The massive influence of technology on the retail Pharmacy industry is front and center in this episode of Pharmacy View. Scott welcomes longtime colleague Chris Swifte from AP Group. Together they survey the landscape past, present and future with regard to the role IT platforms play in today’s Pharmacy sector. They touch on the efficiency and expansiveness of big data as well as partnering opportunities for new and independent pharmacists.
Covid-19 has accelerated, and in some cases prompted, many industry changes that wouldn’t be possible without the new technologies that have become so central to the retail Pharmacy industry. A new hybrid model of online and bricks-and-mortar service is emerging and the AP Group offers a range of adaptive tools to navigate the transition.
The AP Group’s online platform is also especially effective in promoting the smooth sales and transfer of commercial concerns. Far beyond the limited contents of boxes of paper statements and data sheets that prospective buyers used to receive, today’s online “data rooms” offer seamless access to a robust range of information that is constantly updated for real-time analysis. Thanks to tech platforms such as the AP Group provides, retail Pharmacy listings are easier to search and more efficient to discover in granular detail than ever before. Enjoy this glimpse into the interplay of IT and retail Pharmacy in pandemic times and beyond.
You can enjoy previous episodes of Pharmacy View here.
Topics Covered:
- Who is Chris Swifte? An introduction to his career in the Pharmacy industry, starting with his experience with Nature’s Own vitamins through a variety of retail ventures and business mediation.
- The evolution of tech’s influence on the Pharmacy industry over recent decades.
- Big Data’s distinct role in retail Pharmacy.
- Industry growth and new branding versus consolidation.
- Variations in retail models and branding propositions available in today’s landscape.
- Covid-19 has had a transformational impact on retail Pharmacy industry, bringing online sales to the fore and ultimately establishing a hybrid model that coexists with bricks-and-mortar storefronts.
- About AP Sales (part of AP Group). Primarily focused on Pharmacy sales, but legal advice, leasing assistance and financial applications to support transfers of ownership are also integral offerings.
- Pharmacists can register for access to the AP Group and its listings as well as their “data room” to view background materials and documents that extend far beyond the limited P&L-type information previously available.
- The beauty of transparent data rooms that centralize enormous amounts of information on an ongoing basis for prospective buyers’ consideration.
- Some of the things that Pharmacists in the market to buy or sell will want to bear in mind, including the criticality of effective online platforms to assist with virtual discovery and to remove stumbling blocks.
- About EchoSign (aka Adobe Sign) and how it smooths and tracks the document signing process among multiple parties.
- Migration trends among retail Pharmacy owners, particularly in light of pandemic, and programs that AP Sales can offer to match buyers and sellers in a tight market (including their Pharmacy Partnership Program).
Key Quotes:
- “When you start to factor in the size of a Pharmacy’s ranging, the pricing structures – Pharmacy is a complex retail model.” (05:34)
- “There’s a lot of cross-border expansion and appetite to partner up with people in different states to get growth and have a brand nationally represented.” (06:56)
- “One of the reasons I loved and made the decision to join in with AP Sales was because of the quality of the IT platform. That’s really been one of the points of difference.” (08:02)
- “(With Covid impacts) the guys who have had really strong IT systems have really been the ones that have been able to adapt quickly from the bricks-and-mortar model to an online model back to a bricks-and-mortar model.” (08:49)
- “With data rooms, people can view far more information and from a vendor’s position all the information is kept secure so people aren’t able to download it and it’s protected.” (11:17)
- “It’s all done through the IT platform so there is no paper signing and scanning of documents. It’s a paper-free environment with an amazing platform and database to back it up.” (12:10)
- “We have a really high number of people looking to move states to buy businesses (but) people aren’t going to hop on planes all the time … If you go to our listings we have quality photos and 360 views for a virtual tour.” (16:08)
- “(EchoSign) is a far more professional, far more efficient way of sharing documents that need to be signed off on.” (18:47)
- “More and more people maybe don’t want to be 100% owners … Some might want to be a part-owner of a larger business because they enjoy working with a bigger team.” (22:04)
Social Media Clips:
- The influence and scope of big data in the retail pharmacy context. (05:45-06:15)
- Choices for young or independent pharmacists. (07:12-07:30)
- The significance of having a solid IT platform when it comes to establishing systems and processes to meet retail pharmacy demands – especially in light of Covid-related adaptations that are here to stay. (08:16-09:13)
- What registered pharmacists can access through AP Sales’ online data room and how the information is strategically important. (10:32-11:26)
- Platforms that optimize qualitative and quantitative information are essential to the purchase or sale of retail franchises. (15:33-16:58)
- Current market conditions and demand among would-be retail pharmacy owners across the states. (19:26-20:12)
Links for Chris Swifte:
Company Website: https://www.apgroup.com.au/
Email: chris@apgroup.com.au
Pharmacy View/Sponsor Contacts: Scott @LinkedIn
Sponsor: https://shopfrontsolutions.com.au/
