In this episode of the Pharmacy View Podcast, host Scott Carpenter, EVBC is joined by co-host Kavita Nadan and guest Lisa Golden, Managing Director & CEO of Kizmet Capital. Please take a listen as the three of them talk about the changing world of careers in Pharmacy and Lisa’s drive to repower Pharmacy Finance.
Lisa has been in and around Pharmacies her whole life. Even though they have not had formal Pharmacy training, they have been passionate about Community Pharmacy their entire life.
Talking about the rebranding of Allfin to Kizmet Capital, Lisa jokes with the team about how everything has been changed except their mobile phone numbers—from email addresses to processes to systems. They add how Kizmet Capital has rebranded to become a more holistic suite of ownership and finance solutions for Community Pharmacy. They have reset, recapitalized, restructured, recruited, realigned, and even relocated. Their goal, as they succinctly put forth, is to ‘repower Pharmacy finance’.
In regards to financing Community Pharmacies under the ownership model, Lisa emphasizes how pretty much anyone can access the financing:
A first-time Pharmacy owner
A Pharmacy owner who needs financing for his fifth Pharmacy
A Pharmacy owner who needs help with succession planning
Lisa believes that Pharmacy ownership in Australia is in a bit of a stalemate in Australia with the ownership and swirl of assets revolving around a small group of Pharmacists. And talking in abstract terms is not helping. They highlight the need for a tangible solution. They add that their financing model rests on independent oversight and hence avoids the conflict of interest.
There is a lack of interest from graduates wanting to stay in the Pharmaceutical industry. And this has happened because the incentives, opportunities and risks have not been addressed properly. As Pharmacy ownership has evolved over the years, Lisa says that existing Pharmacy owners need to listen to the young generation and their need for fluidity in how they work and live their lives to make the Pharmacy attractive to a potential buyer.
The game has changed over the years, from how the locums function to part-time and full-time work at Pharmacies. Pharmacy owners need to change how they practice if they want to get more financing in the business.
