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Posted 1 August 2023 PM
Chemist Warehouse is moving to operate pharmacies inside Australia's hospitals - dispensing more complex and more expensive medicines - in a move described as a game-changer.
The new project, dubbed Chemist Warehouse Hospital Pharmacy, is a partnership between Chemist Warehouse and the founders of cancer care giant Icon Group, Cathie Reid and Stuart Giles.
The wealthy couple who sold Icon to a private equity group, amassing a $550 million fortune, said they "can't wait to be part of the change" the new venture will create.
Chemist Warehouse, which runs more than 500 stores and had sales of $3 billion-plus last year, is a giant in the retail pharmacy sector but has not moved into hospital pharmacy - until now.
"This closes the loop around providing all aspects of pharmacy service delivery to patients and offering exceptional value for money," a Chemist Warehouse spokesperson said.
"In addition, the joint venture will produce employment opportunities for pharmacists and pharmacy assistants and enable our highly sought after trainee program to operate in the hospital pharmacy environment."
Disciplined approach
Reid and Giles sold most of their pharmacy interests to Chemist Warehouse a decade ago before moving into oncology care.
"We've long had huge admiration for the Chemist Warehouse founders and what they've achieved in completely redefining the community pharmacy landscape in Australia and now, beyond," Reid said on her website, IamCathieReid.com
"You can't achieve the kind of growth that Chemist Warehouse has had, particularly with its accompanying consistent consumer experience, without a highly disciplined approach to systems, processes and training.
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"They also have great data driven decision making capabilities, knowing the important metrics required to achieve their goals, monitoring those and acting with agility when change is needed.
"We have also seen that they are never content to rest on their laurels, they have constantly scanned the landscape looking for new opportunities that not only make sense with their business execution capabilities but also deliver value to their significant customer base."
Patient complexity in hospitals is typically higher than in retail pharmacy with the use of more complex and specialised medications. An in-house hospital pharmacy would provide services for patients during their stay and also following admission.
Chemist Warehouse founders Jack Gance and Mario Verrocchi, certainly have the Midas touch. They opened their first store in Melbourne in 2000 and have grown their business with huge success ever since.
They make regular appearances on Australia's various rich lists, having amassed more than $2 billion each.
Christine Spiteri
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