Not your typical pharmacy chain

In the retail area, being successful as a not-for-profit mutual organisation for over 100 years requires a streamlined business model. Established in 1911 in Adelaide, the Friendly Society Medical Association (FSMA) today trades as National Pharmacies. And with $285 million in annual turnover, it is the largest single owner of pharmacies in Australia and competes with banner groups such as Chemist Warehouse, Amcal and Terry White – all of which are franchised networks. There are no franchisees

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