This episode of Pharmacy View Podcast features Simon Reynolds, Managing Director and Co-Founder of Australia’s largest Independent Pharmacy Group – Pharmacy Alliance. During this gripping conversation, Host Scott Carpenter, EVBC and Simon talk about how technology has been a key driver behind the success of the Pharmacy Group and how it will continue to be leveraged for the good of not just the members but also the communities being served, at large.
The son of a pharmacist and then being mentored by his dad (who also became his business partner), developing a passion for ownership of an independent pharmacy came naturally to Simon. Then having grown up around pharmacists, Simon started his own Pharmacy buying group in 2002, building it around a technology platform with centralized IT department, centralized product sales systems, and centralized control over stock and price management of the member stores. That platform by 2008 evolved into the Pharmacy Alliance Generic Matrix (PAGM) that maximizes dispensary growth and buying efficiency. The goal of the system, Simon emphasizes, is to make it as easy as possible to operate with the use of an Inventory Intelligence Program—from guaranteeing that the shelves are stocked, to providing the right pricing, to not having to pay for the stock until they are dispensed, to even checking for redundancies and overstocking.
While the onset of COVID hit many hard, Simon talks about how people moving back to their rural communities tied in with national vaccination drive meant that the independent pharmacies benefitted from the sheer growth in volume. He does, however, acknowledge that technology could have been better used during the period when it came to POS, pricing and profit margin, among others. Calling technological integration, a prerequisite for growth in the industry, Simon is proud to have a team of dedicated professionals that tailor makes training, systems, and processes for member pharmacies because there certainly isn’t a one-size-fits-all in the pharmaceutical industry.
- How Pharmacy Alliance Came into Being
- Using Technology in the Pharmaceutical Industry
- Pharmacy Group Manager (PGM)
- Impact of COVID on the Industry
- Future of the Industry from the Tech Perspective
Key Quotes (Time Stamps)
- “Rural Australia is a real passion of mine. As a pharmacist, you can give more interest in the community and be an integral part of the health care system as opposed to the larger cities.” (3:00 – 3:12)
- “We need to be better at tech. We need to have better technology enablers.” (12:27 – 12:31)
- “That ethos of ‘better together’. So, really trying to use our collective scale to provide those solutions.” (16:19 – 16:23)
- “Technology is critical to ensure the profitability of our businesses moving forward.” (17:52 -17:59)
Social Media Clips (Time Stamps)
- Who Simon is and How He Started Pharmacy Alliance (1:20 – 2:25)
- Working with Technology (3:32 – 4:22)
- Evolution of PGM (6:11 – 7:32)
- Impact of COVID on the Pharmaceutical Industry (11:50 -12:24)
- Increasing Use of Technology (12:25 – 13:44)
- Choosing the Right Platform (14:19 – 15:25)
- Future of the Industry from the Tech Perspective (17:26 – 19:25)
- GI Mapping (22:12 – 22:47)
- Paper-Based Versus Digital Marketing (23:07 – 25:21)