Page 12 - P4403.59-V60_Numark Pharmacy Magazine Feb 25

Navigate wage

and insurance

increases:

Maximise your Numark

membership benefits today.

The anticipated rise in National Community pharmacies, and even the whole
Insurance and the National pharmacy sector, may find yourselves grappling
Living Wage this year, is poised with increased payroll costs, adding to the already
to have significant implications crippling impact of other inflationary pressures
of recent years. The hike in National Insurance
for community pharmacies. contributions will mean higher payments for both
These changes, designed to employers and employees, which could strain your
enhance social security and bottom line. As personnel expenses rise, you might
ensure fair compensation for need to look at your processes, finding ways to
workers, will likely exert financial become more efficient and potentially delaying
pressure on us in the pharmacy hiring plans to manage increased spending.
industry, which traditionally The increase in the National Living Wage is intended
operate on tight profit margins. to provide a better standard of living for lower-
income workers, including those in the healthcare
sector. While this is a positive step for employees
receiving a higher wage, for you, it could translate
into higher salary outlays. This could compel
community pharmacies to make difficult operational
decisions. Some might consider adjusting their
business strategies, such as increasing prices for
over-the-counter medications and health products
to offset the increased wage expenditure. However,
this could also risk alienating cost-sensitive
customers who rely on affordable healthcare
services provided by their local pharmacies.

As your trusted membership organisation, here at Numark, we want
to encourage you to maximise your membership and all of the benefits
it has to offer that are designed to support your business operations
and enhance your efficiencies and profitability.

12

10/01/2025 16:02:34
P4403.59-V60_Numark Pharmacy Magazine Feb 25.indd 12 10/01/2025 16:02:34
P4403.59-V60_Numark Pharmacy Magazine Feb 25.indd 12