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It is a recession-free business as pharmaceuticals is a business that withstands any economic fall. It yields profit in high margins, and the MedPlus pharmacy franchise has a presence all over the country. MedPlus has made a mark as an e-pharmacy, and customers can buy OTC products, medicine, nutrition products and FMCG. A qualified pharmacist can seek out a loan and comprehend how to get the MedPlus franchise.
Did you know?
MedPlus is the second-largest pharmacy chain in India. As of 2015, it operates 1,300 stores across 150 cities in India and employs about 10,000 employees.
Also Read: What is the Cost of Apollo Pharmacy Franchise in India
Pharmaceutical Industry in India
Whenever the stock of medicines is maintained well, a pharmacy can provide necessary medicines on time and success is assured. Medicines, surgical items, and wellness products have increased in demand due to an increase in the average life span. The market share of the organised retail pharmacy chain is growing across sectors, and MedPlus franchise costs will turn profitable in the mega-market of India. India's pharmaceutical industry is the third-largest in the world in terms of volume. It is an industry that fosters research and development to improve the health outcomes of people. It will establish expertise in innovation-heavy novel biologics and biosimilars, preventive medication and complex generics. A re-shift in the industry has taken place after the pandemic, and digital technologies are leveraged to connect with patients. It is noteworthy about the industry and its innovation funding, infrastructure, continuous regulatory reforms and industry-academia collaboration.
The pharmaceutical goods of India have a manufacturing cost which is much lower and more effective compared to other countries. The country's pharmaceutical industry is robust, with a high-skilled workforce due to advancements in technology. Through communication development, there is an upgrade in India's marketing and distribution system. This particular industry is developed because of its diversified ecosystem. Apart from the industry's flaws, there are possibilities for rapid development as greater exports leverage it. It is apprehended that developed markets can export medicines and rise. India has the potential to create a benchmark for international clinical trials. In the years to come, the country can play a major role in pharmaceutical research and development globally.
MedPlus Mission and Vision
The brand targets customers' first choice for their healthcare needs by consistently comprehending their expectations.
- Customer centricity is a priority of MedPlus as they prefer building loyalty by satisfying and adapting to customers' needs.
- Transparency, honesty and fairness in all the brand's interactions are valuable for e-pharmacy.
- The MedPlus franchise gives utmost importance to teamwork and believes in supporting each other for the good of all.
- Any individual with dignity is respected, and a commitment to equality has a presence in the brand.
- The quality is upgraded and made up to the mark in service delivery, and innovations are valued.
Benefits of MedPlus Franchise
- A well-known, recognised, and reputed brand alleviates any prerequisite for prospective promotion.
- In India, it has set a benchmark as the largest pharmacy chain and offers home-based clinical lab services.
- Consumers have an option provided by the brand to purchase medicines online, preferably from an online marketplace.
- It also includes a versatile delivery protocol that includes door-to-door delivery and access to a database of many pharmaceuticals.
- The brand dispenses quality and authentic medications for customers to receive relief from illness and diseases.
- The brand guarantees satisfaction through cost-effective and the finest in class services.
- Products of the brand, staff and sales can be effectively managed just at a button via their proven process. The pharmacist needs to manage staff, counter sales and customer relations.
- Due to local demand, inventory management and orders are automated. As a result, additional capital investment needs can be avoided, and loss can be minimised.
- High-quality medicines are available as the brand's products are sourced directly from manufacturers and authorised distributors only. In proper storage conditions, stocks are maintained during transportation and warehousing.
- The brand's competitive edge is quite high as discounts, brand recognition, and loyalty schemes draw several customers and retain them. Its store offers better savings schemes to the customers.
- The brand offers high-quality private label products due to its huge scale in medical and general segments with a high MedPlus franchise profit margin.
- The brand can cater to customers offline and online as it is an omnichannel retailer.
- Sales, purchases, customer records, and bank deposits can be efficiently managed as the franchise provides systems and technology support. The brand is the first pharmacy business to introduce bar-coded products to reduce billing time.
- A shared income is between MedPlus and the franchise. The negotiating capacity and reach of the brand are better, and because of this, there are more opportunities to earn better income.
- Compared to another independent pharmacy, an individual will require less investment capital and reap the rest in a loan via a financial assistance scheme in place with the State Bank of India.
Eligibility Criteria for a Medplus Franchise
- A dedicated, diligent and hard-working individual has the capabilities to apply for a franchise from the brand.
- Any individual with a tendency to personal management, look after and hire employees can be a part of the brand.
- In order to do profit and loss calculations, basic mathematical knowledge is a must for an individual seeking a franchise.
- A pharmacist qualification is required to manage the store, but such a qualification is not necessary.
- Anyone interested in taking a MedPlus franchise should have a minimum of at least SSC level education.
- During a franchise selection, an individual will have more possibility to get a franchise if they have experience working in a pharmacy store.
Area Specifications
In the main market area, the specifications of a store should be at least 300 square feet or more with a fine frontage, and the premise should have unrestricted access.
Financial Requirements
The premises' location, size, and condition are taken into consideration, and the MedPlus pharmacy franchise cost is ₹ 17.50 lakhs to ₹ 20 lakhs. Furniture, branded stationery, necessary inventory, computer systems and printers, interiors and refundable security deposits are some of the portions included in the investment.
Terms of Agreement
The terms and conditions of the brand include:
- An MOU.
- A written statement that has to be signed.
- A franchise agreement that requires the signature of the franchise owner for certain years.
Renewal of the agreement can be done if both parties agree.
Support Protocols from MedPlus
- Training to franchisees – The staff gets training for the franchise to run the MedPlus store efficiently.
- Aids in availing credit – The franchise comes to the aid of an individual in availing the credit from reputed financial organisations.
- Best supply chain management is considered the finest supply chain management for the entire product.
- Support – An individual is provided operational support through the store's running.
- Infrastructure setup – After getting a MedPlus franchise, an individual will receive infrastructure setup while arranging the ordering system in order and knowing the importance of not overloading stakeholders.
- Audit support – Individuals get audit support that ensures proper functioning of the operations, store setups, monetary obligations etc.
- Right location – It is recommended that franchisees search for a location with a population of more than 50,000 suitable for the store.
- Lease finalisation – The identification of stores will be at the disposal of franchisees, and help will be given out for lease finalisation.
- Branding material - An individual receives support in branding materials, entire layout plan, systems and furniture.
Process to Enrol
Any individual interested in a MedPlus pharmacy franchise can apply online by mailing at franchise@medplusindia.com or calling the head office.
Interested people can get to Customer Care for MedPlus franchise contact number and are available from 9 am to 10 pm daily – 040 6700 6700. For general enquiries, an individual can send an email to – wecare@medplusindia.com. On the official website, interested people can view the link - medplusindia.com/contact.jsp to further understand how to approach the brand for franchise.
The address of the headquarter is – MedPlus Health Services Limited, 707, 7th floor, 5-9-13, Taramandal Commercial Complex, Saifabad, Hyderabad 500004, Telengana, India.
Conclusion
Its integrity and many benefits are well known and well trusted by customers, which makes the MedPlus brand highly recognised and trusted. With over 1350 pharmacies in over 150 cities, MedPlus operates in over 12 states. In addition to offering quality and genuine medicines, Medplus provides exceptional customer service, and it is well known to offer great value for money. The brand focuses on customer retention and stresses supply chain management and franchisee support.
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