GC, it's an interesting one: the generous terms of trade that...

GC, it's an interesting one: the generous terms of trade that SIP and API were giving to pharmacists were a problem when Pfizer opted out and the companies needed to cut costs, but now that SIP is the richer beast, it can afford to still be the "good guy", whereas API has the bank breathing down its neck. I guess even if API came to the market to raise capital (there hasn't been mention of this, but I can't see why they shouldn't), it wouldn't really cure the structural/long-term problem of market share and overheads. There's a real Catch-22 here: slicing costs and winning market share = a very hard game. We are very fortunate that SIP had the trade sale, or we'd be quite stuffed, too.