Center Director/Business Advisor
(Palau SBDC)
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| Owner Clarette Matlab |
LCM Enterprise dba LCM Pharmaceutical became Palau’s only independently owned pharmacy as its doors were officially opened for business on Saturday, January 28, 2017. The owner, Ms. Clarette Matlab, is a full-time, licensed pharmacist who has been working at the Belau National Hospital for 20 years. She began her career as a nurse before moving into pharmaceuticals. During her eight-year tenure as a pharmacist, Clarette saw a need for better access and options for medications in the local community. Many times, patients are unable to get their prescriptions filled because of the shortage of supply at the national hospital. With the opening of LCM Pharmaceutical, Palauans have access to another source of affordable prescriptions.
She first approached Palau SBDC seeking assistance to start her business in 2009. It has been a long process of working out details for a business plan, which is often required for business (commercial) loans at both development banks—like NDBP—and commercial banks—like Bank of Guam, Bank of Hawaii, and Bank Pacific. Palau SBDC provided one-on-one counseling with Clarette to help refine her business plans and financial projections. Along the way, Clarette encountered many challenges in the planning process such as finding the right software—for the business and pharmacy operations—and establishing financial projections for her start-up company. However, Clarette acknowledged the importance of planning it out on paper and anticipating potential costs/issues and addressing the issues before starting the company, because trying to run a new company and dealing with problems at the same time will be overwhelming on the owner.
Clarette opened LCM Pharmaceutical/PacifikaMed Pharmacy to provide quality medicine and personal health products at affordable prices. With the technical assistance from Palau SBDC, Clarette was able to complete a comprehensive business plan and detailed financial projections for her loan application package with the N
ational Development Bank of Palau. Clarette was able launch LCM Pharmaceutical/PacifikaMed with her savings, a loan from NDBP, and in-kind assistance from friends and family.
LCM Pharmaceutical/PacifikaMed created four new jobs in the local community. Some of the challenges Clarette encountered during the long process is getting things done on time (especially working full-time), figuring out the financials, and sticking to her commitment. Eventually, Clarette plans to include other health services such as diagnostic laboratory services and counseling services—lifestyle (NCD) support.
LCM Enterprise doing business as LCM Pharmaceutical/PacifikaMed is located at Meketii hamlet in the old family bakery. Business hours are Monday – Saturday from 9 am to 6 pm.
