the risk Starting your own business can be rewarding , but the journey is not without its challenges

BY KHIRTINI K KUMARAN

However , this did not deter four aspiring entrepreneurs from taking the risk of leaving their secure jobs and starting their pharmacy . And their audacity paid off handsomely .

They are now successfully operating pharmacies in various parts of the country and also considering expanding . Their decision to enter the pharmacy business was also proven correct , as their businesses escaped the current pandemic relatively unscathed .

Muhammad Farahi Arif Arifin owns and operates seven pharmacies in Selangor , Kelantan , Terengganu , and Negeri Sembilan , with plans to open three more this year . Hani Majdina Jaffar owns two pharmacies in Pahang and one in Selangor , while Ramlah Yusof has two in Pahang . Meanwhile , Rohaya Leman owns and operates two pharmacies in Melaka .

Ramlah yearned for more time and financial independence while working at Hospital Tengku Ampuan Afzan ( HTAA ). That compelled her to resign . She then went to work for a private retail pharmacy .

“ I worked in a retail pharmacy for two years and gained some experience before starting my own business .”

Meanwhile , because there was no pharmacy in Masjid Tanah , Melaka , Rohaya felt compelled to establish one .

“ I opened the first pharmacy in Masjid Tanah in 1996 .”

However , Arif ’ s primary motivation for entering the pharmacy business was his desire to build a business empire .

“ We need to start somewhere , and we need to start small , if we want to have a deeprooted , sustainable , and expanding business . I am a registered pharmacist with a bachelor ’ s degree in pharmacy . As a result , I decided to begin with a community pharmacy .”

Hani discovered hospital pharmacies could only provide a limited number of items while working in a government hospital . There is currently only one private retail pharmacy .

“ The people in this area required more options for service . As a result , in 2016 , I opened a pharmacy .”

The financing aspect is critical

One of these pharmacies ’ distinguishing features is that they serve predominantly Muslim communities in their respective areas . They can advise customers on the best halal medication or supplements to take .

The expansion of such pharmacies was heavily reliant on the availability of bank loans and financing . Are such SME loans easily accessible to aspiring entrepreneurs ?

Bilal Parvaiz , Executive Director of Islamic Business and Product Management at Standard Chartered Saadiq Malaysia , stated : “ From a banking standpoint , the halal pharmaceutical market has received a lot of attention recently .

By 2025 , the market is expected to be worth

Bilal Parvaiz

By 2025 , the market is expected to be worth US $ 174 billion . As a result , halal pharmaceuticals have enormous potential .”

US $ 174 billion . As a result , halal pharmaceuticals have enormous potential . “ This segment of the corporate life cycle requires the most attention .” These entrepreneurs will grow into SMEs , and from there , they will contribute to the overall economic landscape .”

Bilal stated that Standard Chartered Saadiq provided various initiatives and programmes to assist micro , SMEs , and entrepreneurs .

“ We begin with financial education programmes .” We bring them all together and run specific financial literacy programmes . To make the best decisions as an entrepreneur , you must first understand the scope of financial products and services available .

“ The decisions you make today when your business is just getting started will have a long-term impact .”

Despite the pandemic , Standard Chartered Saadiq held several workshops and financial literacy programmes last year , benefiting over 700 participants , including entrepreneurs and SMEs .

What it takes to be successful

So , what advice would these hardworking pharmacy owners give to those considering opening their stores ?

After 25 years in the community pharmacy business , Rohaya believes that one should have sufficient experience , financial stability , and training before opening a pharmacy .

“ You must have a strong interest in business as well as a passion for providing health and wellness ,” Ramlah said . Arif stated : “ Once you have decided to enter

MUHAMMAD FARAHI ARIFF ARRIFIN

Founder , Farmasi Arif Sihat and Farmasi Al Arif

FEW PEOPLE would risk leaving a secure job to start their own business at the relatively young age of 26 .

But that ’ s precisely what Muhammad Ariff , 28 , did in 2019 when he decided to open his pharmacy in Bangi , Selangor .

“ If you look at my career path , I should be an academician ,” he said . However , after finishing my Master ’ s degree , I realised I was passionate about business . My goal from the beginning was to build a business empire . So I decided to start small with a community pharmacy . I worked for less than a year before establishing my pharmacy and business .”

While he acknowledged that his journey had its ups and downs , he was grateful that there had been more ups than downs thus far .

“ We ’ ve been through a lot , and we still have a long way to go .”

Muhammad Ariff is now the proud owner of a chain of seven pharmacies in Selangor , including Bandar Baru Bangi and Kajang , Kelantan ’ s Tanah Merah , Terengganu ’ s Jerteh , and Negeri Sembilan ’ s Gemas .

Farmasi Al Arif refers to six joint ventures with Koperasi Permodalan Felda Malaysia 2 Bhd ( KPF2 ). Farmasi Arif Sihat , his first branch in Bangi , is entirely owned by him .

He also works with one of their clients ,

the pharmacy business , you must work hard and not make decisions based on emotions .”

He also stated that being creative and innovative was advantageous when running a business .

“ Being a business owner is not the same as being a pharmacist . It necessitates a different set of skills , such as management and accounting , among others ,” Hani explained .

“ There was also a disparity in work experience between a government hospital and a retail pharmacy .”

As a result , it is best to gain experience beforehand and consult with other pharmacies to understand better the ins and outs of running a retail pharmacy .”

“ If entrepreneurs or companies in pharmaceutical products want to expand their business , Standard Chartered Saadiq can come in ,” Bilal said . “ We offer SME programmes ranging from all kinds of products such as cash , working capital solutions , and so on .”

The programmes , according to Bilal , were made available not only through the Standard Chartered Saadiq platform but also through collaborations with organisations such as Syarikat Jaminan Pembiayaan Perniagaan ( SJPP ) and the Credit Guarantee Corporation ( CGC ).

“ We have a comprehensive suite of digital product offerings . It means that physical boundaries or geographical locations are no longer a barrier to the development of Islamic financial services . As a result , any company in Malaysia can benefit from our financial solutions .”

PUSPANITA . He assists them in providing supplies and medical items to flood victims .

Arif , who was born and raised in Bangi , agreed that location was crucial .

“ Our target market segment for Farmasi Al Arif is the Malay Muslim population . There is a sizable Malay Muslim population in Bandar Baru Bangi , and they have good purchasing power .”

What distinguishes Muhammad Arif ’ s outlets from his competitors is that they cater to the community ’ s needs .

“ The main satisfaction in community pharmacy is providing health and wellness to the community .”

In terms of customer requirements , he stated that it was dependent on the customers and their location . Their product line includes vaccines , supplements , ratio vaccines , and