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.

ML Consultants comprehensively understand all the Pharmacy Regulations and NHS contractual obligations. Access to updated knowledge is crucial particularly because regulators frequently revise and update all the rules. In addition, it can be overwhelming when you are operating a pharmacy business alone and are experiencing issues with the General Pharmaceutical Council or NHS England.

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.

Mukesh Lad – ML Consultants.

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