Pharmacy ownership has been a wild ride over the past decade. From navigating price disclosures to battling fierce competition, and even grappling with the curveballs of a pandemic, pharmacy owners have had to embrace change to succeed. And now 2024 is well and truly underway, it’s proving to be no less of a rollercoaster. Our aim with this series of articles is to show aspiring pharmacy owners what is possible when starting from the ground floor.
Article three in AP Group’s first-time pharmacy owner series travels to Tasmania’s rugged and wild west coast, where Sam Skellern is embracing his ownership journey at Strahan Pharmacy.
Purchased in February 2023 and supported by his wife Zoe (a qualified nurse), Sam has launched into ownership with his “you get out what you put in” approach. From tapping into the local tourism market, to keeping up with regulation changes, and focusing on a collaborative approach with local doctors – it’s been a positive first year.
Originally from a small rural community in Queensland, Sam is no stranger to rural living and the challenges and rewards that come with a close-knit community. His country roots have taught him that it takes time to integrate into a community – particularly in a town like Strahan that’s home to several fourth-generation families.
Strahan acts as a gateway to Tasmania’s picturesque Cradle Mountain, the Gordon River and nearby sub-Antarctic rainforest, with a population of 700 that swells to 2000 during tourist peaks. Despite its small size, Strahan boasts essential amenities like an IGA, 6 restaurants, an Op Shop, an Australia Post office, and a service station (although it currently has no petrol pumps).
Sam has hit the ground running since acquiring Strahan Pharmacy in February 2023. Firstly, he focussed on getting the fundamentals right – rearranging the floorspace to create an additional 15 square meters for trading and focussing on better meeting customer needs.
Next, Sam recognised the significance of the tourism market in Strahan. He strategically tailored the pharmacy’s offering to cater to the basic healthcare needs of tourists visiting Cradle Mountain or travelling along the windy Lyell Highway – focusing on sunscreen, travel sickness and general first aid. In addition to healthcare essentials, he introduced products like mobile phone accessories, underwear, and hats to accommodate tourists’ needs. Sam has also kept up with shifting regulations and the opportunities that this can create – for example, the ability to prescribe UTI medication under certain conditions without a doctor’s prescription.
But these impressive improvements didn’t come without a fair share of challenges. Since acquisition, Sam has had to navigate the introduction of 60-day dispensing which has also forced the pharmacy to carry more stock, for less return. This resulted in a proposed consulting room being placed on hold – meaning the community won’t have immediate access to pharmacy-administered vaccinations and other services, as Sam had hoped.
However, it’s clear that Sam has taken these setbacks in his stride. With a strong commitment to patient care and the local community, Sam has purchased a home in Strahan and plans to continue integrating in the local area for years to come. On top of his professional achievements, he’s maintained a good work-life balance along the way – taking time out to enjoy the surrounding nature and breathtaking scenery.
In a little over a year, Sam has laid the foundations and focussed on getting the fundamentals right. We can only expect more positive changes to come, as Sam builds his local customer base, and in turn, increases turnover and profitability.
This article is the third chapter of our exploration into the world of first-time pharmacy owners. Stay tuned for more stories of triumphs, trials, and the unwavering spirit that’s shaping the future of pharmacy.
Written by Andrew Whelan, General Manager – AP Group
AP Group are the leading pharmacy experts in Australia and specialise in helping first time buyers find the right pharmacy and secure the finance to support their purchase.
We connect existing owners with over 5000 ready and eager investors via our cutting-edge online Data Room. Our Data Room keeps confidential listing data secure and allows buyers to make informed decisions on each of our pharmacies for sale.
AP Group have built connections with all the major banks and a host of smaller lenders, ensuring that first time pharmacy buyers find a better deal.
About the Author:
When Andrew Whelan is not out pedalling his bike or looking after his two marvellous kids, he’s pedalling through pharmacy finance and strategy development.
Having been with AP Group since the beginning, Andrew has more than a decade experience in pharmacy and is an asset to the sales and finance division. He’s a numbers wizard, people person and sustainability champion — leading AP Group to achieve official Carbon Neutral Certification with Climate Active.
Before AP Group, Andrew spent more than a decade in the telecommunications and media industry including 7 years at Telstra in a variety of senior management roles and 3 years in the United Kingdom managing the commercial function for the British Sky Broadcasting — a time where it was the fastest growing broadband provider in the UK.
So it’s no surprise that he is well equipped to help customers with some of the biggest decisions they will ever make — buying a home or investing in a pharmacy — and helping to show them what’s truly possible.