New financial health resource for pharmacists

The Pharmacy Guild of Australia has released a new online resource to assist community pharmacies in measuring the financial health of their businesses.

The Pharmacy Financial Health fact sheet includes ten separate benchmarks, enabling pharmacies to measure their business performance against their peers in key areas such as financial health, cost containment, efficiency and productivity, stock turnover, and generic substitution.

Included is a performance continuum, which will enable pharmacies to understand where they stand in relation to the industry average.

The online resource was developed by the Guild’s Pharmacy Transformation Group, working with economists and in consultation with experienced pharmacy business experts.