Pharmacy ownership requires a lot of sacrifice, and aspiring owners need to be “hands-on in all aspects” of the business, Gordon Ngan tells our podcast
AJP Podcast presenter Carlene McMaugh talks with Victorian community pharmacist, Gordon Ngan, about pharmacy ownership.
The topics covered include:
- Ngan’s journey to ownership ( 2 min 44)
- The “steep learning curve” new owners face (3:36)
- The owner is the most important when it comes to building goodwill for the business (5:08)
- Financing a pharmacy purchase (6:20)
- Price reductions on prescription medicines have cut margins in community pharmacy compared to 20-plus years ago (7:40)
- Unexpected hurdles (8:14)
- Aspiring owners need to be willing to make sacrifices to build a successful business (9:11)
- Dealing with the impacts of 60-day dispensing (10:22)
- Location, pharmacy size and manpower are key considerations when it comes to implementing innovations (15:00)
- Having one pharmacist on duty will hinder growth opportunities (16:53)
- Owners should be open-minded when it comes to giving employee pharmacists opportunities to lead (20:22)
- The three elements to finding the right pharmacy – location, financial support and manpower (21:43)
- The qualities of a good business partner (22:34)
- Knowing when to sell (26:49)
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Carlene McMaugh
