The Department of Industry, Innovation and Science (DIIS) has announced a $7.4 million funding injection for the pharmaceutical and medical technology sectors. But how does that impact business owners on the ground?
There could be more than a few trickle-down effects, which will see you double-checking your bookkeeping services.
Research and products to be boosted
In an October 24 media release, Minister Greg Hunt announced 14 projects that would share in the $7.4 million funding boost.
“We’re investing in innovative projects that will develop and increase commercialisation of new medical therapies, devices and digital health systems,” he noted.
Changes to funding and accreditation may affect local pharmacies down the line.These projects will increase patient access to cancer treatments, integrate software and design companies with health professionals, and foster better research, discovery, development and commercialisation of treatments and drugs.
Overall, this means new systems and new products, boosting the offerings for pharmacies right across the country.
More advanced accreditation to meet the market
The pharmacies market is sitting in a good position – which this funding should only enhance.
With annual revenue totalling $16 billion and growth of 0.3 per cent year on year (courtesy of IBISWorld), the pharmacies market is sitting in a good position – which this funding should only enhance. This is further bolstered by recent news from the Pharmaceutical Society of Australia (PSA) on accreditation for pharmacists.
The Australian Pharmacy Council has announced the end of credentialing for advanced pharmacists, as it was no longer sustainable. While PSA National Vice President Michelle Lynch understands this decision, she has noted that her organisation will pick up the slack.
“PSA will continue to recognise all members who become credentialed as an Advanced Practice Pharmacist by offering them the opportunity to become Fellows of the Pharmaceutical Society and use the post nominals (FPS).”
This allows pharmacies to continue training their staff to a high level, which could tie in well with new offerings that come down through the funding boosts. Of course, this means a new set of considerations for those in charge of payroll solutions.
The capacity for better-trained staff could mean increased wage costs, while any advancements on a research front may mean reworking budgets to make sure all pharmaceutical offerings are available for clients. While there are no immediate changes you need to make, it’s important to stay on top of.
For all your medical accounting needs, the team at DBS Accountants is on hand to make it happen for you.