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Finance
March 9, 2024
5 mins

Financing the Future: Pharmacy Robots

Key take away points:

  • The potential benefits of pharmacy robots.
  • How much does a pharmacy robot cost?
  • What are the benefits of financing a pharmacy robot?
  • Other pharmacy assets that can be financed.
  • Is your pharmacy in need of investment?

From the digitisation of patient records to automated re-ordering of stock, robots are taking the place of humans in just about all areas of operation, leading to great chasms between businesses that have embraced automation and those that have dragged (or firmly planted) their feet.  

A pharmacy robot can overhaul your pharmacy’s workflow in remarkable ways, including but not limited to the automation of:

  • Inventory management and storage (including refrigeration)
  • Barcode scanning
  • Packaging
  • Labelling
  • Dispensing (to the dispensary or a collection point)
  • The movement of medicine (robotic arms)
  • Loading drawers/capsules.

The reality is, however, that with pharmacy robots likely to cost between £50,000 and £500,000 to purchase outright, this kind of investment can leave a big hole in your working capital.

But when you factor in the savings that these machines can bring, that initial outlay should be recovered in a few years, it's easy to see why more and more pharmacies are choosing to finance the purchase rather than using working capital. These pharmacies can spread the cost in line with the return on the investment, keep cash in their business for other areas of development, and potentially unlock additional tax savings in the process.

If you are interested in financing the purchase of a pharmacy robot, click here to get in touch with our team - we'll get back to you as soon as possible to provide a no-obligation finance quote, or to discuss your business' investment plans in more detail.

The potential benefits of pharmacy robots

Efficiency

While making up one tray of medication may take a human half an hour, a robot can complete the same task in as little as 3 minutes or make pouches of medication for 50 patients in the time it would take a human to complete 10. The gains in terms of efficiency can be incredible.

Accuracy

Of course, there is an argument that errors can never be completely avoided, and robots are only as effective as their controllers, but by reducing the level of human involvement in the dispensing process, accuracy can be greatly improved.

Productivity

The big bonus of using robot is of course the fact that they don’t need to take breaks, holidays, or become disillusioned with repetitive tasks.

What are the benefits of financing a pharmacy robot?

Buying a pharmacy robot outright is likely to leave a sizeable dent in any pharmacy’s bank balance leading to cash flow issues, which is why many are choosing to finance the purchase instead.

Financing the cost of investment through a lease or Hire Purchase can help you spread the cost over time via affordable, fixed-rate payments. This enables you to access the equipment that you need to improve your operation, streamline efficiency, and improve the customer experience, without being delayed or hindered by budgetary constraints.

The returns on your investment (thanks to improved efficiency and productivity) can be put towards the finance repayments, and with the capital that you keep in your organisation, you can invest in growth or keep in the bank to boost your cashflow.

In addition, by financing the purchase rather than paying in cash, you may be able to:

  • Unlock 100% tax relief (on both capital and interest – savings you would not see if purchasing with cash).
  • Avoid sinking cash into ultimately depreciating assets.
  • Avoid having to part with VAT as a lump sum upfront as it’s often spread over your repayments (excluding Hire/Lease Purchase agreements).
  • Remove unexpected spikes in your expenditure that you have not budgeted for, enabling you to plan better for your future growth.
  • Reduce your credit risk – over-reliance on your primary funder is never a great strategy, whereas finance involves working with specialist funders.
  • Wrap multiple elements of a project or different finance products into one bespoke solution.

Other pharmacy assets that can be financed

In addition to pharmacy robots, Bluestone can also arrange flexible and bespoke finance solutions for other assets and projects.

Pharmacy EPOS software and hardware

Asset finance can enable your pharmacy to install or upgrade EPOS software and hardware solutions including software packages and POS devices. These solutions speed up the customer service/sales process, order stock, improve stock control and ordering cycles, reduce wastage, automatically update C&D data, introduce promotional offers, print labels, change prices, process card transactions, and manage multiple pharmacies from one dashboard.

Interior fit-out and furniture

The interior of your pharmacy needs to give your patients the right impression. What are they likely to think of your approach to service if your flooring, lighting, furniture, signage and/or displays are tired or broken? Bluestone specialises in the financing of complex interior fit-out and furniture projects that include everything from paint and labour costs to structural changes.

Building work

Purchasing a pharmacy space or making changes to an existing site e.g., creating a private consultation room, require significant investment. These investments can be made using both secured and unsecured finance arrangements.

Privacy pods

If building a new room or adding an extension is not a viable option, you might consider installing a privacy pod or small meeting space in the pharmacy that will give your patients somewhere to discuss more sensitive matters.

Storage solutions

Whether looking for controlled drug cabinets, refrigeration or simple racking, these assets can be included in a finance agreement.

Is your pharmacy in need of investment?

We pride ourselves on being specialists in asset finance. With over 25 years of experience in interiors, including a wide range of retail spaces and pharmacies, you can trust that your finances are in good hands.

  • Independent and bespoke finance solutions
  • Over 25 years of industry experience
  • Access to a specialist funding panel
  • Whole project funding

We take a consultative approach to our relationships and making sure you have all the information you need, whether finance is the right solution for you or not, is important to us.

Contact us today to discover what finance could do for your pharmacy, or click here to request a no-obligation finance quote.

BS.202402.01BL77
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