Medplus- A change in Landscape of Pharmacy Retails6 months ago Ramya Sayaboni
Retail pharma Business is a safe journey with low risk when you compare with other sectors because medicine is the product which you can’t ignore like gold if you don’t have money.
Madhukar Gangadi, the most successful entrepreneur, founder of Medplus, an M.B.B. S and an MBA graduate of Wharton Business School USA. During his project on group purchasing organization, he got to know that, According to the WHO report 30% of the fake drugs supplied across the country are manufactured in India. Then he pondered that there is a lot of scope and opportunity in India for genuine drug business plan market and implemented his thought, as result of which Medplus was launched in 2005.
MedPlus is the second largest pharma retail chain in India. It has a direct protected channel from the reputed manufacturers and distributors where there is no chance of polluting the supply chain and gives genuine drugs to the customers. It has spread its operations into Med plus pharmacy, Med Plus mart, Med plus Lab, Med plus Lens and rite Cure.
MedPlus started its first pharmacy in February 2006 at Hyderabad. Their major focus was to give the best value to the customers by making it safer and convenient. They do proper sourcing of the drugs from the reputed and trusted manufacturers. And they maintain well-equipped stores with proper air-conditioned rooms for the storage of the drugs. The unique thing about Medplus pharma is it was the first pharma retail company to offer medicines at best price by giving discount offers to the customers
Medplus franchise is the best platform for the local pharma retails to grow with low risk and high profits by having access to high-quality brands.It has its franchises across Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. By partnering with medplus you will know the difference in the customer floating, as they trust the brand offering genuine medicines. so, as a franchise, you can generate your volume 2x higher than your competitors and enjoy customer retention and loyalty.
Medplus has launched an app to make medicines easily available so that you can order the medicines you regularly buy. To save your time and money it has launched an online store called MedPlus mart where you can book your medicines online where they offer 15% discount to the drugs and by giving household items like soaps, shampoos free. It is rapidly growing and has a significant chunk, it is best suited for continuous therapy users like cardiac and diabetes patients
Medplus labs is a platform where you can easily have the medical tests done, It collects the samples and gives the reports at your home where they analyze the samples by using automated equipment and give accurate results
Rite cure is the platform where it distributes all the surgical and medical consumables to the hospitals and healthcare providers. Med Plus lens is an optical store with variety choices of frames, prescription glasses.
When the company was started in 2005 the founder made an investment of Rs. 9 Crore from the family and friends and then in 2006 it had set of three investors, People capital invested 5 million dollars, Vani kola of Kalari capital group and Rcapital invested 25million dollars into MedPlus at early 2007. These Investors helped the company to grow from 100 to 600 stores.
In 2011, TVS, Piramal, and Mount Capital bought the shares of the previous investors and further invested into Medplus where they increased the turnover of 480 crores to 2000 crores till 2017.
Recently Madhukar Gangadi with the help from the Goldman Sachs, bought all the shares from the investors and owns 80% of the shares of the MedPlus.
It is now in the No.1 position in the south based retail pharma chain with a store count of 1400 across south India with a brand value.It has its presence in 5 states Hyderabad, Bangalore, Calcutta, and Pune. It has a future plan to make the company with a dominant presence of 10,000 stores. Madhukar Gangadi ha recently launched an online platform Batchtag.com where you can sell the products at factory prices, and another company custom furnish.com is the e- commerce version where you can customize the furniture design and know the price accordingly.
To know more about this Medplus, visit:http://www.medplusindia.com/index.htm