Supporting pharmacies through COVID-19
Supporting pharmacies through COVID-19
It is with no doubt that pharmacies are on the frontline of tackling this pandemic. They are also facing business challenges they will never have tackled previously.
We interviewed Seb Miles, Managing Director of Woodsford RxBridge, to discuss how Woodsford RxBridge pharmacy finance can support pharmacies throughout the COVID-19 pandemic.
Watch the video or read the full interview below:
How have independent pharmacies been impacted by COVID-19?
Pharmacies have been tremendously impacted by COVID-19. In the first instance, the volume of traffic and footfall through pharmacies has increased enormously. In a similar way to how supermarkets have seen customers panic buying food and household items, pharmacies have had customers stocking up on medication due to the uncertainty of what is going to happen over the next few weeks/months.
Pharmacies have also experienced GP surgeries having to close, which again has increased the footfall through pharmacies, one of the very few services that has remained consistently open for business at this time.
So, pharmacies have been under immense pressure both in terms of meeting the needs of their customers and patients, but also in protecting their own staff in the current environment.
In the long term, the response will raise their standing in the community. The hope is that, for all that they are going through at the moment, the sector will come out the other side more widely regarded by the general public as a whole, and also a lot better funded.
To find out more about a Woodsford RxBridge facility and how it can benefit pharmacies, read our pharmacy finance FAQ article here
Are Woodsford RxBridge currently offering new facilities to pharmacies?
Yes, we are absolutely open for business and are ready to support pharmacies that are on the frontline of this crisis.
We are a tech-enabled company that is geared up for the current working environment. Like everybody, we have our concerns and anxieties about what’s happening in the world, but generally our business is otherwise unaffected.
We are continually and actively looking to support more pharmacy businesses with their working capital needs at this very challenging time.
To find out the quantum of funding Woodsford RxBridge can provide to your pharmacy business, try our funding calculator
In light of the current circumstances around COVID-19, is it better for pharmacies to apply for a Woodsford RxBridge facility or to apply for a CBILS/BBILS loan?
In the current environment, pharmacies are looking for access to working capital to meet operational requirements in the business. That is precisely what a Woodsford RxBridge facility does. We offer a ready-made solution for the current problem that a lot of pharmacy businesses are facing.
CBILS will provide a loan over time, but what we have is a facility you can use as per your requirements. You can drawdown as little or as much as you need from month to month to meet your working capital needs. There is potentially no need to go for a CBILS loan when there is a workable facility available for the current situation.
I would advocate that a Woodsford RxBridge facility is an existing solution for the problem that a CBILS loan is trying to resolve.
You can find out more about the CBILS loans in our quick guide.
What is the best advice for pharmacies considering a Woodsford RxBridge facility?
One of the biggest challenges that businesses face right now is cash flow. In pharmacy, there is a huge demand to source medication and we’re seeing wholesale prices increasing with a greater demand on supply.
The absolute priority for all pharmacy businesses is to look after their customers and patients, and so that’s where their focus should be.
A Woodsford RxBridge facility can provide some flexibility and peace of mind, so that one thing pharmacies don’t need to worry about is their immediate cash flow. Their priority should be the welfare of their customers.