Most pharmacists expect the value of their business to drop, in a loss of confidence blamed on a government policy change.
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The 10th annual CommBank Pharmacy Insights report released on Thursday showed 72 per cent of community pharmacists surveyed in May expected the value of their business to decrease, compared with just 10 per cent six months earlier.
The report's UTS Community Pharmacy Barometer Index fell from 146.8 out of 200 in November to a decade low of 60.8 out of 200.
New 60-day dispensing rules, up from 30 days, come into effect in September.
The research found community pharmacists were concerned about the uncertainty and prospect of lower earnings from the policy change.
About 61 per cent expressed neutral confidence about the future viability of community pharmacy.
However, CommBank Health CEO Albert Naffah said pharmacists were innovating to improve competitiveness and customer experience.
"Digitisation is providing opportunities for pharmacies to create greater efficiencies in managing their day-to-day operations and implementing solutions to improve workflow and cost management," Mr Naffah said.
"Pharmacies are also (adding) ... more professional services such as vaccinations and prescribing, as well as product ranges, including vitamins, compounding medications and practitioner-only products, skincare and beauty, and gifts."
He said one in three pharmacies were looking at click-and-collect or online purchasing systems.
Meanwhile, ePrescriptions have flourished, with almost all pharmacies able to receive prescriptions by email, while 71 per cent can receive via text message, and 66 per cent via a mobile phone app.
Pharmacy Guild national president Professor Trent Twomey said the report showed the policy change would leave patients and their local community pharmacies worse off.
''For months we have been sounding the alarm on behalf of patients and pharmacists, and unfortunately this Commonwealth Bank report has again confirmed our fears," he said.
''The prime minister and the health minister can no longer ignore the concerns of 6000 community pharmacies and the many unintended consequences of 60-day dispensing."
The first 60-day scripts for about 100 types of medicines will be issued from September 1.
It will halve the cost of medicines for more than six million people who are living with an ongoing health condition.
The move, which will save up to $180 a year per medicine, has been welcomed by the Consumers Health Forum, the Heart Foundation, the Lung Foundation, Breast Cancer Network, the Rural Doctors Association and the Australian Medical Association.
A spokeswoman for Health Minister Mark Butler said the pharmacy lobby was engaged in a "cynical and desperate scare campaign".
Australian Associated Press
