As the adage goes, it takes money to make money. But the idea of borrowing money can overwhelm even the best pharmacy owners. How much can you afford to borrow? How can you qualify for the amount you need? What rate should you be looking for? Is it worth the financial risk?
At Capify, we understand that the needs of those in the Pharmaceutical industry are unique and the complex nature of your business requires the support of dedicated loan specialists. That’s why we have developed a network of local Pharmacy finance specialists located throughout Australia.
Capify’s Pharmacy finance specialists have the expertise to suit your specific requirements. If you’re thinking of upgrading your equipment, rebranding or refurbishing your existing pharmacy, there’s a lot you need to consider before deciding on the right loan to best suit your business.
The pharmaceutical industry is a knowledge-based, technology-intensive industry that comprises bio-medical research, biotechnology firms, originator and generic medicines companies and service-related segments, including wholesaling and distribution.
Business owners within the pharmacy industry understand the importance of upgrades, improvement and maintaining quality equipment, and the need to stay up-to-date with industry standards, but this is costly.
While many small business owners just don’t have the excess capital available to undertake these improvements, even those who do would benefit from retaining their capital. At Capify, we make getting pharmacy equipment loans and financing fast and simple, by assisting you with sourcing the required assets from a supplier of your choice in Australia, completing an online application form, choosing your preferred loan or finance solution and signing the contract.
The volume of the global pharmaceutical market has more than doubled in the past ten years. By the end of 2016, the global sales volume was estimated to have risen to nearly $A1.5 trillion.
In a snapshot from the CSIRO in 2017, the Australian medical technologies and pharmaceutical sector provided 48,000 jobs in total, across 50 pharmaceutical companies, 400 biotechnology companies and 500 medical technology companies.
And the importance of this industry is still growing in a major way. By the end of 2020, Australia’s pharmaceutical market rose to over $A25 billion
This industry seeks to deliver medication and related health services that meet the best possible health and economic objectives, including timely access to medicines that meet appropriate standards of quality, safety and efficacy.
The simplified logistics and shortened supply chain of the 1930s, where most pharmacists were still mixing powders and vials and making tablets in their own pharmacies for delivery to customers, made it much easier to meet these objectives.
Today, medicines are distributed through a complex supply chain, from manufacturing to dispensing. The pharmaceutical supply chain is a core part of Australia’s healthcare system, making medicines readily available to all Australians, regardless of location.
In the pharmaceutical goods industry change happens quickly. So, which areas can you invest in your business to ensure it thrives despite the challenges?
Invest in your staff: Cultivate a sense of family among staff and ensure all staff have job titles like “health and well-being consultant” instead of “counter assistant” or “dispensing assistant” to level the playing field. Each staff member is equally important and treating them as valuable parts of your team will boost morale, workplace harmony and the drive to perform. Investing in staff training also ensures that they have the right qualifications and provides them with a sense of achievement.
Embrace innovation and technology: Equipment like dispensing robots have a myriad of benefits and introduce efficiency into the workflow. They also reduce the likelihood of mistakes being made during dispensing. According to John Koot, managing director of Wallach Pharmacy Solutions, “Improving dispensing efficiencies facilitates customer interaction which helps to improve relationships and drive sales. This will only help to attract new customers and retain existing ones.”
Look at local needs: Every pharmacy should have its own vision based on local needs. Considering local needs is one major advantage that independent pharmacies have over multiples. Independent pharmacies are in the community and they are abreast of what is happening and can cater to the exact needs of the community.
Embrace holistic health: In its most basic form, a holistic approach to your health means looking at a person’s physical, emotional, social and spiritual wellbeing, where the pharmacist is an active partner in the process of healing. With the rise of innovation and technology in the 1950s, the western approach to health management focused mainly on physical conditions and treatments, sometimes at the cost of looking at patients’ other needs. In recent decades, modern medicine has included many diverse approaches to overall health, bringing a robust, scientific approach that requires evidence-based research to ensure treatments are reliable and safe.
Use traditional and modern methods for advertising: Getting the right message to patients is imperative. Using multiple channels for marketing including a combination of more traditional methods such as leafleting and newer methods such as email and websites are all effective means to attract clients.
Capify offers businesses a fast and simple way to apply for business financing. Applying for small business loans for pharmaceutical businesses through banks is a complicated process that takes lots of time and paperwork. More importantly, the odds of finance approval is slim for many applicants. If you don’t want to waste any more time or resources jumping through bureaucratic hoops, at Capify we can provide you with pharmaceutical business loan to ensure you reach your financial goals faster.
By choosing Capify for your loan needs you could be eligible for a business loan between $5,000 – $300,000 with finance available within 24 hours. Apply online to check if you qualify without impacting your business credit score.
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Many businesses in Australia are struggling because of the COVID-19 pandemic. Even the pharmaceutical industry which is the heart of health services was hit hard because of the virus. Many businesses reported a drop in sales mainly due to supply issues which resulted in backlogged orders or high prices due to demand.
One of the best ways to keep operations going is by having enough cash to tide you over so that you can cope with orders, stock up on supplies and pay the bills. In this instance, a loan can improve your cash flow and give you an influx of cash so that you can stay afloat.
One of the best ways to eliminate stress when you are borrowing money is to understand what you’re getting into. We all know that loans need to be repaid but there is more to it than just borrowing money.
Generally speaking, there are many different kinds of loans such as personal loans, secured loans and unsecured loans. Unsecured loans are basically loans that don’t need to be secured by collateral. This means that you can borrow money from lenders like Capify.com.au without risking your property.
For some lenders like banks, unsecured loans are granted on the basis of your credit score. Generally, the lower the credit score, the higher the interest rate. Luckily, Capify is not a traditional lender.
All types of loans have pros and cons. The biggest advantage for an unsecured loan is that you don’t need collateral to secure one. While it is available to almost everyone and all kinds of businesses, you should first qualify for one.
At Capify, the qualifications for an unsecured loan are the following:
This is very advantageous for pharmaceutical businesses. You don’t need to supply a lot of documents for you to be considered for an unsecured small business loan.
As we mentioned above, a good credit score is necessary to qualify for an unsecured loan especially if you borrow from traditional lenders like banks. But at Capify, businesses and individuals with bad credit can still apply for a loan. We will still check your credit score but your business’ current financial standing will be the basis for granting you a loan.
One of the most important considerations for an unsecured loan for your pharmaceutical business is interest. High interest rates can have a negative impact on your cash flow and your ability to pay bills. At Capify we don’t have a fixed interest rate for our unsecured loans. Instead we use a factor rate that is determined by the amount of funds and term you requested. This way you can easily figure out if a loan is the best choice for your business.
Applying for a loan to keep your pharmaceutical business afloat is also easier at Capify. While you still need to fill up forms and submit some documents, we don’t require a boat load of information to find out if you’re qualified or not. Approval is within 24 hours so you can access your much needed funds as soon as possible.
For traditional lenders, high interest rate and low credit score are usually sited as disadvantages for unsecured loans. But since there is no interest rate at Capify and people with low credit scores can still apply, the only disadvantage we can think of is that we require you to fill out our application online to find out if you qualify.
Fortunately, the form is short and easy to fill up and only requires minimum information. Best of all, applying won’t impact your credit score at all.
The pharmaceutical industry like so many other businesses in Australia is seeing a downturn due to the pandemic. While vaccinations are on their way and the economy is slowly starting to recover, you still need funds in order to weather the worst of the storm.
Capify loans can be used many ways. Here are some good examples on how you can use your unsecured loan.
Small business loans for pharmaceutical business ranging from $5,000 – $300,000 are available at Capify. Funds are usually provided within 24 hours of approval and all businesses regardless of credit score are welcome to apply.
Call or apply online in minutes for a quick, obligation free quote.
We can get you funds you need with loan terns that suits your business.
Fast, same day approvals and funds in your account within 24 hours*.
We know running a business is hard. Remaining stable as a small business and capitalising on growth opportunities can be difficult in such a competitive environment, especially when you’re short on funding.
Capify can help you get the funding you need quickly, without any hassles. We take time out to understand your business needs and offer you a tailored solution to help you achieve business growth, provide greater cash flow, and invest in your business for the future.
We don’t use interest rates for our funding solutions.
Instead Capify offers an agreed total payback amount. The payback amount depends on the type of business you operate and the term you require the business finance for. This way your business knows up front the total costs, making managing your cash flow easy.
Speak to a lending specialist today on 1300 760 930 to get funds in 24 hours or start your application and apply now.Get Started