HELPING COMMUNITY PHARMACIES OUT-INNOVATE BILLION POUND BUSINESSES
COMMUNITY PHARMACY IN THE UK
In July 2019 the Health Secretary published The Community Pharmacy Contractual Framework for 2019/20 to 2023/24: supporting delivery for the NHS Long Term Plan detailing how the Government was changing the way community pharmacy is funded by the NHS. Effectively reducing pharmacy income from dispensing drugs and forcing pharmacies to create new revenue streams in order to survive.
All this against a landscape, according to The General Pharmacy Services Report 2015/16 – 29019/20, where 63% had closed from 2016 to 2020, whilst prescriptions had increased by 4.3%.
The UK community pharmacy sector faces a huge challenge for survival in decreasing income and rising costs.
THE NEED FOR INDEPENDENTS TO INNOVATE
There are over 13,000 pharmacies on the high streets of the UK.
3 large corporates control almost 50% of the market – Boots, Lloyds and Well. The remainder is made up of over 3,000 independent companies.
The top 3 groups are innovating hard and fast:
- Boots Alliance has recently announced a further £740,000 investment into its £1.4m incubation centre
- Lloyds recently installed CEO has publicly stated: “We need to modernise and to give patients and customers the convenience of technology” while Lloyds’ parent company also secured the prescription management app Echo
- Well Pharmacy has successfully trialled the UK’s first ‘store of the future’
These are all large and significant investments – options not available to independent pharmacies that cannot employ expensive innovation teams, acquire expensive software apps or build costly innovation centres.
WHAT IS PROJECT#808 DOING?
Project#808 is enabling and equipping all independent community pharmacies to level the playing field with the big corporates through its problem/solution/product process, innovative investment model, supporting change management and through our ability to pull together sector leaders and suppliers who share in our values, to support the mission.
Our work in pharmacy is a true joint venture partnership with the pharmacy sector. All founding investors are from the pharmacy sector. The partnership enables validation, it enables collaboration and most importantly it empowers independent community pharmacy to own the future of their own industry
WHAT WERE THE BENEFITS?
Built on Project#808’s problem/solution process, products heavily validated by pharmacy owners are now being built that deliver the infrastructure for a service led community pharmacy, whilst:
- Reducing operational costs
- Increasing speed and efficiency for pharmacy teams and pharmacy customers
- Creating increased capacity for face 2 face patient time
- Enabling diversification
Because we only build products that pharmacy owners have told us they will buy, we have delivered a low risk/high return investment opportunity.
Working with industry leaders in pharmacy and its supply chain we are building a brand new ecosystem of support to drive change management, behavioural change and technology adoption, as well as creating the opportunity for any pharmacy in the UK to deliver any service to its local community.
Project#808’s pharmacy interventions will not only reduce pressure on the NHS and GPs, but empowers every member of the general public to take more control over their own health.
Room 303 Maxwell Building 43 Crescent Salford M5 4WT
0333 050 3801