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Are you looking for starting Apollo Pharmacy Franchise at your location in India? If Yes, then please read this post.
Every discipline of business has the risk of becoming a victim of losses due to several factors. The health discipline is the only one that may never go out of market and money making.
Apollo Pharmacy is undeniably the largest pharmacy chain in the Indian subcontinent. With more 3,000 Apollo pharmacy franchises in India spread in about 400 cities, the chain had a turnover of 4,300 crores last financial year. The company’s aim is to reach a turnover of 10,000 crores in the next 5 years.
The Pharmacy chain was established in 1983 by Dr. Prathap C. Reddy, who was also the chairman of Apollo Hospitals. He was awarded the country’s second highest honorable and prestigious civil award, Padma Vibhushan award.
Vice President of the company, Mr. Atul Ahuja said that they are targeting to grow the company by 30 to 35% every single year. This means the company will open up about 250 stores every year.
Apollo Pharmacy is not just a physical store but is also available online with over 5000 products. Along with medicines the company also has supplements, health care products, baby care products, vitamins, etc.
The Apollo Pharmacy has become a household name over the years. It reminds the customers on their regular medicines, offer them membership discounts, and have highly trained pharmacists who understand the needs of their customers and help accordingly.
What are the USPs of the company?
Offline and Online stores – The greatest problem with people who are in need of medicine is going to medical stores. It is often very difficult for a sick person to go all the way to the medical store so Apollo Pharmacy brings its services to the customer’s home.
Apollo Pharmacy stores are both online and offline. As per your location, the delivery boy will bring you’re your medicines with your selected payment mode.
All the customer has to do is upload their prescription on the online store and add the medicines in their cart. The customer can then simply order the medicines from the comfort of the home.
Strategy
Apollo Pharmacy work with strengthening their focus. The company put its focus on tightening the grip on the market where they already have the upper hand and wide established business.
The company has a great grip over South Indian Market. They have well established outlets and greater reach to the customers in that region of the country. This is why the company has more focus on the south in comparison with the North and East part of the country.
Market
Apollo Pharmacy has its concentration on expansion and growth first and then on profit making. The company has its goals and focus clear. They are not willing to get more investment done. They are rather willing to put more cash flow in the Apollo Hospital that remains the [prime source of revenue generation.
For Apollo Pharmacy, the company aims to improve the existing established business to reach out to a wider customer range.
How to apply for Apollo Pharmacy Franchise?
The official website of the company does not talk about the franchise option at all. So if you cannot reach out to the head office of the company directly, surf through the contact information available on the website.
Find the contact details and contact the company’s administration for further information on the application process.
Requirements for Apollo Pharmacy Franchise
For the basic and in general requirements to establish and run a pharmacy, the business owner will need adequate drug licensing. This license is only issued by The State Drugs Standard Control Organization and The Central Drugs Standard Control Organization (CDSCO) and is mandatory to run a pharmacy business. The owner will also have to take Wholesale Drug license.
The billing of the drugs is done under the name of the business name along with Apollo Pharmacy. Thus GST registration is mandatory.
Requirements for the license
- The owner will have to present a government generated ID proof and address proof along with PAN card.
- Then the application form and the declaration form will be required.
- Then the affidavit for a pharmacist will be needed.
- Lastly, the proof of ownership of the property will be required.
Now coming to the requirements of the company, there are quite a few.
Space
If the owner wishes to open a small pharmacy, an area of 12 to 15 sq feet will be required. If the owner wishes to own a larger store, the minimum space required will be 15 sq feet. The property should have apt space for storage, a freezer, shelf space, counter space, and space for people to come in and wait for their orders.
Required Skills set
The handler of the store is supposed to be a licensed pharmacist or a person who has officially taken a course to manage drugs that are approved by the department of drug control.
The pharmacist should mandatorily have a doctorate degree in Pharma with a medical background.
The pharmacist will then in charge of checking the medicines, replacing them for the customers if needed, will give the prescribed medicines to the customers, and make sure the customers are taking the right medicine.
The pharmacist should also be trained to give primary care to a patient like injection, first aid, and care.
They must also keep records, update the inventory, and suggest the patients with the right medication if there is a problem.
Training
The pharmacist running the pharmacy must have taken 2 years of residency training. This ensures the thorough knowledge of a drug and its working for the pharmacist.
The pharmacist should also be aware of the rules to keep up with under medical awareness.
The medicines just have 1 to 4 years of shelf life. When medicine is expired, it should be discarded right away.
The basic training of handling an emergency case should be taken by the pharmacist to avoid unwanted situations if one ever occurs.
What are the Benefits of starting an Apollo Pharmacy Franchise?
Cost
Establishing an Apollo Pharmacy does not cost a fortune. To begin with the business, the owner will require a sum of 5 to 10 lakh rupees.
The liquid assets and fixed assets will be all purchased. As a regular expenditure, electricity is going to cost about 14 thousand. The monthly expenditure of the store will not cross 50 thousand.
To start the business, the new store will be occupied with medicines worth between 50 thousand to 1 lakh rupees.
The franchise application fee is 3,000 rupees and if got selected, the documentation and paperwork will cost around 25,000 rupees.
If the customer is willing to open a megastore, it will cost 15lanks to 20 lakh rupees.
Conclusion
Apollo Pharmacy derives its major revenue generation out of the Apollo hospitals. The company aspires to keep the prices of its medicines low in comparison to the market.
There are millions of people who survive on daily medicine consumption in this country.
But rather than spending loads of money on medicines, people prefer taking treatments and surgeries. This is why Apollo keeps the prices of medicines low so that a larger section of society can afford these medicines. The main aim of the company is not to make a higher profit but to sell more.
With over 50 years of running, the pharmacy chain has won the trust of the entire country. The pharmacy is serving millions of its loyal customers every month.
This ensures definite profit and higher sales for the franchise owner under the name of this reputed brand.
The investment required in the establishment of the stores is also very affordable and ensures returns.
The owner of the franchise only has to worry about the licenses and a good pharmacist. The rest is taken care of by the company. And with the immense popularity, it already has, there is no major need for marketing too.