How to build a Successful Wholesale Pharmacy Business
Challenging Times within the Pharmacy Business
Dispensing Doctors are general practitioners (GPs) that provide primary healthcare to 10.5 million rural patients. GPs that engage in pharmacy wholesale business face a unique set of challenges in managing their practice whilst still being a business. They must prioritise and balance patient care with the commercial demands of their pharmacy business and ensure that they remain compliant with Good Distribution Practice (GDP) regulations. In addition, they need to work with other wholesale traders and full-line suppliers, navigating the complex discount and rebate structures to make sure that they remain profitable.
Working Smarter
ML consultants can share valuable insights, support and tools to enable Dispensing Doctors to better manage their pharmacy wholesale business such as:
Leveraging trading and sales data, market intelligence and analytics to identify trends and profitable lines from the supply chain and optimise gross margin.
Connect your business to our vast pharmaceutical wholesale network.
Training staff to be GDP compliant, streamline and optimise processes as well as to automate routine tasks. This leads to increased productivity, save time and reduces errors.
Setting up Financial Management Systems to validate and scrutinise all sales, purchases, discounts and rebates to maximise profitability and avoid losses.
Support with MHRA Compliance
We can help support the practice by:
Implementing a Quality Management System and providing GDP Awareness Training for the entire wholesale team at the practice. This will meet the practice’s GDP regulatory obligations.
Provide a Responsible Person (RP) or support the practice with advice, particularly when preparing for a GDP Inspection by MHRA
How ML Consultants work together with you
ML consultants have the expertise and knowledge to successfully help Dispensing Doctors thrive and prosper with their wholesale trading business despite the many challenges they face. We can maximise your trading opportunities, help you meet your regulatory obligations and build a strong and sustainable business.
How can I start building my Pharmacy Business today?
Let ML Consultants help you build your Wholesale Pharmacy Business. Click on the book now button down below.
https://mukeshlad.net/wp-content/uploads/2023/03/5.png365697Mukesh Ladhttps://mukeshlad.net/wp-content/uploads/2019/08/Mukesh-Lad-300x107.pngMukesh Lad2023-03-25 14:20:282023-03-25 14:24:23How to build a Successful Wholesale Pharmacy Business
What is a Pharmacy Business Consultant and why do
you need one?
Although there many kinds of pharmacy business consultants, I am a consultant that specialises in the retail pharmacy business sector. My primary objective is to assist Independent Pharmacy owners to optimise their business opportunities and help them thrive.
So how can ML Consultants help you and your business?
I am passionate about Community Pharmacy and have found it to be a very rewarding career choice. Having been a Pharmacist, Superintendent and Business owner I believe that the Independent Pharmacy sector has an important part to play in delivering the healthcare needs of communities all over the country.
I am acutely aware that many Independents are struggling
to cope with the immense levels of regulation and red tape now involved in
running a pharmacy business. In addition, the entire pharmacy sector is going
through a major funding squeeze and elevating labour costs that adds challenges
with cash flow and retaining good staff. With all these It is apparent Independents need to fundamentally
change the way they operate their business.
This is where ML Consultants can help you with my vast wealth of experience and knowledge of the pharmacy market. I normally begin this process with a full business review including a SWOT analysis identifying key areas of weakness and establishing where you are losing money. I identify how you can create new opportunities within your current business model as well as specific areas where you can save money.
As a highly experienced businessman and a Pharmacy Consultant I can share many tricks of the trade and help you to incorporate them into your business. Some strategies require minimal investment in IT and Technology whilst others require a significant change in the way you operate your business.
My expertise in this area can be of great support to you and your business. Traditionally pharmacy owners have hired solicitors to assist in these matters and they have been extremely expensive. Talk to ML Consultants and see if we can find an alternative way of resolving the matter without incurring such huge legal costs.
Our consultancy can also take care of NHS contractual services such as the preparation and submission of ‘No significant change relocation’ applications and ‘Unforeseen benefit’ applications. NHS England require a substantial amount of clear and precise information which can take a significant amount of your time. Let ML Consultants deal with NHS England and Primary Care Services England (PCSE) and help ease the regulatory burden and help you save time and money.
Be certain in an uncertain climate
In the current climate of uncertainty many Pharmacy owners are considering selling their pharmacy after spending on average 30 years running them. They have invested huge amounts of time and money developing their business and are now contemplating their exit strategy. Before making that decision let ML Consultants review ALL your options. A considered approach is essential as the Pharmacy market is very volatile and it is becoming a buyer’s market.
Furthermore, the method a pharmacy business is valued by financial institutions has changed significantly. Many owners have unrealistic expectations and are hugely disappointed by the valuation of their business. However, there are options other than just selling through an agent and paying huge amounts in fees and taxes. The sector is evolving as Private Equity and other larger investors enter the market with creative buy out options.
Collaboration is key
Talk to ML Consultants, let me give you honest and comprehensive
advice to help you make the right decision for you and your business. It will
not only maximise the net money in your pocket but could save you a huge amount
of tax.
ML Consultants has been involved with IT and
technology for over a decade. The world around us has moved at a
faster pace with everyone using
smart phones and apps, yet the healthcare sector has been extremely slow to embrace the technological
revolution.
We have no choice… pharmacy businesses must find more effective ways to use technology in order to improve the efficiency of their
business. We must find alternative ways of working. In essence, as labour costs go up and funding remains
flat, the profitability and the value of your business will go down assuming
you make no changes to the way you run your business.
Should you invest in robots and ‘hub and spoke’ technology? Should you buy IT software that saves you time in completing regulatory and contractual requirements?
Let ML Consultants guide you on how to embrace
technology. Let me advise you on the right investments in terms of hardware and
software and give you a definite return on your investment.
How can ML Consultants help?
Mukesh Lad has been in the pharmacy sector for over
30 years and has a vast network of contacts and business knowledge. ML
consultants will offer you the following:
Free discussion up to 30 mins
Face to face meeting at your business
Work closely with you and your pharmacy team
Agree a strategic plan and get all parties on-board
Agree the time and fees in advance
Deliver all the agreed outcomes in a timely manner
Why you need a Pharmacy Business Consultant
The truth is that Pharmacists and those working in
a pharmacy business are expected to know everything. Keeping up with all the
bureaucratic changes and contractual obligations is very challenging. This is
in addition to running a commercial operation and which must deliver a profit.
As a Pharmacy Business Consultant I can completely focus on your business and have 360 degrees insight
into the way you operate your business. The depth and breadth of experience and
knowledge I bring will not just significantly improve your business but help it
thrive.
All ML Consultants work will remain discreet and
confidential. It will be the best investment you make for the success and long
term security of your business.
https://mukeshlad.net/wp-content/uploads/2019/11/pharmacy-business-consultant.jpg8001200Mukesh Ladhttps://mukeshlad.net/wp-content/uploads/2019/08/Mukesh-Lad-300x107.pngMukesh Lad2019-11-21 10:53:172023-03-17 12:43:29Your Ultimate Guide to Pharmacy Business
A client (pharmacy owner) wanted to relocate current premises to a new purpose-built site. The current premises was too small for the business and was restricting growth.
Assist in completing the official NHS Relocation Application form.
Review the entire background to the application by reviewing ALL previous relocation applications.
Collaborate and liaise with you to do a SWOT analysis.
Formulate a detailed STRATEGY to achieve the planned relocation.
Working together to respond to all communication with NHS England and other interested parties.
Attend an NHS England Litigation Authority Oral Hearing if necessary.
THE RESULT
We helped the client transition into a new premises efficiently without disruption to the business and in half the time he anticipated if he did it himself.
I can assist you in the relocation and application process to relocate your pharmacy without wasting time. Get in touch with me today and let’s talk about your pharmacy business.
https://mukeshlad.net/wp-content/uploads/2019/10/Mukesh-Lad-Case-Studies-1-1.png5631000Mukesh Ladhttps://mukeshlad.net/wp-content/uploads/2019/08/Mukesh-Lad-300x107.pngMukesh Lad2019-10-30 20:23:262019-11-07 16:53:43Case Study 2 - Relocation Application
Evaluated the possible ways to achieve this objective. Hub & Spoke model was best suited to achieve this aim.
Developed a Central Dispensing Hub (Internet Pharmacy License) in a warehouse.
Worked on replacing the fax system that was tired and inefficient.
Reviewed ALL the PMR systems to seek a software solution.
Agreed with one PMR provider to create bespoke Hub & Spoke software program.
Pilot the program for 18 months.
Review ALL the Pharmacy Robot Automation companies to create an AUTOMATED Hub & Spoke solution.
Developed New Dispensing Processes (SOP’s).
Created Infrastructure for transporting the Ready-Made Prescriptions.
Invested in robotics and trained dispensing staff, and manage resources.
Continuous review of the entire processes.
Aim to Increase Capacity of Dispensing and grow the business.
The Result
Helped them implemented a full scale Hub and Spoke system seamlessly and without any pauses/delays in the dispensing process during the transition. The group saw a substantial increase in MDS business and increases in efficiency as unit cost of dispensing went down.
I can assist in the end to end implementation of a Hub and Spoke solution for your pharmacy group. Get in touch with me today and let’s talk about your pharmacy business.
