Producing a list of Key Performance Indicators (KPIs) and monitoring them monthly, means that you don’t need to wait for your management accounts to see how the business is performing, said Numark’s Raj Nutan. A range of KPIs can be monitored for staff briefings and incentives can be linked to them.

A show of hands in the room suggested that few pharmacy businesses looked in detail at their finances monthly, with more preferring to do so quarterly. But a monthly review of income and cost drivers in the business was important, said Mr Nutan. Numark has teamed up with accountants Hacker Young to offer a benchmarking service to pharmacies looking to learn more about their financial performance and costs compared to national averages.

Does your buying always add up?

Numark launched a new generics scheme called Numerics, boasting ‘transparent, competitive, simple net pricing, with no confusing discounts or spend thresholds’. The tiered scheme offers twicedaily delivery from over 1,350 generics molecules, and a Numerics Plus scheme also includes the Teva or Actavis range. 

Numark’s PharmAssist scheme is described as a virtual head office solution that allows pharmacies to purchase products (generics, PIs, branded ethicals, OTC medicines and surgicals) electronically at the ‘best possible’ price from a choice of suppliers.