My Chemist owners skyrocket up rich list

Chemist Warehouse
Image by Francisco Anzola

The retailers behind Chemist Warehouse and My Chemist have nearly doubled their wealth in just 10 months, reaching a personal fortune of over one billion each

Chief Executive of My Chemist Retail Group, Mario Verrocchi, and Chairman Jack Gance have shot up in rankings on the latest rich list.

Mr Verrocchi and Mr Gance have ranked at 58 and 60 respectively on The Australian’s inaugural Richest 250 list released over the weekend.

Mr Verrocchi boasts a personal fortune of $1.47 billion, while Mr Gance is valued just behind at $1.46 billion.

When the Australian Financial Review released its rich list in May last year, Mr Gance ranked at 93 with a wealth of $813 million, and Mr Verrocchi was at rank 94 with $803 million.

Based on the numbers, Mr Verrocchi has seen an 83% growth in his wealth and Mr Gance 80% in the past 10 months.

The discount pharmacy figures have been climbing the ranks rapidly in the past few years.

In 2017, Mr Gance was at number 131 on the AFR rich list with a wealth of $546 million, and Mr Verrochi at 128 with $558 million.

Toby Browne, the founder and chief executive of PharmaCare, which owns brands such as Nature’s Way, Bioglan and EaseACold, was listed at 154 this year by The Australian with a fortune of $635 million.

Blackmores executive director Marcus Blackmore is at rank 189 with $545 million.

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  1. Ex-Pharmacist

    Verrocchi = $1.47 billion, Gance =1.46 billion.
    The Government and the Guild should hang their collective heads in shame.

    This shows the total failure of both the Guild & Govt. to provide a fair and equitable pharmaceutical distribution system in Australia (PBS). With the Guild’s raison d’être to extract as much money as possible from the government of the day (while gently pulling on the political noose it places around the govt’s neck) and the weak-as-water ministers who always roll over when trying to implement financially responsible measures that could prevent amassing of fortunes that are in part paid by the tax-payer.

    Who would like to guess what percentage of these 1+ Billion fortunes are comprised of PBS dispensing fees and “clinical services” payments to their franchise pharmacies? To add salt to the the wound, those payments by government have been made when neither of these gentlemen are likely to have actually performed ANY of the actual services that generated the payments, as per the Guilds central pillar that states “all government payments must go to the section 90 pharmacy owner(s), not to the individual pharmacist who actually performed the service”.

    Compare this to how every other health professional in Australia gets paid by the government for provision of a clinical service. This is the same inequitable system that allows pharmacy owners (many of them absentee owners) to bank all the government payments while the $30/hour lackey pharmacist performed all the work that generated those payments.

    This point must not be lost on the government, who have likely contributed hundreds of millions of tax-payer dollars to these grotesque personal fortunes, and to the smaller fortunes of other entrepreneurial pharmacy owners who are doing the same.

    • Andrew

      Owning (the right) pharmacies STILL a license to print money, despite the challenging environment over the last decade.

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