MedPlus, a pharmacy chain based in Hyderabad, launched an IPO around October/November 2020. The company hopes to raise more than ₹ 700 crore through the process. In addition, MedPlus has entered into an exclusive partnership with Jamieson Wellness, one of Canada's largest consumer health companies.
Do you know that 95% of the world’s population has health diseases? And more than 60% of people around the globe are on medication. In the current field, the pharmacy business plays a vital role in the country. Are you planning to start a business? If so, then get a franchise license from MedPlus and start your business to help people with their medicines. MedPlus pharmacy franchise business gives you a big success boost to your business career. The pharmacy business is a recession-free business.
Vakilsearch helps you in drafting your franchise agreement and provides you with legal ownership of your business in a hassle-free approach.
MedPlus has been one of the largest retail pharmacies in India for the last few years. It was launched in 2006 in Hyderabad. There are almost 14,000+ employees working in MedPlus all over India. MedPlus is located in almost more than 1500 locations in the country. There are more than 150+ franchise stores. Moreover, e-pharmacy and door delivery facilities are available here.
Why the MedPlus Franchise?
- MedPlus is a highly recognized brand where there is no need for marketing.
- Largest retail pharmacy chain in India in the short while.
- Also, e-pharmacy is available here.
- Door-to-door delivery is available.
- Provides quality and genuine medicines
- Higher customer service and great value for money.
Locations and Space Required
You will have to take a minimum of 300 Sq.ft. or more in a significant demand zone.
Investment Capacity
Investment lies between ₹6 to 7 lakhs only. The franchisee has to own a collateral property worth at least ₹6 lakhs to get a loan under a special scheme headed for the remaining investment.
Investment Details for a Franchise Store
You will need a total investment of ₹17.50 to 20 lakhs depending on the location and size of the premises. This amount includes the franchise fee, refundable security deposit to the premises owner (rental advance), interiors, storage racks, furniture, computer systems and printer, branded stationeries, and initial inventories. Provided, the franchisee should be able to invest ₹ 6 to 7 lakhs of his/her own, as mentioned above.
Benefits of Owning a MedPlus Franchise
- Medplus serves more than 2,50,000 customers daily and employs more than 12,000 people. The company offers free home delivery in several locations near the store.
- MedPlus is an organized retail pharmacy chain having around 6-7% market share.
- The retail pharmacy industry may grow around 20% year on year.
- You can carry the pride of our success in your locality with an assured income.
- Best training, knowledge, and support for running the pharmacy will be provided.
- MedPlus basically has strong guidance by expertise and sourcing, technology, and execution abilities.
- You can avail of a credit facility or loan from the State Bank of India (SBI) under a particular scheme for about 60% of your investment requirement.
- You generate a volume of business that is 2 or 3 times higher than the competition and enjoy higher customer retention and repeat purchases due to our brand pull and the attractiveness of our loyalty and reward program – Flexi Rewards.
- Produces higher profits by having access to our high-quality private label brands with higher margins.
What Support Does Medplus Provide to the Franchisee?
- Assistance with selecting the right location for the store.
- Helps with store identification and lease finalization.
- Complete layout plan and branding materials.
- Furniture and systems.
- Training for the franchisee and the staff as well.
- Facilitate a bank loan, if required.
- Supply all products.
- Operational support through the running of the store.
- Audit support.
Conclusion
In order to retain customers, it is important to manage its stock well and maintain the necessary stock well in advance. Ensure that the necessary products are available on time. The retail pharmacy business is similar to a trading business. It goes without saying that customer satisfaction is the most important aspect of running a successful business, regardless of the type of business taken.
Vakilsearch experts will guide you in establishing your franchise business. Our lawyers will get your franchise agreement drafted.
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