MedPlus to set up 200 stores in tier II & III cities of TN

Pharmacy distributor MedPlus plans to set up 200 stores in tier II and III cities in Tamil Nadu over the next one year. “We are planning to reach out to the interior parts of Tamil Nadu and set up 200 franchise stores in the initial stage, in the next one year. We will be planning another 300 stores by 2018,” MedPlus Health Services, Founder and CEO, Dr Madhukar Gangadi said in a statement here.

Stating that the goal of the Hyderabad-headquartered company was to give access to medicines at affordable prices in all parts of the state, he said, retail expansion initiative would create a lot of entrepreneurs in tier II and III towns and generate employment of more than 1,000 people.

The move to expand retail outlets in Tamil Nadu was in the backdrop of the company tasting success in Andhra Pradesh and Telangana. “In view of this, we have decided to replicate the model in other parts of the country through the current financial year”, he said.

Each MedPlus store spread across 300-500 square foot would require total investment of Rs 15-20 lakh that would cover franchise fee, rental deposit, infrastructure and stock required. MedPlus has 1,350 outlets in 12 cities across the country, it said.

Source: Money Control

Image Courtesy: The Hindu Business Line