Pharmacists are operating under ‘enormous financial pressure', with one in four operating at a loss, a new survey has shown.

The survey measured the financial performance of pharmacies in Ireland throughout 2011. Over 17,700 people are employed in this sector. However, it found that the average pharmacy contractor has a net profit margin of just 4%, with average net profit down 17% compared to 2010.

Commenting on the findings, Rory O'Donnell, president of the Irish Pharmacy Union (IPU) insisted that pharmacists are trying to provide a good service to customers despite facing ‘increased business costs, reduced demand, economic uncertainty, an increasing regulatory environment and cuts to income'.

"The pharmacy sector is stretched almost to breaking point and many long-standing, small businesses will struggle to survive," he said.

He called on the Minister for Health, Dr James Reilly, to stop making ‘arbitrary cuts to payments and to engage with healthcare professionals on a healthcare reform agenda that will deliver efficiencies and services to patients in their communities'.

Mr O'Donnell made his comments at the recent IPU National Pharmacy Conference in Kildare.