M&F was chosen after pitching against two other agencies, selected from an initial eight-strong list of contenders (PRWeek, 11 January).
Birmingham-based incumbent Willoughby PR was among the agencies to reach the final stage of the pitch.
Willoughby MD Julia Willoughby said the agency had already secured sufficient new business to negate the financial impact of not retaining the account.
M&F reports to Lloydspharmacy marketing director Nick Stokes, who oversaw the review. Stokes said the agency, which starts work on the account next month, will be tasked with building the brand into a household name.
The agency is responsible for generating media coverage in the consumer and trade press, and will also take over the running of Lloydspharmacy's press office function.
M&F MD Julie Flexen heads the agency's work on the account. She said Government-led moves towards self-care in preference to state-subsidised services offer opportunities for pharmacies to capitalise on this market, in which, she says, Lloydspharmacy is well placed to take a leading role.
Lloydspharmacy is owned by German pharmaceutical giant Gehe, which employs 27,750 staff across Europe, mostly in Britain.