Tag Archive: services

Georgia Glennon

Posted on February 14, 2019 by Grace Dawson

Graduate Accountant

 

Throughout her childhood Georgia loved art-related activities, from learning new languages, like Spanish and French, to participating in choirs and musicals. While studying a different degree at University she found herself being drawn to numbers and business-related subjects, so eventually found Accounting was her field. Georgia joined BLG over a year ago and is a great member of the team.

Georgia loves the diversity of her job, from the range of industries our clients come from to the specifics of tailored services we provide for each of them. While Georgia undertakes a range of work, she most enjoys creating tax planning projections for large client groups. She then analyses the results at year end to see how their business has performed and provides answers and updates for the client. Since starting at BLG, Georgia has gained a great deal of knowledge from the other team members, Managers and Directors who are always supportive and encouraging.

Outside of BLG, Georgia and her fiancé can be found with their puppy in the park or by the beach. Georgia is learning another language, Mandarin, and believes it’s important to invest time in other interests you have in your life outside of work.

Read more

Understanding your Pharmacy Market & Service Offerings

Posted on November 1, 2018
by Phil Grant
It’s no secret that the pharmacy industry has experienced significant change in the last few years which has certainly put greater pressure on pharmacy owners to make their business firstly viable, and secondly profitable.

Before you look at issues within your business such as pricing, purchases, wages etc, you need to think about and understand the market you are targeting, and therefore the service offerings to your customers.

I broadly categorise the pharmacy market into two main groups, the first being community pharmacies and the second being pharmacy discounters.

So what distinguishes these two groups, and how does it affect their service offerings to customers?

Community Pharmacies

Community pharmacies generally focus on offering extensive advice along with the medication/product their customer is purchasing.

The majority of the pharmacy sales come from their dispensary (on average around 80-85%), and with that comes personal advice from the pharmacist in regards to the particular medication being dispensed.

Front of shop sales make the remaining total sales, which may or may not require the same amount of advice given by the pharmacist.

Due to this sales mix, ie. majority of sales from the dispensary, generally the shop size is not required to be too big.

Further it is more likely that a community pharmacy will offer their customers additional professional services such as Home Medication Reviews (HMRs), Dose Administration Aids (DAA), flu vaccine shots and personal counselling.

Pharmacy Discounters

Generally these pharmacies focus more on sale of product, and as such their front of shop sales are greater than their dispensary sales.

There will be much more product for sale in these pharmacies, and generally I see these pharmacies as being a ‘quick in and out pharmacy’ where sale of product requires little or no pharmaceutical advice.

Due to the greater volume of product for sale, these pharmacies will generally be larger in size.

While these pharmacy discounters will offer some additional professional services, it is also likely the pharmacy will offer a less extensive range of professional services than a community pharmacy will offer.

So even before you look at the many practical issues within your pharmacy such as product offerings, service offerings, stock levels, staffing requirements, and size of premises etc, you first need to take a step back and understand the pharmacy market you are targeting, and further decisions should flow on from there.

If you are looking at ways to boost the performance of your pharmacy BLG Business Advisers can help. We have a number of long-term pharmacy clients we have helped and we can give you the advice you need to make the right decision. Take this opportunity to get in touch with us online or by calling (02) 4221 2299.

Read more

State of the Pharmacy Industry

Posted on March 24, 2017
by Phil Grant

I recently attended the annual Australian Pharmacy Professional Conference & Trade Exhibition (APP) on the Gold Coast with a couple of colleagues and also a couple of pharmacy owners.

This conference is run by the Pharmacy Guild of Australia (The Guild) and is designed to give pharmacy owners an update on where the industry is up to, where they think the industry is heading and also how pharmacies can improve their performance.

The first session had different leaders from the industry including The Guild, pharmaceutical wholesalers and the newly appointed Federal Minister for Health & Education, sharing their views of the industry.

While each said the pharmacy industry was getting tougher, in particular due to Price Disclosure reductions, each person spoke, unsurprisingly, with their own particular agenda in mind:

  • George Tambassis, the National President of The Guild said they were doing everything they can to secure immediate government funding and medium term security of pharmacies in terms of the upcoming new Community Pharmacy Agreement;
  • Mark Hooper, the CEO of Sigma Pharmaceuticals said they needed a better deal from the government in terms of distributing Pharmaceutical Benefits Scheme medicines;
  • Greg Hunt, the newly appointed Federal Minister for Health and Education, said the government was committed to working with the industry, with his immediate concern being the release of $600m intended to go toward health programs that pharmacists could supply (though he didn’t mention this money was supposed to be released a couple of years ago).

One interesting thing all speakers brought up was the effect biosimilar medicines will have on the industry. Biosimilar medicines are a type of biological product that is licenced by the FDA due to its clinical similarity to an already FDA-approved biological product. While these biosimilar medicines won’t be introduced in Australia for approximately 12-18 months, due to the lower cost of manufacturing these medicines it is projected they will shake up the industry. So it will be very interesting to see how these new products shape the market in the not too distant future.

Later that day there were some presenters talking about the future in general and then relating it (or at least trying) to the pharmacy industry. The major points I took out of these presentations (which can be applied to other industries, not just pharmacy) were:

  • The world is constantly changing and if you don’t change with it, then you will get left behind;
  • Innovation needs to be considered in all aspects of your business. All industries are getting tougher because the need for something new is constantly required and an increase in efficiency is always desired and nearly always required;
  • Linking the two points above is technology and automation. Technology is constantly changing the world and innovation can be helped with automation. Adopting new technology and automation may very well help your business in terms of efficiency and quality of product or service.

In terms of the suggestions for improving the performance of pharmacies, these suggestions seemed to be lacking in quality and numbers.

The Guild along with the government are heavily pushing professional services as an additional source of revenue for pharmacists and they were quick to point out the number of professional services a pharmacist could offer. Unfortunately they weren’t so quick in pointing out how pharmacists could make the majority of these professional services financially viable.

There was also the mention of a reporting tool that would help pharmacists examine in more detail the performance of their pharmacy. Of course this reporting tool came at a cost and having a look at it, I felt it was much less detailed than the reporting we currently give to our pharmacy clients.

The suggestions of ways of improving a pharmacy was summed up in one of the final suggestions mentioned in the seminar. ‘For those pharmacists struggling somewhat, they should go to their landlord, tell them the pharmacy industry is very tough at the moment, and to ask for a reduction in their rent’. I’m not so sure many landlords would respond positively to this request…..

All in all the APP was a good conference however if you attend in the future I would give the following advice:

  • You need to read between the lines of what is said;
  • There is a lot of politics in what is being said;
  • There is a lot that is not said; and
  • The Gold Coast is a pretty good place to attend a conference!

Pharmacies require specialised accounting services and BLG Business Advisers have years of experience providing effective solutions to our many pharmacy clients. To discuss your situation or find out more, get in touch with BLG online or call (02) 4229 2211 today.

Read more