of their team can best use their different skills to deliver those services.

For other aspiring pharmacy owners, Mitesh has this final advice: “Do your research, be prepared and then decide what you really want and what works for you.”

Mitesh and Chandni expanded their family this year – they had a baby boy in January, half-way through the pharmacy purchase – and expanding their business by purchasing another pharmacy is a definite option for the future.

“If another good opportunity comes up and it is the right time for us, we’ll go for it,” says Mitesh. “You never know when the right opportunity might come along.”