MedPlus is on an aggressive organic expansion mode...
Health is Wealth – retail behemoths to pharma
companies seem to have taken the statement too seriously as they chalk out massive plans to make a fortune from pharma retailing. Starting from Ambanis and other retail rajahs to pharma majors like Dabur, all are betting huge on the country’s most promising sector. But for them, it’s a recently developed penchant and even today, most pharma retail plans rotate around north India. So what about south India? Well, for them too, the storyline lacks no punch. And there is one hope that changed the direction of retail winds towards Kanyakumari; a young doctor from Hyderabad who felt the need to introduce organised retailing of medicines in south India. With such a mission and bucked up with his business knowledge (an MBA from Wharton School of Business), a fine summer morning saw Madhukar Gangadi rolling out MedPlus.
“The beginning was not so easy and there was lack of capital. There were also manpower problems as it was difficult to find people who had the experience of running a pharma retail store. But we never compromised on our mission to provide genuine medicines at lower prices,” reminisces Madhukar Gangadi, CEO of MedPlus Heath Services Pvt. Ltd. But his entrepreneurial experience made him overcome such a problem. Moreover, to battle competition from local pharma shops, MedPlus started adding value to its services. For instance, in case of non-prescribed drugs, the salesmen explains the pros and cons of the drug, electronic patient record mechanism system et al. “We also hired people with medicinal background who could recommend certain medicines to consumers. Addressing convenience for consumers, it made sure that atleast one store was present in every neighbourhood,” shares Madhukar. Such a strategy indeed gave Medplus a competitive edge. Today it can boast of 300 outlets spread across Bangalore, Chennai and Pune. The company minted an exorbitant turnover of Rs.100 crore for the fiscal year ended 2007-08, which speaks out for its growing magnitude.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
Health is Wealth – retail behemoths to pharma
companies seem to have taken the statement too seriously as they chalk out massive plans to make a fortune from pharma retailing. Starting from Ambanis and other retail rajahs to pharma majors like Dabur, all are betting huge on the country’s most promising sector. But for them, it’s a recently developed penchant and even today, most pharma retail plans rotate around north India. So what about south India? Well, for them too, the storyline lacks no punch. And there is one hope that changed the direction of retail winds towards Kanyakumari; a young doctor from Hyderabad who felt the need to introduce organised retailing of medicines in south India. With such a mission and bucked up with his business knowledge (an MBA from Wharton School of Business), a fine summer morning saw Madhukar Gangadi rolling out MedPlus.“The beginning was not so easy and there was lack of capital. There were also manpower problems as it was difficult to find people who had the experience of running a pharma retail store. But we never compromised on our mission to provide genuine medicines at lower prices,” reminisces Madhukar Gangadi, CEO of MedPlus Heath Services Pvt. Ltd. But his entrepreneurial experience made him overcome such a problem. Moreover, to battle competition from local pharma shops, MedPlus started adding value to its services. For instance, in case of non-prescribed drugs, the salesmen explains the pros and cons of the drug, electronic patient record mechanism system et al. “We also hired people with medicinal background who could recommend certain medicines to consumers. Addressing convenience for consumers, it made sure that atleast one store was present in every neighbourhood,” shares Madhukar. Such a strategy indeed gave Medplus a competitive edge. Today it can boast of 300 outlets spread across Bangalore, Chennai and Pune. The company minted an exorbitant turnover of Rs.100 crore for the fiscal year ended 2007-08, which speaks out for its growing magnitude.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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