Are you aware that almost 95% of the global population is dealing with potential health disease? And more than 60% of people globally are on medication. In the existing scenario, the pharmacy business plays a pivotal role in India. Do you intend to step into the pharmacy business to reap good revenue? If so, then getting a MedPlus franchise could be the best bet for you. With such a business model, you will be able to serve dual purposes.
First, of course, you will earn a considerable amount of revenue, and seconds, you can help people with their medication. MedPlus franchise business can support your dream of being a prominent business house in the future. Pharmacy business practically remains untouched from recession or compromised financial health of the country. Through this blog, you will gain fruitful insight into franchise agreements so that you can start the business journey in a seamless fashion.
An Overview on MedPlus Market Dominance
MedPlus ranks among the largest retail pharmacies in our country for the past few years. It came into existence in 2006 in Hyderabad. At present, almost 14,000+ individual are working as an employee for MedPlus pan India. MedPlus has a diversified business footprint all across the nation. Today, the company is serving in almost 1500+ locations in India, accompanied by 150+ franchise stores located in different regions. Furthermore, the company also leverages the digital platform to provide online services to potential customers.
Why is MedPlus Franchise so Effective?
- MedPlus is a reputed and well-known brand that mitigates any requirement for future promotion.
- Known as the largest pharmacy chain in the country.
- Also, have an online marketplace for people who prefer buying online.
- Employs versatile delivery protocol including Door-to-door delivery
- Provides authentic and quality medications to the customers.
- Ensures 100% customer satisfaction through cost-effective and best in class services.
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Locations and Space Requirements for Obtaining MedPlus Franchise in India
Although the franchises are provided only to fewer states such as Andhra Pradesh, Tamil Nadu, Karnataka[1], and Telangana, any region holding more than 50,000 populations would be sufficed to open a MedPlus Pharmacy.
Apart from that, a minimum of 300 Sq.ft. of area is required by the applicant to open such a business in a prescribed demand zone.
Investment Capacity
MedPlus pharmacy franchise business seeks a nominal investment of 6-7 lakh only. The franchisee has to reserve a collateral property that worth not less than Rs 6 lakhs to avail a loan under a special scheme headed for the leftover investment.
Investment Details Regarding the Franchise Store
You will require a total capital of Rs 17.5-20 lakhs depending on the business zone and size of the establishment. This amount encompasses franchise fee, furniture, IT set up, interiors, initial inventories, and storage racks.
Potential Benefits of having a MedPlus Franchise
- Medplus has a strong customer base in India. At present, the company is serving more than 2.5 lakhs customers on a daily basis. More the 12000 employees hold the backend of the company’s operation. Resident situated near the Medplus store rejoices the benefits like free home delivery.
- MedPlus is a company that employs rigid business structures that ensure the seamless coordination between all the departments. For this reason, the company has now secured a 6-7% market share in an incredibly short period.
- The retail pharmacy is projected to witness stable growth in upcoming years. As per experts, the sector may grow around 20% year on year.
- The company employs the best training module to educate the franchisee. Apart from that, the company also offers the best of support to individuals and helps them overcome day-to-day hindrances.
- MedPlus excels on the quality workforce, expertise, technology & execution abilities that operate synergically.
- Having a MedPlus franchise would ensure fiscal aid from leading banks, including from State Bank of India (SBI), to achieve a desired business goal. At present, franchisees are eligible to avail loan from SBI on account of a special scheme for about 60% of your investment requisites.
- The branding power of MedPlus can let you rejoice higher customer retention & recurring incomes owing to repeat purchases
- Ensure sustainable business growth with a higher profit margin owing to the strong branding and market presence of the company.
What are Support Protocols that MedPlus Follows for their Franchisees?
Growth Prospect of Pharmacy Retailing in India in Years to Come
The pharmacy retail market in our country has seen considerable growth over the past few years due to epidemiological transition and favorable demographic factors. On account of revenue, the pharmacy retail market in our country valued at Rs 996.68 billion in the year 2016, and it’s expected to secure INR 2,330.2 billion by 2024.
This market is primarily dominated by the unorganized local players. However, the level of competition coming from organized players and online retailers is slowly undermining their growth potential/
Conclusion
MedPlus is well aware that customer retention is the key that keeps businesses generating improved revenues over time. This is the primary reason why they stress supply chain management and franchisee support. To ensure that all the franchisees work cohesively, they provide quality support to the concerned entity in their supply chain through their resources.
Hopefully, this write-up has made you aware of the vital aspect of the MedPlus Franchise along with the benefits. If you still have some queries related to this business field, kindly drop your concerns in the comment section.
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