The atmosphere was colourful and knitted with ecstasy as pharmaceutical experts who were gathered at the Nemitt Pharmaceuticals customers’ forum, second edition, deliberate on, as well as learn ways of keeping their businesses afloat in an unfriendly economic situation.
Recall that CEOAFRICA had earlier reported that the management and staff of the Nemitt Pharmaceuticals Ltd, led by Pharm. Ernest Okafor, the Managing Director, treated her customers to another memorable “meet and greet”, with the theme, “Optimising your Business in a Depressed Economy”; the event held at Sheraton Lagos Hotel.
In the event, the Nemitt’s MD, Pharm. Okafor, together with other stakeholders identified several ways of surviving a depressed economy, including cutting down cost, innovation, proper customer service, wise use of the Information Technology.
The immediate past President, Pharmacists Council of Nigeria (PCN), Pharm. (Dr) Elijah N.A. Mohammed, who was the keynote speaker at the event, noted that depressed economy leads to losses, increase in crime rate, adding that pharmacists should endeavour to put preventive measures in place ahead of time.
“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 same, as it is a time to re-strategise and reposition, to ensure they survive the depressing environment they operate in,” he said.
While speaking at the event, Dr Mohammed also noted that the ongoing review of the Pharmacy curriculum will see the trainees learn business.
The statement was in response to a concern raised by a participant, who lamented that Nigerian Pharmacy graduates are not taught the business aspect of Pharmacy, as the speakers, together with the Managing Director, Nemitt Pharmaceuticals, Pharm. Ernest Okafor, had earlier stressed that Pharmacy is both a profession and a business.
In his own remark, Pharm. (Prof.) Lere Baale, the Chief Executive Officer, Business School Netherlands International, Nigeria, a business strategist, who chaired the event, stressed that money, staff welfare, pricing, collaboration and the Information Technology (IT) are indispensable to the growth and success of a business.
“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 situation has reduced the purchasing power of the capital. Spend money on IT because it helps to reduce the possibility of theft. You will not be able to capture everything manually. Think of collaboration. Your negotiating power increases when you have chain,” he said.
Participants, who were mostly customers of Nemitt, a leading brand in pharmaceuticals supply and distributionnationwide, expressed deep sense of gratitude as the brand armed them with all they needed to be more successful.