With the Sixth Community Pharmacy Agreement (6CPA) between the Australian Government and the Pharmacy Guild of Australia (the Guild) due to expire on 30 June 2020, now is a good time to chat with our professional Toowong accountants.
Keep reading to find out more about MSI Taylor’s involvement with 7CPA and feel free to get in touch with us if you want to discuss the implications of 7CPA or want to update your Pharmacy business plan.
What is the Community Pharmacy Agreement?
Every five years the Government and the Guild sign an agreement as to how pharmacies are going to be remunerated for dispensing Pharmaceutical Benefits Scheme (PBS) medicines. These remuneration agreements have been in effect since 1990 and have increased in scope to include provision for professional pharmacy programs and services.
The Sixth Community Pharmacy Agreement, or 6CPA, was signed on 25 May 2015, and took effect on 1 July 2015. It is due to expire 30 June, 2020, whereupon the 7th Community Pharmacy Agreement, or 7CPA will take over.
Key points of the existing 6CPA:
- Dispensing remuneration – $18.9 billion to over 5000 community pharmacies for dispensing PBS medicines.
- Increased investment in community pharmacy programs and services – $825 million to support and improve Australia’s community pharmacy programs and services and improve access to medicines.
- Extension of the Location Rules – so all Australians have access to PBS medicines, particularly in rural and remote areas.
MSI Taylor Pharmacy and the 7CPA
MSI Taylor Pharmacy is working with the Guild and other stakeholders to ensure the 7CPA agreement is sustainable for the Pharmacy industry into the future.
We will also have a stand at the upcoming Australian Pharmacy Professional Conference & Trade Exhibition (APP) from 19-22 March on the Gold Coast. This conference is pivotal to the Pharmacy industry as speakers will cover the latest industry news, including the 7CPA.
About MSI Taylor Pharmacy Services
MSI Taylor Pharmacy Services has extensive pharmacy knowledge and over 20 years experience helping pharmacy owners and managers successfully implement a Pharmacy business plan to improve their financial position. To date we’ve worked with over 150 pharmacies and have clients all around Australia who have ownership interests in Pharmacy.
Primarily we provide Pharmacy accounting and tax services, as well as financial planning and investment advice. A significant portion of our business with pharmacies is assisting with the transition to retirement and restructuring shareholdings.
One of the benefits of the MSI group is that we’re able to work with people either buying a pharmacy or selling a pharmacy. For those who are buying a pharmacy, we get them the best possible finance deal for their acquisition. For those selling their pharmacy we help them make the best use of the proceeds towards their retirement.
We have all the Pharmacy services you need under one roof to obtain the best tax and financial position available for your business and retirement. With so many Pharmacy experts in-house at MSI Taylor, you can rest assured you’re on the path to prosperity with our Toowong accountants.