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Any would-be proprietors out there? David or Goliath?

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  • Any would-be proprietors out there? David or Goliath?

    Hi all, this is my first post. Would like to hear from anybody who has succeeded in purchasing their first pharmacy recently- I am trying to do the same- have finance etc in place but am finding it difficult when multiples are paying pharmacy agents to give them exclusive info - and also when they realise you are interested and say to the vendor "anything this person offers, we will up it by 10 grand until they are out of the equation!" A pharmacy I bid for last year was taken by a multiple in this way(yet I had bid 150k over the valued price)- my sister is a patient at the pharmacy and knows the staff well - and since the take over they have had over 50 different pharmacists, some for a day, some for a fortnight, many of whom could not speak sufficient English.Two excellent dispensers have left. Why can't it be like France where standards are very high - and nobody is allowed to own more than one pharmacy? Pharmacies with smaller turnovers don't interest me- more profitable to do locums! Ok I've had my moan about this DAVID AND GOLIATH situation! Anybody any advice/tales to tell?

  • #2
    Re: Any would-be proprietors out there? David or Goliath?

    Originally posted by roxy View Post
    Hi all, this is my first post. Would like to hear from anybody who has succeeded in purchasing their first pharmacy recently- I am trying to do the same- have finance etc in place but am finding it difficult when multiples are paying pharmacy agents to give them exclusive info -
    Its one of the unintended consequences of contract limitation that was put into place after the leapfrogging years of the early 80's.

    Your only real option these days is to try for 100 hour contract. Some are approaching GPs who are unhappy with their pension deal and getting in there in a broom cupboard. The PCT cannot reasonably refuse the contract. Probably OK if your partner (wife/husband etc) is a pharmacist, but it would not be a life if you were doing those hours week in-week out. You could try and get a variation once you have become established - couple of years.

    Wonder if the YPG (young pharmacists group) have any tips for you on how to get in there first. Also there must be the odd proprietor out there who doesn't want to see their work swallowed up by a multiple?

    Not sure what the situation in France is like if you want to open your own pharmacy when there is one already - possibly there is some kind of limitation there as well.
    47 BC : Julius Cesar : Veni Vidi Vici : I came, I saw I conquered.
    2018 AD : Modern Man : I shopped, I clicked, I collected.
    How times change.

    If you find you have read something that has upset or offended you an anyway please unread it at once.

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    • #3
      Re: Any would-be proprietors out there? David or Goliath?

      I know three pharmacists under 30 who have bought their own pharmacies recently One of them now owns 4. None of them inherited money they all went and persuaded banks.

      I accept your complaints but it was always like this. If there was a good opportunity everyone was after it. How would you feel if without control of entry you bought a good business and a multiple opened next to you. Or the landlord refused to grant you a lease because a blue chip multiple had requested the same site? Yes you had safeguards under the law but could you afford to fight in court for them?

      Look for a small business that has relocation potential. Or see if you can open on a remote estate with what was ESPS support. If you then contract to provide all available enhanced services and maybe work up a few of your own you may earn a lot more than by buying an established pharmacy. The LPS route also guarantees income which no business will.

      However they don't grow on trees. You will have to research them and they may not be available where you want to live. You may need to relocate but no-one ever said it was easy!
      http://uk.youtube.com/watch?v=Hmbyj0XFUhA

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      • #4
        Re: Any would-be proprietors out there? David or Goliath?

        This definitely is a difficult one. Personally I would love to turn up next door to a multiple, or vice vresa, and blow them muthas out the water. My prescription waiting times would be 1/10th of theirs. I would work my ass off to get brand loyalty by respecting patients, being nice to the ones who are aggressive, kissing the drs ass etc. Multiples have buying power, true, but their customer service is shoddy and when the script is free, you only need to worry about bein the best and word will get round. Dead easy.

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        • #5
          Re: Any would-be proprietors out there? David or Goliath?

          Oh yeah. Dead Easy
          http://uk.youtube.com/watch?v=Hmbyj0XFUhA

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