King clarifies on finance survey after Guild concerns

Professor Stephen King has issued a clarification about the King Review’s financial survey following a warning to Guild members to be wary of participating.

In Prof King’s December message last week, he told the sector that the Review of Pharmacy Remuneration and Regulation would conduct a financial survey of the pharmacy sector.

“Following the release of my December ‘Message’ last week the Panel was concerned to learn of a ‘Guild Alert’ sent to Guild members which cautions that: ‘Guild members should be wary about participating in this survey until the Review Panel clarifies its purpose and how their financial data will be used’,” Prof King writes.

“In response the Panel would like to provide some clarification regarding the survey for the benefit of all pharmacy owners and managers who are invited or who wish to participate in the survey.”

Prof King says that the Panel’s objectives in obtaining information through the Pharmacy Financial Survey are to assist it to build representative financial models of pharmacy in different locations across Australia, reflective of different business models and any other relevant criteria. 

“This will allow the Panel to understand the financial stresses on the sector and the relative importance of the PBS remuneration and location rules in maintaining the viability of different models of pharmacy,” Prof King says.

“These financial models will also be used by the Panel to test the impact of our recommendations.

“In addition to supporting this analysis the survey will give the opportunity for ordinary pharmacy owners at the coalface to have their own pharmacy’s data embedded in the models the Panel will be using to finalise our recommendations. 

“This can give those individual pharmacists a level of surety that their particular circumstances will have been fully accounted for by the Review.”

Prof King reiterated that all data collected by the survey will be de-identified and will be maintained in the strictest confidence. 

“Neither the Review Panel nor the Department of Health will have access to financial information provided by any individual pharmacy.”

He again encouraged pharmacy owners and managers to be represented in the survey.

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1 Comment

  1. Anne Todd

    Surely they can get a detailed report from the ATO – by industry (community pharmacy) ; individual, trust, company structures based on BAS Reports and tax returns. And at a higher level of detail and granularity than this accessible bench marking data set

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