Are you looking to venture into the pharmaceutical retail sector in India? Consider the MedPlus franchise, a well-established and trusted brand in the country’s pharmacy market. In this blog will know about the medplus franchise investment details, Royalty, space required , ROI, How to start it.
Franchise Brand Profile:
| Brand Name: Medplus |
| Founder: Dr. Madhukar Gangadi |
| Founded year: 2006 |
| Headquarters: Hyderabad, Telangana |
| Total Outlets: 2,000 stores |
About MedPlus:
MedPlus, the second largest pharmacy retail chain in the country, has a network of 1,350 pharmacies in 12 states. Medplus today serves over 3,50,000 customers daily and employs over 10,000 people. Their online pharmacy & general store, MedPlusMart.com, launched in 2015 has quickly grown to become the biggest e-Pharmacy in the country today. Through MedPlusMart, customers can buy medicines, OTC products, FMCG and nutrition products from the convenience of their home or through mobile, read important information about medicines, store their health records, view their prescription history and redeem rewards. Medplus franchise offering franchise opportunities for the people.
Mission and Vision of MedPlus franchise:
MedPlus is committed to being the top choice for customers seeking healthcare and wellness solutions. By deeply understanding their needs and consistently exceeding their expectations, MedPlus aims to revolutionize the delivery of healthcare services across India.
MedPlus franchise Investment Details:
MedPlus offers franchise opportunities to expand its reach and provide more people with access to quality healthcare products.
Here’s an overview of their franchise model:
| Total Investment: ₹16 lakhs to ₹23 lakhs |
| Loan Requirement: 50% collateral required for loan approval |
| Initial Inventory: Included in the investment |
| Space Required: 300-500 sq.ft. in a prime location |
| Royalty Fees: 6% Per month total sales |
| Business Term Duration: 5 Years |
- To become a MedPlus franchisee, the investment required ranges from Rs 16-23 lakh, depending on the location and size of the store.
- A significant portion of this investment, around Rs 5-6 lakh, is allocated for rent and infrastructure, while the remainder is for the initial inventory stock.
- MedPlus has partnered with State Bank of India to facilitate loans for franchisees, with 50% collateral required for loan approval.
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How to start MedPlus franchise in your location:
Application Process of MedPlus franchise:
- Visit the official MedPlus website (https://www.medplusindia.com/) and click on the ‘Contact Us’ option to get in touch with brand representatives.
- Registered individuals may directly call the MedPlus franchise contact number.
- Fill out the franchise application form with required details.
Medplus franchise Enrollment Procedure:
Any individual interested in joining Hands with MedPlus Pharmacy Business can register themselves by dropping a mail at franchise@medplusindia.com or make a call to head office.
- Andhra Pradesh and Telangana: +91 8688581100
- Tamil Nadu: +91 7305405500
- Karnataka: +91 8431002002
Also Read this: How to start Milky Mist franchise business?
Eligibility Criteria for MedPlus franchise:
- Individuals should be hardworking, diligent and dedicated.
- They should be able to personally manage the pharmacy operations rather than through employees.
- Basic mathematical knowledge to understand trade terms, margins, profit & loss is required.
- A pharmacist qualification is helpful but not mandatory.
- Minimum education qualification is SSC/Intermediate.
- Previous experience in a pharmacy or small business is beneficial
Term of Agreement:
- The franchisee needs to sign an MOU and franchise agreement for a certain number of years.
- The agreement is renewable if both parties agree
Documents required for a MedPlus franchise:
- GST registration,
- Standard franchise agreement,
- PAN and Aadhaar details,
- Rental agreement,
- Trademark rights agreements
MedPlus franchise monthly earning:
MedPlus franchises have the potential to generate monthly earnings of ₹25,000 to ₹50,000 or more. It depends upon the location.
India’s Pharmaceutical Industry 2024:
The Indian pharmaceutical industry is on the cusp of a significant transformation, driven by government initiatives, strong drug manufacturing capabilities, and increasing investment. According to recent statistics, the Indian pharmaceutical market is projected to reach $130 billion by 2030, highlighting the immense potential for growth and expansion in the sector.
Also Read: How to start Blinkit franchise business in 2024?
Conclusion:
In conclusion, MedPlus franchise presents a compelling franchise opportunity in the pharmaceutical retail sector in India. With an investment range of Rs 16-23 lakh, including rent, infrastructure, and initial inventory, aspiring franchisees can partner with a trusted brand known for quality healthcare services. Those interested in starting a pharmacy franchise business you can consider the Medplus franchise brand.
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