Good points made , but API ( held ) and SIP ( held) , do not own...

Good points made , but API ( held ) and SIP ( held) , do not own the pharmacies , the pharmacies are owned by pharmacists , either individually or in some consortium arrangement or partnership. API , SIP own the brands , namely Priceline, Amcal etc. and the individuals sign agreements to be a member of their banner groups and therefore are locked into supply arrangements. It is possible for Ramsay to entice owners to their brand and slowly build numbers and therefore footprint. As wholesale margins are low, to entice change purely on monetary basis will be difficult. Chemist Warehouse is the wild card , at the moment aligned with SIP , but if and when that contract comes up , could be game changer.