Pharmacies in Australia have been evolving for years, implementing new technologies and better practices regarding the internet and cloud-computing. There’s still a lot they can do to improve, though, and it might be more necessary than ever. Setting up sound accounting practices with DBS Accountants is a great first step toward business innovation.

You need to be up-to-date and start innovating along with the rest of the industry.

Pharmaceuticals are one of Australia’s largest manufactured exports, according to the Department of Industry, Innovation and Science. The sales of medicines for complementary purposes are worth around $2 billion every year – only a small part of the total annual revenue for the entire industry. IBISWorld data shows that the annual revenue is $16 billion, shared between 4,041 businesses nationwide.

In order to make headway for your own pharmacy business, you need to be up-to-date and start innovating along with the rest of the industry.

The state of pharmacies in Australia

The PwC report on Challenges and Change in the Australian pharmaceutical industry from 2015 suggests that 89 per cent of businesses surveyed believed further investment in compliance was necessary. That compliance could be to meet industry standards, or to advance financial software so it is more efficient and easy-to-use.

At the same time as investment is widely seen as vital, 66 per cent of Australian pharmacies are predicting growth in the near future. If your business is not a part of that optimistic group, there’s a chance you’ll be left behind.

There are things you can do to ensure you keep pace with the rest of the industry, though.

How can your pharmacy business innovate?How can your pharmacy business innovate?

How to innovate and stay compliant

When you’re trying to change the way your business operates, it’s important to talk with a professional about the best ways to go about it. You can’t simply read a guide on the web detailing specific things to do, because it’s going to be different for every business.

Your pharmacy will be different from the one in the next city, or suburb, or street. If you just followed what a competitor was doing because you thought it was the best option, you’d probably end up losing your way. Other pharmacies are tailoring accounting and compliance updates to suit their own business – you should be doing the same.

Don’t wait for your competitors to innovate before you, then copy them. Make the first move. Get in touch with DBS Accountants for advice on how to keep your pharmacy business ahead of the market.