Day Lewis this week (November 26) announced the launch of a new “joint venture scheme” to allow pharmacist managers “to become co-owners of the pharmacy they lead”.
Sharing the news exclusively with C+D, it said that pharmacist managers at the multiple who become partners will have “the option to buy up to 49% of the value of the pharmacy” they run.
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According to Day Lewis, “entrepreneurial” and “service-driven” pharmacists with a passion for patient care and business growth are eligible to participate in the scheme.
The opportunity is also open to “experienced” pharmacists outside of Day Lewis who “have the ambition to own a pharmacy”, it added.
The new initiative will ensure pharmacists’ “vested interest in both team and patient success” and encourage “a stronger commitment to patient care, team development and business performance”, it told C+D.
“New private services”
Under the new scheme, “patients can expect new private services and enhanced care offerings, ensuring they have access to everything they need”, it said.
“This patient-centric approach will not only enhance healthcare delivery but also position each pharmacy as a comprehensive hub of care, meeting the growing needs of local communities,” the multiple added.
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The scheme is now live and the “first wave of participants” have already been onboarded with “more being finalised”, it said.
“The first pharmacy involved in the joint venture scheme is located in Woodley, Berkshire, with plans to expand across other pharmacies in the Day Lewis network,” it told C+D.
“Empower pharmacists”
Pharmacists participating in the scheme will act as line managers to their team, bringing a “personalised focus” and “new service offerings”, it said.
But it stressed that co-owners will still have “full access to the company’s regional support structure and support office” and that the change will “enhance” the work environment and opportunities for non-pharmacist colleagues.
“This initiative aims to empower pharmacists who have demonstrated a deep care for their team, patients and the performance of their pharmacy” and allows them to combine “their clinical expertise with business ownership”, the multiple said.
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“With the growing demand for private services, this initiative positions the pharmacy as a comprehensive healthcare provider,” it added.
Day Lewis Group executive director Sam Patel said that by offering ownership, “we enable entrepreneurial pharmacists to realise their goals without being absorbed by the significant administrative burden in managing a business”.
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And executive director Rupa Patel encouraged female pharmacists to apply to the scheme.
“We know the unique strengths women bring to leadership – I’m committed to supporting and empowering more female pharmacists to take on ownership,” she said.
In August, Day Lewis’ annual report revealed that the chain saw its sales hit £502 million last year with pre-tax profits of £8m.