Vic clarifies pharmacy trusts

THE Victorian Pharmacy Authority (VPA) has confirmed the rollout of a random audit program of pharmacy business ownership and commercial arrangements.

A pilot of the audit has kicked off, with selected pharmacy licensees to shortly receive letters requiring them to produce information and documents relating to the ownership of their businesses.

The pharmacies chosen for participation have been “selected randomly from pharmacy lists developed using riskbased criteria,” according to a communique from the VPA.

It’s the latest move in a series of actions being taken by the VPA to ensure that pharmacies in Victoria comply with the Pharmacy Regulation Act.

The VPA has also published a new guidance document on pharmacy trusts, clarifying that under the Act beneficiaries of trusts which own pharmacies must be either a registered pharmacist, a company whose directors are all registered pharmacists and whose shares and beneficial interest in those shares are held by registered pharmacists or a company that was registered or incorporated as a friendly society.

“Additionally, a trustee or beneficiary of a pharmacy trust must not own or have a proprietary interest in more than five separate pharmacy businesses in Victoria,” the guidance states.

Any trust which is involved in the ownership of a pharmacy business must submit a copy of its relevant trust deed to the VPA for review, regardless of whether it is a discretionary trust, a fixed trust or a unit trust.

The VPA said: “To avoid the need for amendment of your trust, it is recommended that the trust deed be drafted with the proprietary interest and undue influence provisions of the Act in mind”.

There’s also a comprehensive checklist provided to assist pharmacy licensees to comply.

See pharmacy.vic.gov.au.