Inside RM3 Billion Playbook: Building Malaysia's Largest Pharma | Dato' Zulkifli Jaafar, Pharmaniaga

Traditional pharmaceutical distribution models operate under thin margins, fixed government fees, and highly capital-intensive storage metrics. When public-listed legacy giant Pharmaniaga hit a sudden PN17 classification due to a massive RM552 million vaccine provisioning write-down, the market braced for a long, drawn-out restructuring. Instead, they executed one of the fastest regularization…