EXCLUSIVE

Independent contractors in England will cope with the 6% pharmacy funding cut better than multiples, a finance expert has predicted.

Independent pharmacies can “be more nimble”  than larger chains and better adapt to the needs of local populations, according to Sebastian Miles, head of pharmacy at funding provider Shawbrook Bank.

Small business owners have more control over "what happens on the ground" and are not restricted by a broader business model, he told C+D last week (January 15).

Ability to adapt

The “bottom line" will depend on contractors' ability to “invest in new revenue streams and [make] efficiencies”, Mr Miles said.

“They could take advantage of locally commissioned services or adapt their retail counter to better suit the market,” he said.

Contractors should use the six months before funding drops in October to "embrace" delivering services, Mr Miles stressed. "[Try to] better utilise anything that is outside the pharmacy global sum and [the funding cut] won't affect your revenue elsewhere," he added.

Earlier this month, Mr Miles predicted the cuts could drive down locum rates as contractors look to make savings. 

How are you preparing for the funding cuts?

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