Pharmaceutical Forecasting Analyst

6 days ago

Jeddah, Makkah Province, Saudi Arabia Jamjoom Pharma Full time

About the Role:

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The Pharmaceutical Forecasting Analyst will be responsible for developing and executing accurate demand forecasts and efficient inventory management strategies for pharmaceutical products. This role ensures optimal product availability while minimizing inventory holding costs and preventing stockouts.

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Main Responsibilities:

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    Demand Forecasting:

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    • Develop and maintain accurate demand forecasts for pharmaceutical products, utilizing statistical modeling, historical data analysis, market trends, and input from Sales, MACS/Tender, Marketing teams as well as distribution partners.">
    • Continuously refine forecasting methodologies and models to improve accuracy and responsiveness to market changes.">
    • Conduct regular forecast review meetings with relevant stakeholders to discuss potential risks and opportunities.">
    • Analyze forecast variances and identify root causes to improve future forecasting accuracy.">
    • Incorporate new product launches, promotions, and market changes into demand forecasts.">
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    Inventory Management:

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    • Determine optimal inventory levels for each product, considering demand forecasts, lead times, storage capacity, and service level targets.">
    • Develop and implement inventory control policies and procedures to minimize stockouts and excess inventory, as per the market needs and the requirements in the Distribution Agreements (DA).">
    • Monitor inventory levels and proactively identify potential stock issues.">
    • Collaborate with the supply chain team to ensure a timely and efficient supply of products.">
    • Manage product lifecycle changes and develop strategies for inventory run-down and phase-out.">
    • Optimize inventory parameters (e.g., safety stock, reorder points) to balance service levels and inventory costs.">
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    Ordering and Procurement:

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    • Collaborate with the distributors and business partners to generate purchase orders based on demand forecasts and inventory targets.">
    • Collaborate with the distributors, logistics and business partners to ensure timely delivery of products and resolve any supply chain issues.">
    • Monitor the distributors' and business partners' performance and identify potential risks.">
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    Data Analysis and Reporting:

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    • Collect, analyze, and interpret data related to sales, inventory, and market trends.">
    • Prepare regular reports on forecast accuracy, inventory levels, and other key performance indicators (KPIs).">
    • Utilize, develop and maintain dashboards to visualize key metrics and provide insights to management.">
    • Identify opportunities for process improvement and cost optimization.">
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    Collaboration and Communication:

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    • Collaborate effectively with cross-functional teams, including Sales, Marketing, Supply Chain, Finance, and Regulatory Affairs.">
    • Coordinates the meetings of S&OP cycle monthly with the needed preparation according to the company guidelines with Supply Chain and Commercial.">
    • Follow up the supply chain operations team to ensure delivering the agreed supply on time and with quality.">
    • Communicate effectively with the distributors and business partners and other external stakeholders.">
    • Present forecast and inventory data to management and other stakeholders.">
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    Compliance and Regulatory:

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    • Ensure compliance with all relevant regulations and guidelines related to pharmaceutical product inventory management.">
    • Adhere to company policies and procedures.">
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    Qualifications:

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    • Bachelor's degree in pharmacy, Science, Supply Chain Management, Business Administration, Statistics, or a related field. A master's degree is a plus.">
    • Proven experience (typically 5+ years) in demand forecasting and inventory management, preferably in the pharmaceutical industry.">
    • Strong understanding of forecasting methodologies, inventory management principles, and supply chain processes.">
    • Proficiency in using forecasting software and ERP systems (e.g., SAP, Oracle).">
    • Excellent analytical and problem-solving skills.">
    • Strong communication and interpersonal skills and the Ability to work effectively in a fast-paced environment.">
    • Knowledge of pharmaceutical industry regulations and guidelines is a plus.">
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    Key Competencies:

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    • Analytical Thinking">
    • Problem Solving">
    • Decision Making">
    • Communication (written and verbal)">
    • Collaboration and Teamwork">
    • Attention to Detail">
    • Planning and Organizing">
    • Negotiation Skills">
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    About Us:

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    Jamjoom Pharma is seeking a highly skilled Pharmaceutical Forecasting Analyst to join our team. If you have a strong background in demand forecasting and inventory management, we encourage you to apply for this exciting opportunity.

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