Despite the amount of legislation, regulations and funding changes surrounding the world of health professionals, there is still a strong demand for pharmacies even through this period of economic uncertainty.

Although at first glance it seems incongruous to consider a pharmacy as a retail business (which often appear more as a modern day convenience store with cosmetics, greetings cards and snacks), in conjunction with a health care practice such as a dentists. However, the role of the pharmacy has evolved over the last 10 years or so and the increasing diversity of over the counter sales should not detract from the role of a pharmacist as a vital professional.

They now offer more patient councelling and advice than before to customers and are a convenient source of help for minor ailments. As well as offering support for giving up smoking, healthy eating and family planning. A pharmacy cannot however escape the traditional retail environment where business management includes marketing, finance, accounting, customer relations and stock control.

While Pharmacies generate a worthwhile revenue from over the counter sales, their main source of income still comes from their contractual obligations to the NHS and PCT’s to dispense prescriptions. This has been the main attraction to purchasers and bank funders of pharmacies as it determines a value of goodwill and security of income. The security of such businesses is further bolstered by the ‘control of entry’ test that excludes new applications for inclusion in a pharmaceutical list except under strict criteria or certain exemptions.

The demand for pharmacies is likely to continue even with the significant changes and upheaval that will take place in the face of the ‘Comprehensive Spending Review’. Whilst the NHS has been ‘ring fenced’ from the spending cuts, the available government funding will barely keep pace with inflation. Whilst inevitably some sacrifices will need to be made, the funds for pharmacies are unlikely to be significantly affected. Indeed such health care practices are likely to be of greater appeal in the future.