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Finance expert: Pharmacy funding cut will hit locum rates

Contractors will look to locums to make savings after October's funding drop, says Shawbrook Bank head of pharmacy Sebastian Miles


The government’s plan to cut pharmacy funding in England by 6% will drive down locum rates, a leading finance expert has predicted.

The planned cuts – which will see the global sum slashed by at least £170 million in October – will “inevitably put downward pressure” on rates as contractors look to make savings, according to Sebastian Miles, head of pharmacy at funding provider Shawbrook Bank.

Locum rates will "not necessarily" drop until the cuts arrive, he told C+D on Wednesday (January 6).

Pharmacists took to Twitter to agree with Mr Miles' comments.

Sector shares the pain

The funding drop will also “put a lot more pressure” on medicines suppliers to “reduce their margins a little bit”, Mr Miles said.

“I think everybody in pharmacy is going to have to share the pain,” he added.

An online petition urging the government to scrap the planned cuts had gained more than 9,900 signatures at time of going to press. The government will have to respond to the petition if more than 10,000 people sign the document.

You can sign the petition here.

Last January, C+D revealed locum rates were the lowest in seven years.


More on the cuts...

Government to slash pharmacy funding by 6%

Pharmacy funding cuts: Everything you need to know

Pharmacy funding cuts: The sector's reaction


How could the cuts affect your pharmacy business?

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