Supply Chain Management Strategies Key to Profitability in Business, Says PMG-MAN By Femi Oyeyinka
Pharmaceutical Manufacturing Group of the Manufacturers Association of Nigeria (PMG-MAN) has called on Supply Chain Managers in the Pharmaceutical Manufacturing sector to maximize the potentials embedded in field of Supply Change Management to sustain profitability and growth in their companies’ businesses.
Executive Secretary of PMG-MAN, Pharm.
Frank Muoneme, made this call during an exclusive interview with pharmanewsonline at the 2023 edition of the Supply Chain Conference organized by the Supply Chain Managers Committee of the group.
While applauding the timeliness of the conference, Muoneme said the application of Supply Chain Management strategies remains key to the bottom line of any company. According to him, the conference was timely, especially because it brought together experts in the field of Supply Chain to brainstorm on survival strategies for companies, especially local pharmaceutical manufacturing companies at a time when they are grappling with issues such as forex crisis and the post-subsidy removal inflationary trends that are strangulating businesses in Nigeria.
“The Managers of Supply Chain, Materials Managers, gather together to learn new ways for the industry. How do we optimize our system to still be in business, amid the harsh economic climate in the country? Right now, we are not even talking about profitability but to be in business first. Consider the myriad of challenges the industry is facing like the energy issue, which takes about seventy percent of the cost of doing business. If one does not apply Supply Chain Management strategies, one will be in for a serious battle”, he said.
Speaking further, Muoneme added that Supply Chain is a strong engine room for achieving operational excellence in any industry where competition is high.
During his presentation at the event, one of the invited speakers, Mr Bhadmus Abudu, MD/CEO of Nycil Ltd, said: “You cannot talk about operational excellence without Supply Chain. You cannot talk about profitability without Supply Chain. It is now the turn of Supply Chain professionals to take over the running of organisations.”
While calling on Supply Chain Managers to see themselves as people who have been trained to deliver value to companies, Mr Abudu added that most of the companies that have out-performed their competitors did so by applying Supply Chain strategies.
The 2023 Supply Chain Conference, with the theme “Scaling Operations Through Effective Procurement, Logistics and Supply Chain Management” was officially declared open on Wednesday, August 16, 2023 at the PMG-MAN office in, Ajao Estate, Lagos and would run through Thursday, August 17, 2023. In his welcome address, the Chairman of PMG-MAN and MD/CEO of Daily Need Industries Limited, Mr Oluwatosin Jolayemi said: “The aim of the conference is to foster collaboration between the pharmaceutical manufacturers on how to increase effectiveness and efficiency by reducing timelines, increasing raw materials (API) integrity and getting value on investments within the logistic value chain.”
