Ep4: A dose of inspiration with The Local Choice Pharmacy

Hugh Cunningham is as passionate about customer service and product assortment as he is about medicine. As the co-owner of The Local Choice Pharmacy Harmelia, Hugh focuses on business management, while his wife and co-founder Yolandi ensures the dispensary runs smoothly.  On episode 4 of The Finance Ghost Plugged in with Capitec, Hugh shares excellent insights on specialist retail and how pharmacies really work. Episode 4 covers: Why separation of duties and having a clear decision-maker is critical The importance of doing proper financial analytics in any business How pharmacies make money and the differences between independent and corporate pharmacy models The benefits of being part of a franchise network The future of the pharmacy industry and how independent pharmacies can stay competitive   Chapters (00:00:00) - The Finance Ghost(00:00:45) - Pharmacist Business Podcast(00:01:18) - Married to a Pharmacist(00:08:26) - Exploring the pharmacy business with Discim(00:09:19) - Local Choice Pharmacy(00:14:16) - Front Shop Pharmacy vs. dispensary(00:17:19) - What is the restriction on sales in the front shop?(00:18:56) - Risks of disruption to the retail pharmacy market(00:24:08) - Medical Aid and working capital(00:27:51) - How Hard Is It to Get a New Pharmacy License?(00:29:47) - What's Your Biggest Mistake?(00:30:51) - Interview(00:31:57) - Thanks to Capitec Business Bank