The AJP Podcast

‘Don’t expect instant returns’

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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)

    • Go here for the full list of active AJP podcasts. These can also be accessed via Apple Podcasts and Spotify

    Carlene McMaugh
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    The AJP PodcastBy Australian Journal of Pharmacy

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