Monday, May 27, 2024

Pakistan’s Largest Pharmacy Chain Servaids’ Saudi Investors Backed out

The history of Servaid is akin to a passing-the-parcel scenario; in its nearly two decades of operation, Pakistan’s biggest and only franchise chain of retail pharmacies has seen four ownership transitions.

Originally established by the Servis Group, Servaid has seen ownership changes among the three families that oversee the organisation, as well as the formation and dissolution of two distinct consortiums and the withdrawal of significant foreign investors, including Saudi Arabians, due to lack of patience. However, a closer examination reveals that it has more to do with unfortunate timing and bad luck than it does with moving the company around. You could say that Servaid is cursed.

Servaid is in danger of collapsing again following the last change in management in 2015. The crucial query still stands: Is Servaid able to steer clear of these rough seas and restore operational stability.

Servaid, one of the most well-known pharmacy chains in Punjab and elsewhere, has experienced a turnover of ownership as a result of large losses and investor desertion. The difficulties are numerous, and the pharmacy industry in Pakistan is fundamentally complicated. The challenge is exacerbated by a plethora of small-scale competitors, unstable supply chains, and the enormous challenge of finding reliable managers and employees. Furthermore, Servaid’s problems have been made worse by a string of management teams that have either shown little interest in the company or have been sidetracked by other business endeavours.

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