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.