Pharmacy Market Insight 2024: Northern Ireland

Image credit: K Mitch Hodge for Unsplash

Whilst uncertainty remains around future funding in Northern Ireland, we continue to see appetite for pharmacies that are placed on to the market.  The recent sale of a pharmacy for a corporate operator in County Londonderry typifies this, where the business attracted several bids from first-time buyers and existing contractors. The pharmacy was subsequently sold to a local group operator.

More recently, we placed an independent pharmacy on the market, also in County Londonderry, in turn generating interest from first-time buyers, independents, and larger group operators. 

Despite such appetite, the volume of pharmacies for sale remains relatively low, in part due to many operators looking to the outcome of the current funding negotiations in the hope that this may alleviate some of the cost challenges they have seen, in turn resulting in improving profit margins.

The Department of Health has already provided some positive news in the £14.9 million of additional investment to support community pharmacies across the country region.  Add to this its recent announcement of a new Strategic Plan for Community Pharmacy, developed collaboratively with Community Pharmacy Northern Ireland to provide a vision for the sector through to 2030.  The implementation of this plan will, of course, require further investment funding if it is to be successful. If this is the case, such an initiative will only serve to improve sector confidence and, in turn, drive demand for pharmacy opportunities inevitably strengthening pharmacy values. 

The level of enquiries we are dealing with from buyers looking to acquire underpins the long-term confidence and the sentiment that many feel the sector will play a more important role in primary care going forward.

To find out more about the pharmacy market in Northern Ireland, or to have a confidential chat about your pharmacy business, contact Karl Clezy: karl.clezy@christie.com / +44 7885 813 160