Independent Pharmacies Australia (IPA) is strengthening its support for community pharmacy through its Expanded (Full) Scope of Practice Support Program, equipping its member pharmacists with the clinical capability, confidence and business support to deliver expanded services in-store.

With 31 pharmacists having completed the program and a further 84 enrolled this year, IPA is seeing strong momentum as more pharmacists move to embed expanded scope into everyday practice.

IPA Managing Director Steven Kastrinakis said the program reflects IPA’s long-term commitment to the future of independent pharmacy.

“For IPA, ‘Here for Good’ means standing beside community pharmacists for the long term,” he said. “It’s about giving pharmacy owners and their pharmacists the capability and confidence as their role continues to evolve to deliver more for their patients, while building sustainable, future-ready pharmacies. And as part of our new IPA Community Pharmacy membership, we are contributing $5,000 per pharmacy to help remove barriers and support members to undertake expanded scope of practice training.”

IPA member Ben Wishaw, owner of Twin Waters Pharmacy, said practising to his expanded scope enables him to deliver more comprehensive care.

“Practising to expanded scope means operating as the best pharmacist I can be and providing better healthcare to the people around me,” he said.

“IPA supported me from day one, from training to assessments, as well as business support such as consultation room preparation, procedures and policies, and in-store promotion to embed services into everyday practice.”

IPA’s program combines clinical education with practical, in-pharmacy execution, supporting members to integrate services, workflows and patient engagement into their business.

As part of its ongoing commitment, IPA will host its second Pharmacist Academy Conference from 20–22 July in Manly, NSW to further enhance members’ expanded scope of practice capabilities.

By bridging clinical capability with operational delivery, IPA is positioning independent pharmacies as accessible, trusted healthcare destinations and ensuring that their member pharmacies are ready to play a greater role in Australia’s primary healthcare system.

END

Media Contact:
Nimfa Martinez
Head of Communications, Events & PR
Independent Pharmacies Australia
Email nimfa.martinez@ipagroup.com Phone 0433 122 713

About IPA

At IPA, we are unifying independent pharmacies to help Australian communities access convenient and affordable healthcare. As the largest independent pharmacy network with circa 1100 member pharmacies, we are on a journey to make IPA known to Australians as a leading healthcare and pharmacy brand. To achieve this, we are using our scale to simplify pharmacy operations through our technology, health programs, merchandise solutions, and training. We are also creating marketing programs and tools to amplify the unique care our pharmacies offer to their communities.

Website: www.ipagroup.com

 

The first thing I like to do when I meet a pharmacist is ask them to tell me about their pharmacy. This simple question can uncover a critical vulnerability – many pharmacies rely heavily on a single factor to determine their success. For example, your pharmacy might have a medical centre right next door, driving 90% of scripts, a strong aged care packing contract, or a corporate office nearby with high foot traffic. But what happens if this local lifeline disappears? Even something as simple as a local supermarket closing can redirect scripts to the next town. These scenarios are risks that can threaten your business overnight. The unthinkable does happen.

However, the good news is that you can plan to help mitigate external risks to your business. These include:

1. Plan from a Position of Strength

Risk mitigation starts before the crisis – not during or after. When options become limited, your ability to respond diminishes. Focus on building resilience now. When buying a pharmacy you should consider any “concentration risk” and how to mitigate the pharmacy’s dependency on that revenue stream.

2. Keep Your Finances Fit

• Be meticulous with your lease and loan terms, know your bank covenants
• Never cross-subsidise the cashflow or equity of one pharmacy with another—or worse, with personal assets like your home, if it can be avoided, better to make the hard financial decisions and conserve cash
• If you must, ensure any security is released as soon as practical by the bank…you’ve earned that right.
• Understand your insurance policies and what you really are covered for and the excesses that apply

3. Manage Your Balance Sheet

• Maintain healthy working capital: debtors, inventory, and prepayments should be as lean as possible.
• Have a cash buffer or contingency plan
• Stretch payments to suppliers within industry norms to preserve liquidity.
• Generate sales aggressively but stay within commercial market parameters.
• Have a positive relationship with your bank, meet with them even when times are good, my golden rule is never surprise the bank
• Temporarily restructure your debt obligtions

4. Act Quickly and Seek Help

If something changes in your business environment, don’t avoid decision making. Instead, take decisive action and consult experts early. The sooner you respond, the better your chances of navigating uncertainty. Pharmacy is a dynamic industry, and while you can’t predict every challenge, you can prepare for them.

 

 

When most pharmacy owners think about financial performance, their attention naturally gravitates toward the profit and loss statement. After all, it tells you how your business performed over the past 12 months. But as a finance professional, my first stop is always the balance sheet – and here’s why. 

Why your balance sheet matters 

The profit and loss statement is a snapshot of a single year. The balance sheet, on the other hand, represents the financial story of your pharmacy over its entire life. It’s not just a static report; it’s a powerful tool that can reveal opportunities to unlock cash and strengthen your financial position. 

Common sources of funds include: 

• Cash on hand 

• Debtor collections 

• Reducing inventory 

• Limiting prepayments 

• Financing assets rather than purchasing outright 

The balance sheet also shows where funds are leaving the business. For example, you might be paying wholesaler accounts, suppliers, taxes, employee entitlements, and loan repayments. But there’s one area that’s often overlooked – drawings and related party loans. 

The Silent Cash Drain 

Negative retained earnings indicate a loss, but drawings, dividends, and related party loans tell a different story. Instead, these represent cash generated by the business that has flowed outside the business. For non-financially trained owners, this is easy to miss but it’s the first thing I look for. Why? Because it answers two critical questions: 

1. Is the business truly in good health? 

2. Is the owner living beyond their means—or worse, in a partnership, has one owner unknowingly lent money to another? Partners, Shareholders, Trustees, need to have the difficult conversation with each other and with your accountant. 

Ignoring these signals can lead to serious cashflow challenges, even when the profit and loss looks healthy. 

Practical Steps to Improve Cashflow 

If you have surplus cash, make it work for you: 

• Use an offset account against your pharmacy loan to reduce interest expense. 

• Review your debt terms regularly – a 1% interest saving is like a 1% improvement in trading terms. 

• Manage inventory efficiently: aim for stock turns greater than 6x for OTC lines and 14–16x for dispensary lines. 

• Avoid bulky stock purchases based on promised discounts – they often tie up cash unnecessarily. 

• Be prudent with high-cost drugs and avoid overstocking. 

• Collect customer debts promptly, especially aged care patient accounts. 

• Log Medicare claims correctly the first time to avoid delays. 

• Don’t let strong pharmacies subsidize weaker ones – this only delays tough decisions and drains cashflow. 

Your balance sheet isn’t just an accounting requirement – it’s a roadmap to financial resilience for your pharmacy. By understanding where cash is locked up and where it’s leaking out, you can make smarter decisions that protect your business and your future. 

Q&A with Paul O’Sullivan, CFO, IPA

How would you best summarise your role in the IPA business?
My role is to ensure everything we do for members adds equity to their business.

How long have you been with the business?
I have been with IPA for 3 years.

How long have you been in the pharmaceutical profession?
14 years.

Can you give me a brief breakdown of how you found your way into your current role? What did your journey look like?
My journey started at a wholesaler during the middle of PBS reform. Many pharmacy groups were struggling to cope, which created financial stress across the industry. That experience gave me a deep understanding of pharmacy financial statements, performance, and KPIs. I was able to help pharmacists make strategic changes to their business, respond proactively to challenges, and ensure they could compete and grow in their local markets.

What made you want to begin working in the pharmaceutical industry?
I had been working in retail in the book and publishing industry when an opportunity came up to take a commercial role at a wholesaler. The experience was transformative, it exposed me to the breadth and complexity of situations in pharmacy and challenged me to find practical solutions to real-world problems.

What are you passionate about within the industry?
I’m passionate about the tremendous positive impact the pharmacy industry has on the Australian community. This is never more evident than during bushfires, floods, and particularly through COVID. The pharmacy network across Australia is incredibly extensive, arguably one of the best-connected industry networks in the country.

What major shifts have you experienced in the pharma industry over the past 5–10 years?
The industry is constantly subject to regulatory risk. Decisions like PBS reform, 60-day dispensing, and the shift toward full scope of practice and prescribing create both challenges and opportunities for pharmacists. These changes directly impact their most important income source, their pharmacy. It’s essential for pharmacists to manage these changes carefully so their financial success translates into sustainable support for their local communities.

What emerging trends or technologies are you excited about right now?
Automation, self-diagnosis, and full scope of practice and prescribing are tremendous opportunities for the industry. They can shift healthcare delivery away from reliance on government, expand the services pharmacies can offer, reduce fiscal pressures, and still provide accessible, high-quality health advice and care to all Australians.

How do you stay ahead of the curve in such a fast-evolving space?
I spend time on the road, visiting stores and meeting pharmacists. The more pharmacists I meet and the more stores I visit, the more I learn about what’s happening at the frontline.

What advice would you give to someone aspiring to lead in this field?
Get out there and meet customers, walk a thousand miles in their shoes. Understand what the Australian health consumer is demanding, because the best solutions flow directly from that insight.

What project have you worked on during your time at IPA that has most inspired you?
Culture is strategy in action. Driving a singular culture across three mergers to form the IPA identity has been incredibly inspiring. It allows the business to create scale, which we can then leverage to benefit our members. By doing this, individual pharmacies can compete more effectively with corporate groups while still running their small businesses and retaining their unique identity.

What’s a book, podcast, or mentor that has influenced your thinking?
Blue Ocean Strategy

What is your vision for IPA?
To be the first and only choice as a member-based organisation for independent pharmacies in Australia.

Lessons from 2025 

One of the biggest takeaways from 2025 is the importance of cost control. Reviewing your pharmacy’s expenses (which include things like insurance, wages, accounting fees, and any leases due to expire) should be a priority for all business owners. I like to think of it as a summer “spring clean” for your finances. Negotiating early can save thousands and give you ample breathing room for the year ahead. 
 
Another critical lesson businesses need to learn from 2025 is that we cannot rely on a single income stream. I observed plenty of pharmacies that diversified their offerings – whether through retail, vaccinations, or full scope of practice and ultimately, they were better equipped to weather ongoing market fluctuations. This is because when all your eggs are in one basket, you’re vulnerable. In 2026, if you want to take your pharmacy to the next level, it is critical that you do things like build relationships with GPs, allied health professionals, and aged care providers also proved invaluable, keeping pharmacies front of mind in local health networks. 
 
Finally, many pharmacies missed opportunities when interest rates dropped. Instead of reinvesting surplus cash into the business or getting ahead on loan repayments, some may have just let the excess cash sit in the bank. The smarter move? Use your improved serviceability to renegotiate with your bank from a position of strength, reinvest in new income streams, and reward high-performing staff to boost loyalty and retention. 

Balancing Cost Control with Growth Ambitions 

The market is always changing, and pharmacies that fail to evolve risk falling behind. The key is to make educated, calculated investments in areas you understand – pharmacy services that deliver measurable returns. 
 
For example, investing in full scope of practice can position your business ahead of the curve. It’s not just about adding services to your offering; it’s about creating resilience and relevance in a highly competitive market. 

Top Priorities for January 2026 

The start of the year can be challenging because holiday sales are over, many customers are away and pharmacies may be experiencing excess stock. In my experience, there are three key practical steps to keep your business financially fit, which include: 

• Clear excess stock by offering discounts – freeing up cash flow early sets the tone for the year. 

• Manage leave liability – encourage staff to take annual leave. It’s a well-deserved break for many and reduces financial obligations for the pharmacy. 

• Maximise seasonal opportunities – if you’re in a holiday destination, extended hours and full stock can drive revenue, and cross-selling to increase basket size is a smart play.  

Preparing for Uncertainty 

Regulatory changes and market volatility aren’t going away. Update your business plan with conservative cash flow predictions and maintain a strong relationship with your bank. Know your bank as well as they know you, because when challenges arise, this relationship matters. 

Final Thoughts 

Cost of living pressures will continue to shape consumer behaviour in 2026, but one thing remains constant: people value service. Many Australians prefer their local pharmacy for advice over major chains, and that trust is your pharmacy’s greatest asset. 
 
So, what’s the single most important piece of advice for the year ahead? Do something. Whether it’s renegotiating costs, diversifying income streams, or investing in your team, action beats inertia every time. 

Here at IPA, we’re celebrating the pharmacists across Australia who make a difference every single day. They do so much more than dispense prescriptions. They’re often the first to listen — and the first to act. Providing health advice and education with every conversation.

They vaccinate. They screen. They counsel. Helping patients manage chronic conditions and stay well.

They provide care to older Australians and those who find it difficult to visit a pharmacy.

They do more than run a pharmacy. They create jobs. They mentor future pharmacists. They champion local health and support community causes.

They’re trusted faces in local communities.

We thank our pharmacists for creating healthier communities every day.

From Monday 21 July, Independent Pharmacies Australia (IPA) will host its premier learning event of the year – the 2025 IPA Pharmacist Academy; a three-day program dedicated to clinical excellence, leadership and innovation.

This inaugural event will bring together pharmacists from across the IPA network who are passionate about improving their knowledge and skills to provide healthcare excellence in their community.  The Pharmacist Academy will focus on four key areas of essential and practical professional development, including:

• Learn: Expand clinical and business expertise to integrate the latest advancements
• Engage: Strengthen leadership and team performance with expert-led strategies
• Advance: Explore new revenue opportunities and innovative patient care models
• Deliver: Improve patient outcomes through engagement, technology and digital solutions

Attendees will have the opportunity to enhance their clinical and business acumen, strengthen leadership capabilities, explore new income opportunities and improve patient care through engagement, innovation and technology.

Headlining the event are keynote speakers Kos Sclavos (Chief Pharmacist – DBG Health) and Hayley Tamborini (Chief Commercial Officer Arrotex) who will share their insights on the Australian pharmacy and healthcare landscape and how the pharmacists role will evolve to support Australian patients.

IPA Managing Director, Steven Kastrinakis, says the IPA Pharmacist Academy is a valuable opportunity to bring together our pharmacists to focus on advancing their professional skils for the communities they serve.

“At IPA, we are committed to unifying independent pharmacy and advancing practice to enhance both patient care and business success. Through education, innovation, and industry collaboration, we empower pharmacists with the clinical, business, and leadership skills needed to thrive,” Steven Kastrinakis says.

A topline event Itinerary of the three-day event includes:

• Accommodation at the luxurious 5-star Manly Pacific Hotel for the duration of the stay
• Monday 21 July – a welcome dinner at the elegant Cantonese restaurant, Queen Chow Manly
• Tuesday 22 July – closing night cocktail party at Little Pearl Manly set against the waterfront.

To register for the 2025 IPA Pharmacist Academy and view the event program, visit the link here.

Independent Pharmacies Australia (IPA) has officially launched its first branded pharmacy, Broadbeach Day & Night Chemist, during APP2025, marking a major milestone in the evolution of independent community pharmacies.

Timed to coincide with the Australian Pharmacy Professional Conference & Trade Exhibition (APP), this unveiling showcases IPA’s commitment to strengthening independent pharmacies while providing them with national marketing power, operational efficiencies, and sustainable growth opportunities.

The new IPA-branded pharmacy model empowers members to maintain their independence while benefiting from a nationwide consumer-facing brand. This includes a comprehensive store refresh, innovative technology integration, tailored category management, and extensive marketing support—from grand openings to digital campaigns.

IPA Managing Director Steven Kastrinakis said, “we are extremely proud to reveal our first-ever IPA branded pharmacy in partnership with Julia Clare, owner of Broadbeach Day & Night Chemist. This pharmacy demonstrates our commitment to delivering innovative, future-ready solutions for the 1,100 pharmacies in our network. Pharmacies like Broadbeach Day & Night Chemist will retain full autonomy while gaining the advantage of a powerful national brand presence and the strategic backing of IPA. This initiative modernises community pharmacy while providing financial benefits, access to community pharmacy focused technology such as Buy It Right and Patient360 as well as digital screens, and health programs via EasyClinic. Our members will also gain access to product ranges and services from DBG Health – Arrotex, VidaCorp and Axe Diagnostics.”

A New Era for Independent Pharmacies
IPA’s branding model supports member pharmacies through:
• A refreshed, flexible store design tailored to each community’s unique needs
• Enhanced product & pricing strategies through planogram customisation and supplier partnerships
• Innovative technology integration for seamless customer experiences with inventory automation with Buy It Right and better patient relationship management with Patient360
• Comprehensive marketing & branding support from store opening to local area marketing and national marketing
• Clinical services opportunities through patient-centric health programs – point-of-care testing and EasyClinic

The unveiling of Broadbeach Day & Night Chemist also underscores IPA’s strong focus on primary care services, including point-of-care testing, reinforcing its dedication to accessible and efficient patient care.

This launch lays the foundation for a nationwide IPA brand campaign, uniting independent pharmacies under a trusted, recognisable identity while preserving their individual strengths.

Last night’s 2025’s Retail Excellence Awards, hosted by Independent Pharmacies Australia (IPA) at Pullman On the Park in Melbourne, saw six of its own awarded with top honours.

Announced on the Monday 10th February at the inaugural Retail Excellence Conference at the Gala and Awards Evening, the awards recognised six of the most exceptional individuals within the IPA network, based on factors such as individual performance, innovation, and ongoing commitment to patient health.

Key selection criteria for those who took home first place included: connecting with consumers in an impactful and creative way, leveraging the power of loyalty programs to generate optimum performance, providing outstanding customer service, making a difference to pharmacy, community and team culture and being identified as a Rising Star early in their career.

The list of winners includes:

1. Award Category: Consumer Engagement Award
   Winner: Jessica Brown – Emerald Village Pharmacy
2. Award Category: Loyalty Champion Award
   Winner: Judith Kopp – Life Pharmacy Forbes
3. Award Category: Making a Difference Award
   Winner: Jess Horneman – Old Bar Pharmacy
4. Award Category: Rising Star Award
   Winner: Taylah Driesson – CDC Warragul
5. Award Category: Service Excellence Award
   Winner: Jakki Begley – CDC Patterson Lakes

In addition to these five awards, IPA also announced a highly anticipated sixth new award category – Commitment to Community Health – which recognised an individual within the network who exhibits outstanding dedication to their community and delivers services in a culturally appropriate way. Taking home this award for 2025 was Alyson Munroe Peddell of Thursday Island Pharmacy and Bamaga Pharmacy, for her tireless leadership and ongoing commitment to understanding the needs of the Torres Strait people.

IPA Managing Director, Steven Kastrinakis, said the 2025 Retail Excellence Awards were a testament to IPA’s determination to continue to recognise those within the network who not only generate results, but make a concerted effort to connect with and make a difference to their community and pharmacy teams.

“We are delighted to recognise and congratulate the exceptional hard work and dedication of all six winners to deliver quality healthcare outcomes at our first Retail Excellence Conference with 120 member delegates and 60 sponsor delegates. Each of their exemplary contributions to their pharmacies, communities and teams illustrate incredible problem solving and a can-do attitude,” Kastrinakis said.

As part of IPA’s focus on empowering the independence and capabilities of member pharmacies, IPA’s Retail Excellence Conference and Awards will become a regular part of the events calendar and complements IPA’s learning management platform, IPA Academy, launched in January this year.

Independent Pharmacies Australia (IPA) has announced a significant 9.1% growth based on like-for-like pharmacy sales year-on-year in 2024. The notable uptick follows a strategic reorganisation designed to better support its network of circa 1,100 member pharmacies across the country.

In addition, IPA’s key year-on-year data reveals:

• Retail sales (middle and front of shop) experienced a 6.7% increase over the same period.
• IPA outperformed the market by 3.1 percentage points in both middle-of-shop and front-of-shop categories (Pharmacy Market Report provided by Circana MAT to 22 December 2024)

According to Steven Kastrinakis, Managing Director of IPA, 2024 signaled an opportunity for IPA to provide strong support for pharmacy members within the IPA network. “The last year has been a rewarding one for our Advantage Pharmacies, Alliance Pharmacies, Chemist Discount Centres, Pharmacy Catalyst members, and other independent pharmacies that we support. We’ve worked closely with all our members to minimise the 60DD impact and seize opportunities through full scope of practice and the 8CPA strategy implementation,” Steven Kastrinakis said. “Our focus to support independent pharmacies at the forefront of healthcare has driven significant sales growth. Most notably, data provided by Circana shows we’ve outperformed the market by 3.1 percentage points in both middle-of-shop and front-of-shop categories.” he said.

Setting up independent pharmacies for success in 2025

In early 2024 to coincide with the business’ development goals, IPA refreshed its strategy, including a rebrand from The Platform Alliance Group to highlight its stronger commitment to independent pharmacies across Australia.

Steve Kastrinakis further added “Last year, IPA’s focus was on unifying our member and streamlining our operations to enhance technology, health programs, and marketing efforts,”

“The IPA rebrand sets the stage for us to better amplify the incredible work our pharmacies do through new marketing tools, platforms, and campaigns. We’re pleased to confirm that our new range and pricing strategy has delivered strong results, with the health category growth seeing a 6.8% increase over the past 12 months, compared to the industry average of 3.7% (Circana Australia Pharmacy report, MAT to 22 December 2024). This is a remarkable achievement, especially given the ongoing changes within the industry.” he said.

According to IPA’s Executive Director, Michael Flannery, 2025 will be a pivotal year for IPA and the pharmaceutical industry more broadly, with demand for affordable, accessible healthcare continuing to rise, signaling a need for point-of-care testing to meet these growing needs.

“2025 offers independent pharmacies the opportunity to fully integrate the full scope of practice into their services. Our sales results show that independent pharmacies play a critical role in providing primary care to their communities, and it’s essential that we evolve with the growing health needs of Australians,” he said.

At APP2025, IPA looks forward to showcasing this point-of-care solution developed in partnership with Arrotex – offering results from pharmacies that have participated in the pilot program. This will be shared at both the Plenary Session on Thursday 20 March at 11.50am-12.35pm and in information sessions at the IPA and Arrotex stands in the main exhibition hall.