Independent pharmacies can take steps to mitigate losses from Category M clawback and funding cuts due later in the year, but that processes needs to be started now, delegates at the Avicenna overseas conference heard last week.
Shiraz Hirji, non-executive director for Avicenna, suggested a range of measures: “Prepare a five-year cash flow forecast and a business plan. Look to your nearest competition: can you join forces and work together? See if you can improve efficiency and look at your processes. Reduce stock levels and don’t waste time on buying to just save a few pennies.”
Up-skilling staff can result in providing more services, such as flu vaccination and MURs, he suggested.
But action needs to taken in the next few months said Mr Hirji. “There’s no point waiting for the cutbacks to hit you. Get proactive to make sure your business is prepared,” he said.