MedPlus Pharmacy, having served as a one-stop healthcare dispensary, has gained national recognition as one of India’s largest pharmacy chains. With a staggering range of available medications and wellness products, the MedPlus Pharmacy retail chain upholds high standards, making it the top choice for health consultants. For those interested in joining this successful network, the MedPlus Franchise Cost is an important consideration when exploring the opportunities for establishing a MedPlus outlet.
Considering this benchmark it comes as no wonder that choosing to be a franchisee of MedPlus Pharmacy will bring in huge remunerative margins to the business owners.
The Legacy MedPlus Franchise
Carrying forward the faith established by the MedPlus Pharmacy, they are now synonymous with terms such as quality, convenience, and most importantly, trust among its loyal consumers. The brand’s commitment to providing high-quality pharmaceutical products and genuine medications along with exceptional customer service is unparalleled. The store caters to a wide range of healthcare needs, providing over-the-counter drugs and a variety of personal care products to its consumers.
It’s because of the loyalty of the consumers and the trust of the healthcare consultants that the franchise of MedPlus Pharmacy is now spread across over 2000 outlets, distributed among various states in the country of India. It ventured into the pharmacy business in 2006 as a Hyderabad-based pharmacy service provider. Since then, it has grown into one of India’s most trusted pharmacy brands.
Exceptional franchise for healthcare line
Some key factors add to the specialty of MedPlus Pharmacy as a franchise.
1) Reputation and Trust: MedPlus Pharmacy is backed as a provider of high-quality healthcare. This trust naturally extends to the pharmacy chain. Thus making it a go-to choice for millions of customers across the country.
2) Pan-India Presence: Considering its presence in both metropolitan cities and smaller towns, MedPlus Pharmacy has a wider reach to consumers. This network allows it to cater to a vast customer base, making healthcare products and services accessible even in remote areas.
3) 24/7 Availability: Many MedPlus Pharmacy outlets operate round the clock. They are determined to provide essential medications and health products to their customers whenever needed, especially during emergencies.
4) Wide Product Range: From prescription medications to wellness products, MedPlus Pharmacy offers a wide variety of products, making it a one-stop shop for all healthcare needs. It also offers health supplements, medical devices, and personal care items, attracting a diverse customer base.
5) Customer-Centric Services: MedPlus Pharmacy thrives to enhance customer experiences. Their trained pharmacists provide personalized guidance, ensuring customers get the right products for their needs.
6) MedPlus App: The digital arm of MedPlus Pharmacy, the MedPlus app has made it easier for customers to access healthcare services from the comfort of their homes.
7) Assistance to the doorstep: They offer online ordering, home delivery, and even health consultations, further strengthening their customer-centric approach.
8) Virtual consultations: Customers can book diagnostic tests, and even consult doctors through their application, which has been a game-changer in the healthcare sector.
MedPlus Pharmacy Franchise Cost
Investing in MedPlus Pharmacy and taking up the opportunity to establish a franchise means the business owners have opened themselves into a profitable market that caters to the healthcare needs of the customers and also carries forward the trust maintained by MedPlus Group.
MedPlus Pharmacy is a robust framework of a franchise that requires moderate investments. They also provide the necessary training to the staff and ensure they receive the support to set up the franchise.
They offer two franchise models:
FOFO (Franchise Franchise Operated) – In this model, the parent company or the brand in question gives its name to the franchise investor (franchisee). And they give it for a non-refundable sum (known as a franchise fee) and for a pre-agreed time. The Prices and merchandise for the outlet are decided by the individual brands. So, the franchisee is the owner of the store. All the operational costs will have to be managed by the franchise itself. Moreover, the Franchisee has to pay some percentage share of revenue (royalty) to the Brand as well.
COFO (Company Owned Franchise Operated) – This is where the company invests in the franchise business and the franchise operates it as per the directions set by the brand.
Here are the details regarding the MedPlus franchise cost structure to look out for:
- Franchise Cost – 20 to 30 lakhs
- Franchise fee – 2 to 3 lakhs (One-time fee paid to MedPlus for licensing and inheriting the brand name)
- Inventory Investment – 5 to 7 lakhs
- Technology integration – Computers, air conditioners, security cameras, and more.
- Store set up: 10 lakhs
- Royalty fee: Usually 6% on sales
- Franchise Agreement term – Usually 5 years
- Profit margin – 8 to 20%
- Required space: 300 to 500 sq. ft.
Why Partner with MedPlus Pharmacy?
Investing in a MedPlus Pharmacy franchise means becoming part of a trusted brand with a proven track record. With the healthcare industry in India experiencing rapid growth, the demand for reliable pharmacy services is at an all-time high.
The rise in lifestyle diseases, increasing health awareness, and the impact of the COVID-19 pandemic have further emphasized the importance of accessible healthcare services. This makes owning a MedPlus Pharmacy franchise a lucrative business opportunity.
Before diving in, understanding the MedPlus Franchise Cost is crucial, as it plays a significant role in determining the overall investment and potential return.
1) Brand Recognition: MedPlus Pharmacy is a well-established brand with a strong presence across India. By owning a franchise, you benefit from the brand’s reputation, customer trust, and loyalty.
2) Proven Business Model: MedPlus Pharmacy has a validated business model that has been successfully implemented in thousands of stores across the country. As a franchisee, you’ll receive support and guidance to ensure that your store operates smoothly and efficiently.
3) Comprehensive Support: From store setup to staff training, MedPlus Pharmacy assists its franchisees. They help with store design, inventory management, and marketing. They also arrange for staff recruitment, making the process of setting up and running a franchise completely hassle-free.
4) Access to Quality Products: MedPlus Pharmacy ensures that all products sold through its stores are of the highest quality. As a franchisee, you’ll have access to a wide range of genuine medications and healthcare products sourced directly from trusted suppliers.
5) Promotional engagement: With diversified marketing support from MedPlus, the campaigns
5) Customer Trust: With the backing of the MedPlus Hospitals Group, MedPlus Pharmacy has built a reputation for offering quality medicines and reliable healthcare services. This trust extends to its franchisees, making it easier to attract and retain customers.
6) Technology-Driven Operations: MedPlus Pharmacy uses advanced technology to streamline operations, from inventory management to customer service. You’ll have access to this technology, which will help you manage your store more effectively.
How to Apply for a MedPlus Pharmacy Franchise
There is a straightforward process to be followed to set up the MedPlus Pharmacy franchise.
1) Submit an Inquiry: Visit the MedPlus Pharmacy website or contact their franchise department and express your interest. You’ll need to provide details such as your location, budget, and experience in the healthcare sector.
2) Franchise Review: Once your application is submitted, the MedPlus Pharmacy team will review it and assess the feasibility of opening a franchise in your desired location with your specifications.
3) Franchise Agreement: If your application is approved, you’ll be required to sign a franchise agreement, which outlines the terms and conditions of the partnership including the agreement of royalty fee.
4) Store Setup: The brand will assist you with setting up the store, including interior design, equipment installation, and product stocking.
5) Staff Training: Considering that customer satisfaction comes first to MedPlus Pharmacy, your staff will undergo training to ensure that they meet the high standards of service.
6) Supply Chain assurance: Since, the products are supplied and delivered through the trusted network of the brand, the franchisee need not be worried about any issues with the distribution of the products.
Benefits of owning a MedPlus franchise
MedPlus is a trusted and well-established brand, with over 2,000 outlets across India, known for delivering high-quality pharmaceutical products and healthcare essentials. Here are some brand-specific benefits that come from owning a MedPlus franchise.
- Competitive edge in the market
- Brand recognition
- Additional inventory management and training for staff provided by MedPlus
- Seamlessly integrating online services (MedPlus application) and offline sales to support both digital and in-store customers.
- Broadening your revenue streams
Also Read: Haldiram Franchise Cost
Why Investing in the MedPlus Pharmaceutical Sector is a Safe Bet?
The pharmaceutical sector in India has been growing at a phenomenal pace. The sector is expected to grow at a CAGR of 12.1% and reach $120-130 billion by 2030. Factors like increased health awareness, a rising aging population, and the spread of chronic diseases have fueled the demand for reliable pharmacies across the country. This growth and government support make the pharmaceutical sector a relatively safe bet for investors. With pharmaceutical chains such as MedPlus, developing a franchise and providing healthcare assistance will end up returning a significant amount of revenue to the business owner.
Moreover, the growing health consciousness in India has led to a higher demand for over-the-counter (OTC) health supplements, preventive care products, and wellness solutions, areas where MedPlus already has a strong foothold. By partnering with MedPlus, franchise owners can tap into this ever-growing demand, ensuring long-term profitability.
Conclusion
Tackling the demand for healthcare services in India will ultimately create both societal and monetary impact for the business owner, and investing in the MedPlus pharmacy franchise is a smart business move. Backed by a trusted brand and a proven business model, franchise owners can benefit from the booming healthcare industry while providing essential services to their communities.
The relatively low investment cost, combined with comprehensive support from MedPlus Pharmacy, makes this franchise opportunity accessible to aspiring entrepreneurs. So, if you’re passionate about healthcare and want to make a difference while running a successful business, the MedPlus franchise is a path worth considering.