Independent community pharmacies generate higher average dispensing revenue per branch than major chain operators in seven of the nine English cities measured by PharmSee, according to an analysis of the latest NHSBSA dispensing data.
The finding extends a pattern first identified in five Northern and Midlands cities earlier this month. With four additional cities now included — Bristol, Exeter, Nottingham, and Newcastle — the independent revenue advantage appears to be a national phenomenon rather than a regional quirk.
The nine-city picture
PharmSee analysed dispensing revenue for all pharmacies within a three-mile radius of each city centre, classifying branches as either chain (belonging to one of 11 tracked national multiples) or independent. Only branches with recorded dispensing activity were included; zero-revenue entries — which can reflect reporting lag or register data quality rather than genuine closure — were excluded.
| City | Independent avg revenue | Chain avg revenue | Independent premium | Active indie branches | Active chain branches |
|---|---|---|---|---|---|
| Newcastle | £160,122 | £98,146 | +63% | 44 | 19 |
| Birmingham | £80,858 | £52,160 | +55% | 116 | 13 |
| Leeds | £105,623 | £78,766 | +34% | 51 | 16 |
| Liverpool | £122,397 | £101,146 | +21% | 62 | 25 |
| Sheffield | £122,674 | £103,355 | +19% | 52 | 26 |
| Bristol | £99,339 | £83,246 | +19% | 37 | 23 |
| Manchester | £113,969 | £99,109 | +15% | 67 | 30 |
| Nottingham | £94,743 | £95,404 | −1% | 53 | 12 |
| Exeter | £147,241 | £148,894 | −1% | 10 | 7 |
Newcastle's independents recorded the highest average revenue of any group in any city at £160,122 — roughly 63% more than the chain average in the same catchment. Birmingham showed the second-largest gap in percentage terms, though at lower absolute values.
Why independents may outperform
Several factors may explain the pattern. Independent pharmacies are often embedded in residential communities and may serve as a patient's sole local option, concentrating prescription volume. Many have been established for decades and benefit from deep relationships with local GP surgeries.
Chain branches, by contrast, are frequently sited in retail locations — high streets and shopping centres — where footfall drives retail sales but prescription volume can be lower. NHSBSA data captures dispensing activity and service fees but not retail or private dispensing revenue, which means chain pharmacies' total commercial performance may be understated in this analysis.
Additionally, NHSBSA reporting lag affects all branches, but chains with larger estates may have a higher proportion of recently opened or recently closed branches that have not yet accumulated a full year of dispensing data.
Two cities where chains match independents
Nottingham and Exeter were the only cities where chain pharmacies matched or marginally exceeded independent averages. In Nottingham, the gap was negligible (£95,404 vs £94,743), suggesting a more balanced market. In Exeter, the sample is small — 10 active independents and 7 active chains — making the figures less robust.
What the data does and doesn't show
This analysis is limited to NHSBSA dispensing revenue, which covers NHS prescription items, the New Medicine Service, Pharmacy First consultations, and vaccination fees. It does not include private dispensing, retail sales, or other non-NHS income streams. Chain pharmacies typically derive a larger share of total revenue from retail operations, meaning this analysis systematically understates their overall commercial performance.
The three-mile urban radius captures city-centre and inner-suburban pharmacies but excludes out-of-town retail parks where chains often operate large-format stores. Revenue figures are based on the most recent NHSBSA quarterly data available to PharmSee.
Despite these caveats, the consistency of the independent revenue advantage across seven geographically diverse cities — from Newcastle to Bristol — suggests a structural feature of English community pharmacy rather than a statistical artefact.
Pharmacists, pharmacy owners, and researchers can explore dispensing revenue data for any English pharmacy using PharmSee's pharmacy search tool or compare branches side by side with the comparison tool.
Sources: NHSBSA dispensing data via PharmSee (April 2026 snapshot); NHS Digital pharmacy register. Revenue figures represent the most recent 12-month NHSBSA reporting period. Analysis covers pharmacies within a 3-mile radius of each city centre postcode.