The Health May 2021 | Page 9

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MAY , 2021 | THE HEALTH

09

BY KHIRTINI K KUMARAN

IN THE competitive world of business , only the fittest survive . Many have lost savings , and some had faced bankruptcy when their businesses failed .

But this did not deter four budding entrepreneurs from taking the risk by leaving their secure jobs and venturing into their own pharmacy business . And their boldness has paid off handsomely .
Today , they are not only successfully running their own pharmacies in various parts of the country but are also thinking of expanding . Their decision to go into the pharmacy business has also been
The market is expected to reach US $ 174 billion by 2025 . So that shows how great the potential is in halal pharmaceuticals . This segment in the corporate life cycle requires the most attention . These entrepreneurs will become SMEs , and then they become contributors to the overall economic landscape .”
— Bilal Parvaiz
proven right as their companies have been relatively unscathed by the current pandemic .
Muhammad Farahi Arif Arifin runs seven pharmacies in Selangor , Kelantan , Terengganu and Negeri Sembilan and plans to open another three branches this year . Hani Majdina Jaffar owns two pharmacies in Pahang and Selangor , while Ramlah Yusof has two pharmacies in Pahang . Rohaya Leman , meanwhile , operates two pharmacies in Melaka .
Ramlah yearned for the freedom of time and financial independence when she worked at the Hospital Tengku Ampuan Afzan ( HTAA ). That finally pushed her to resign . She then joined a private retail pharmacy .
“ I worked for two years and gained some experience while working in the retail pharmacy before opening my own business .”
Meanwhile , as there was no pharmacy in Masjid Tanah , Melaka . The need to provide the service pushed Rohaya to open a pharmacy .
“ In 1996 , I opened the first pharmacy in Masjid Tanah .”
For Arif , however , his main inspiration to venture into the pharmacy business was his dream to build his own business empire .
“ To have a deep-rooted , sustainable and expanding business , we need to start somewhere , and we need to start small . I have a bachelor ’ s degree in pharmacy and am also a registered pharmacist . So , I decided to start with a community pharmacy .”
While working in a government hospital , Hani realised hospital pharmacies were only able to provide limited items . At the moment , there is only one private retail pharmacy .
“ The people in this area needed service with more options . So , in 2016 , I opened a pharmacy .”
Financing aspect important
One of the uniqueness of these pharmacies is that they cater to the predominantly Muslim communities in their areas . They can advise customers on the choice of halal medication or supplements .
The growth of such pharmacies depended very much on the availability of loans and financing from banks . Are such SME loans readily available to would-be entrepreneurs ?
The Executive Director of Islamic Business and Head Products at Standard Chartered Saadiq Malaysia , Bilal Parvaiz ,
said : “ From a banking perspective , with regards to pharmaceuticals , the halal pharmaceutical market picked up a lot of attention recently .
“ The market worldwide expected to reach US $ 174 billion by 2025 . So that shows how great the potential is in halal pharmaceuticals .
“ This segment in the corporate life cycle requires the most attention . These entrepreneurs will become SMEs , and then they become contributors to the overall economic landscape .”
Bilal said Standard Chartered Saadiq offered various initiatives and programmes to support micro SMEs , SMEs and entrepreneurs in Malaysia .
“ We start with financial literacy programmes . We bring them all together , and we run specific programmes on financial literacy . As an entrepreneur , the first thing is to understand the horizon of financial products and services so that you can make the right choices .
“ The choices that you make today when your business is starting will have a long-lasting effect .”
Last year , despite the pandemic , Standard Chartered Saadiq conducted various workshops and financial literacy programmes , which benefitted more than 700 participants , including entrepreneurs and SMEs .
What it takes to succeed
So , what advice would these hardworking pharmacy entrepreneurs give to those mulling to open their own pharmacies ?
After 25 years in the community pharmacy business , Rohaya shared that one must have enough experience , financial stability and training before opening his or her own pharmacy .
Ramlah said : “ You need to have a strong interest in business and be equally passionate in providing health and wellness .”
Arif pointed out : “ Once you have decided to venture into the pharmacy business , you need to work hard and not be emotionally driven when making decisions .”
He also highlighted that being creative and innovative gave an added advantage when running a business .
“ Being a business owner is different from being a pharmacist . It requires a different set of skills such as management , accounting and so on ,” Hani explained .
“ There was also a difference in working experience in a government hospital and retail pharmacy .
“ Thus , it is best to get experience beforehand and ask other pharmacies to understand better the ins and outs of running a retail pharmacy .”
To those starting their journey , Bilal said : “ If entrepreneurs or companies in pharmaceutical products want to expand their business , Standard Chartered Saadiq can come in .
“ We offer SME programmes ranging from all kinds of products such as cash , working capital solutions , and so on .”
The programmes , said Bilal , were not just offered from the Standard Chartered Saadiq platform but through a partnership with various parties like Syarikat Jaminan Pembiayaan Perniagaan ( SJPP ) and the Credit Guarantee Corporation ( CGC ).
“ We have a full suite of digital product offerings . It means that physical boundaries or physical geographical locations do not limit us towards building our Islamic financial services anymore .
“ So , any company located in any part of Malaysia can access our financial solutions .” — The Health