Stakeholders Task Pharma Distributors on Business Survival in Recession

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As Nemitt Organised Customers Forum

Stakeholders Task Pharma Distributors on Business Survival in Recession
L-R: Mrs Uche Okafor, finance director, Nemitt Pharmaceuticals Limited; Pharm. Ernest Okafor, managing director; Prof. Lere Baale, chief executive officer, Business School Netherland International, Nigeria; Pharm. (Dr) NAE Mohammed, immediate past registrar, Pharmacy Council of Nigeria (PCN); and Mr Amit Singh Ragjuvanshy, representative of Megalife Sciences at the Nemitt’s Customers Forum 2.0, held at Sheraton Hotel, Lagos

Key leaders in the pharmaceutical industry, including the Chief Executive Officer, of Business School Netherlands International, Nigeria, Prof. Lere Baale; Immediate Past Registrar, Pharmacists Council of Nigeria (PCN), Pharm. (Dr) NAE Mohammed; Mr Femi Soremekun, managing director, Biofem Pharmaceuticals, among others, have identified re-strategizing, prioritising, cutting down cost, and innovation, as a panacea for surviving in a depressed economy.

They have also advised all pharmaceutical distributors to see themselves as both business owners and professionals.

The Stakeholders, who also identified optimising one’s business as well as embracing technology as game-changers in ensuring that business stays afloat at a critical time, also noted that customers are the greatest asset of any organisation, adding that good clients are the reason a company remains in business, while the bad ones are the reason business dies.

Speaking at the second edition of the Nemitt Pharmaceutical’s Customers’ Forum, held at Sheraton Hotel, Ikeja, Lagos, Mohammed, who was the keynote speaker, noted that a depressed economy is an economy that experiences a prolonged period of recession or a significant downturn in the economy, adding that it is characterised by declining business activities, inflation, rising unemployment, public fear, decreased consumer confidence and investment among others.

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Stakeholders Task Pharma Distributors on Business Survival in Recession
A cross-section of guests at the Nemitt’s Pharmaceuticals Customers Forum 2.0, held at Sheraton Hotel, Lagos.

Mohammed, who spoke on the topic, “Optimising Your Business in a Depressed Economy”, disclosed that the effect of a depressed economy is a reduction in revenue, profit, and personal income, increased inventories, and increased crime among others, adding that the duration is determined by its quick identification and putting immediate control measure in place so that businesses can survive.

“To survive in a depressed economy, individuals have to make lifestyle changes, cut down expenses, cut down costs, save more, and develop other sources of income. Similarly, businesses must also do the same as it is a time to re-strategise and re-position to ensure they survive the depressing environment they operate in”, he said.

Earlier in his speech, Prof. Baale, who was the chairman of the event, commended Nemitt for organising the program, adding that the company is trying to build relationships and consolidate the established ones. “Customers are significant, without them, the business can’t grow”, he said.

He said he had registered more than 18 businesses between the time he left Pfizer and now as he stressed that money, staff welfare; pricing, collaboration, and Information Technology are indispensable to the growth and success of a business.

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“Just make your staff happy. Your internal customers are your staff; if you make them happy, they will make their customers happy. Staff welfare is key. Money is crucial to any business. Be ready to adjust your prices, if not, you may have money without knowing that policies or market situations have reduced the purchasing power of the capital”

Fielding questions from pressmen, Pharm. Ernest Okafor, managing director, Nemitt Pharmaceutical explained the theme is aimed at proffering solutions for the survival of the pharmaceutical business in the wake of inflation, recession, and harsh government policies, which affect the economy, adding that the first edition of the event had the theme, “Building to Last”, to ensure that those who go into the business fully understand what it entails before doing so.

“In the first customers’ forum, we had a theme, ‘Building to Last’. You discover that most people enter the pharmacy business without knowing what they are going into. It really impacted people. Pharmacy is both a business and a practice, and in doing that you must have business knowledge, you must have financial intelligence. This year we looked at several challenges ranging from inflation, and bad government policies and saw the need to educate them on how to keep their business afloat despite the challenges,” he said.

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The Nemitt’s boss however appreciated the customers and clients across the nation and beyond, saying an event is a tool for driving home the company’s core values which include resilience, focus, relationship, and commitment, among others.

Also speaking, Soremekun, listed some possible sources of funding for a business, especially the pharmaceutical business, including personal savings, retained earnings, as well as loans, which he noted, should be managed responsibly. “There is no way you can run your business without having to borrow at some point. Borrowing is not bad but when you borrow, you do so with common sense and know how to manage it,” He advised.

The high point of the event was the launching of the Nemitt e-commerce platform to enhance seamless access to the Nemitt inventory as well as the presentation of different prizes to the customers which were sponsored in partnership with Mega Life Sciences.

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