Walgreens Boots Alliance (WBA) has confirmed that it will be acquired by a private equity business. Media and market speculation continues to say that those new owners may then split Boots out of the multinational corporation and pass the UK business to new owners via the London Stock Market.
In a globalised world, the proposed change of ownership of a private international business is beyond the control of the workforce, and often beyond the control of governments, save for competition regulation within each jurisdiction.
The PDA recognises why the possibility of private equity ownership, and the inability to influence that, may be particularly worrying to pharmacists and other employees who have so recently seen what happened in the UK community pharmacy sector in the case of LloydsPharmacy.
New owners vs existing owners
It can be assumed that any potential new owners would implicitly only buy a business that they believe they can take more value from, so at some level change will follow, but that need not be negative. A new owner could invest in the business to earn more longer term, or do things differently in ways that add value to employees, patients and customers as well as shareholders.
Those and all other options are already available to the existing owners too and as a large organisation pharmacists at Boots are already used to seeing significant change. The PDA therefore suggests the concern for employees should not be who owns the shares in their employer, but how they engage positively with the workforce and implement any changes.
The PDA wants to ensure that pharmacists appreciate whichever entity owns the shares of Boots, Boots UK will continue to be a UK company bound by local law and regulation, and the PDA continues to be recognised as the representatives of the profession practicing there. Around 70% of pharmacists employed at Boots are already PDA members.
The PDA will support members to understand and exercise their rights at work and meet their professional responsibilities. If there are threats to job security or other unwelcome changes, the PDA will represent and coordinate the response of pharmacists. The PDA calls upon the NHS and the General Pharmaceutical Council (GPhC) to ensure that any possible impacts on the community pharmacy network because of this development are appropriately managed to ensure access for the public and that standards are constantly maintained.
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While the PDA acts in the wider interests of all pharmacists and their patients, individuals still need to be members before a concern arises to have specific support with an issue. The PDA continues to encourage those who have not yet joined the PDA to do so.
Membership is FREE to pharmacy students, trainee pharmacists and for the first three months of being newly qualified.
Read about our key member benefits here.