Hugh Cunningham is as passionate about customer service and product assortment as he is about medicine. As the co-owner of The Local Choice Pharmacy Harmelia, Hugh focuses on business management, while his wife and co-founder Yolandi ensures the dispensary runs smoothly. 

On episode 4 of The Finance Ghost Plugged in with Capitec, Hugh shares excellent insights on specialist retail and how pharmacies really work.

Episode 4 covers:

• Why separation of duties and having a clear decision-maker is critical
• The importance of doing proper financial analytics in any business
• How pharmacies make money and the differences between independent and corporate pharmacy models
• The benefits of being part of a franchise network
• The future of the pharmacy industry and how independent pharmacies can stay competitive  

Chapters

• (00:00:00) - The Finance Ghost
• (00:00:45) - Pharmacist Business Podcast
• (00:01:18) - Married to a Pharmacist
• (00:08:26) - Exploring the pharmacy business with Discim
• (00:09:19) - Local Choice Pharmacy
• (00:14:16) - Front Shop Pharmacy vs. dispensary
• (00:17:19) - What is the restriction on sales in the front shop?
• (00:18:56) - Risks of disruption to the retail pharmacy market
• (00:24:08) - Medical Aid and working capital
• (00:27:51) - How Hard Is It to Get a New Pharmacy License?
• (00:29:47) - What's Your Biggest Mistake?
• (00:30:51) - Interview
• (00:31:57) - Thanks to Capitec Business Bank