Pharmacy prices up 12% despite funding cuts
Average pharmacy prices once again increased in 2016 asÂ market activity remained virtually unaffected by the announcement of funding cuts, according to a report from business property specialists Christie & Co.
The Business Outlook 2017 document reports thatÂ most operators remain optimistic about the prospects for pharmacy. At 12 per cent, increases in pharmacy business prices outstripped those in sectors such as retail and hotels, which saw increases of 8.8 per cent and 6 per cent respectively. But the dental and restaurant sectors performed particularly well, with increases of 14.9 per cent and 14.1 per cent respectively.
Christie & Co's head of pharmacy Tony Evans predicted that pharmacy businesses would continue to thrive. â€œThe outlook for pharmacies, despite the potential funding cuts, is not bad at all," he said.Â â€œIn 2016, Christie & Co achieved an average of 110% of the asking price and eight offers on each pharmacy sold. As we go into 2017 we anticipate a further raft of sales as the funding cuts take effect but we are confident that demand from buyers will continue. The sector continues to be a safe haven for private investors and family money, and banks are still keen to lend."