Three pharmacies “going bust every week” in Portugal

Debts to suppliers, a drop in demand due to the crisis, even internal corruption – the reasons are multiple, but the stark reality is that three pharmacies are going bust every week in Portugal.
High-profile cases involving pharmacies embroiled in drug scams have peppered the news over the last year, but the latest twist is that up and down the country 411 closed their doors in February, and hundreds more are struggling with debts and court actions.
Talking to Dinheiro Vivo, the national association of pharmacies has said that “the number of pharmacies facing bankruptcy increases drastically every month that passes”.
In a survey on the situation, Correio da Manhã revealed that at the end of 2013, 1,567 pharmacies had their supplies suspended while the country’s global debt to suppliers topped €306 million.
The figures represent a 525% increase on pharmacy failures reported in 2009, before the height of the crisis.
While the government is trying to help by offering incentives and widening the scope of pharmacies, Dinheiro Vivo reports that Mobifarm – a business specialising in sales – has started a new service designed to put buyers in touch with failing outlets.
“We feel now is the time to increase our variety of services,” Mobifarm told the Portuguese online newspaper. By developing the new service, the company hopes to put failing owners in touch with investors before it is too late. Its new service is now available online.