I recently published a video entitled “The Discounter Battle Part 2”, which was republished as an opinion piece in Pharmacy Today. It received unanimous endorsement from pharmacists up and down the country, which is both good and bad. Good, because it looks like I got it right. Bad, because if I got it right, it means we have a big problem.

So, I will follow it up, but I ask that you email me with what you think pharmacy needs to do next. It’s not an easy fix, folks. I could do with your help.

For now, I will pose a related question:
All across the country, young pharmacists are lining up to buy pharmacies. Bright young things, full of hope and enthusiasm, ready to fulfil their dream. Not put off by all this negative talk. Splendid. Right?

But given all the disruption going on, should they do it?

My answer is similar to what I would say to my son asking, “Should I do my OE now, Dad?”, if war had broken out somewhere in the world. My answer: “Sure, but be careful where you go.”

DHBs have wreaked havoc in Auckland and to a lesser degree, other areas. So let’s start there. To me, the Auckland pharmacy sector resembles a bit of a war zone. Some spots are doing okay, but they are wearing hard hats in case. In other parts, there is damaged and smoking pharmacy wreckage dotted around. Few casualties yet but quite a few pharmacies are walking with a limp.

So to young pharmacists buying there – be careful. Pay a fair price and not a cent more. If the vendor gets you into a bidding war, don’t get carried away. Stay calm, be wise and be prepared to pull out. Let some other mug take the hit. Have two experienced sources of ­valuation advice.

Okay, so your extended family lives in Auckland, and you want to buy there to stay near them. I have a suggestion. What about they move with you to the country, enjoy cheaper housing, and then you buy a rural ­pharmacy? It is my rural pharmacy clients who have the healthiest and most stable incomes.
No discounter will open in Alexandra. Or Pahiatua. Or Hokitika.

Yes, it’s harder getting staff and all that. But remember, you are in no-discounter heaven. Probably for the rest of your business life. That’s big.

You can’t be wise at 30. You don’t even have a grey hair yet. So pick your advisers carefully, make sure your accountant is experienced in pharmacy. Ask questions. Listen carefully.

To help people like you, I have released a four-part video series “Buying a Pharmacy”
on Facebook and YouTube. It’s free advice.
It’s pretty good.