MedPlus: Case Study, Company Profile, Founding Members, and many more

Introduction

Isn’t it very easy to get all your medical needs right at your doorstep? MedPlus provide you with that solution. It is the second-largest Pharmaceutical company in India. And has grown a base of its own. The organization has changed into an omnichannel retailer. Its clients can purchase medications from its stores, site, and portable application. The organization’s income has gone up consistently and it is a profitable organization. In this article, we have mentioned all about the journey of MedPlus, its founding members, and how the company became the second-largest pharmaceutical company. 

Case Study

MedPlus was established in 2006 by Gangadi Madhukar Reddy,  Managing Director and Chief Executive Officer, with the vision to set up a believed drug store retail brand that offers veritable prescriptions and conveys better worth to the client by diminishing shortcomings in the inventory network utilizing innovation. The organizer, Managing Director, and Chief Executive Officer of the Company, Gangadi Madhukar Reddy, both a specialist and a business person, assumes an instrumental part in the essential heading and development of the business. It’s investors incorporate marquee financial backers, including Lavender Rose, having a place with the Warburg Pincus gathering, and subsidiaries of Premji Invest, and we keep up areas of strength with administration and inner controls.

Company Profile 

Founder

MedPlus Health Services Limited was integrated on November 30, 2006. The Company was established by Gangadi Madhukar Reddy, the Overseeing Director and Chief Executive Officer, with the vision to set up a believed drug store retail brand that offers veritable prescriptions and conveys better worth to the client by diminishing failures in the inventory network utilizing innovation. The Company’s activities are principally appropriated between the Issuer and Subsidiaries.

Operations

MedPlus work 2,165 stores in 242 urban communities conveyed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal, and Maharashtra as of June 30, 2021. We have an aggregate of 14,762 extremely durable full-time in-house representatives working for us in a scope of business exercises.

The company’s tasks incorporate the assembling and agreement assembling of private mark drug, health and FMCG items, discount and retail deals, import, appropriation, and pathology analytic lab testing.

The company’s omnichannel stage empowers us to support our clients through the stores as well as our web-based channels, in this manner empowering us to use serious areas of strength for our channel to layout and develop our web-based presence.

MedPlus ‘snap and pick’ administration permits clients to put orders straightforwardly online for assortment at their favored store at an advantageous time. The clients additionally have the choice to return any things bought through the company’s internet-based channel at their favored stores, dependent upon the standard agreements. Through our ‘house to house’ conveyance administration, in the urban areas of Hyderabad and Bangalore, the clients can put orders via phone, through the site, or through the company’s versatile application.

Strategies: 

• Strengthen Market Position by Increasing Store Penetration across existing and new bunches.

• Further, foster Our Omni-channel Platform with a Hyperlocal Delivery Model.

• Upgrade Revenue and Increase Customer Wallet Share through proceeded with interest in innovation foundation and venture into contiguous medical services vertical.

• Increment Operating Efficiency and Enhance Supply Chain Management to drive productivity.

Strengths

India’s second-biggest drug store retailer

Medplus is the second biggest drug store retailer in India, as far as income from activities for the monetary year 2021, and the number of stores as of March 31, 2021. The Company expects that its well‐established image, certified and great quality drug items offering, wide item offering, capacity to accomplish high satisfaction rates, presenting of neighborhood comfort with enormous store impression, and capacity to offer serious valuing to their clients, will keep on driving their benefits in a piece of the pie. The organization’s enormous size of tasks offer to clients, plan of action, and cost-effective tasks, have driven their development and have permitted them to be productive, notwithstanding their valuing and limiting methodology.

Laid out the brand and offer to clients

The “MedPlus” brand has a set of experiences and a history of more than 15 years, and it has turned into a well‐established brand that it has situated to represent authentic and great quality drug items that are presented at reasonable costs. It offers serious areas of strength for a suggestion to a wide scope of clients, including

Esteem Pricing: Over a timeframe, as they have constructed a scale, they have kept on encouraging lessen the costs that have permitted them to convey more

Worth to client as limits. They offer lower limits to clients with time‐sensitive intense helpful requirements and lower request esteem, as contrasted with higher limits for cost touchy clients with ongoing restorative requirements and bigger request esteem.

Accommodation and Fulfillment: Medplus centers around offering comfort to their clients by making a wide scope of items accessible across their

disconnected and online channels. This has assisted the organization with loading the suitable determination and measure of items at their stores and furthermore make supportive item ideas to their clients, to target high fill rates.

2‐hour conveyance ability: With their wholly managed and worked last‐mile conveyance framework from their stores, Medplus had the option to convey their clients’ internet-based buys within 2‐hours of procurement, in select urban areas.

Commitment: Company’s stores present a reliable and uniform client experience of offering certified and great quality drug items and

fast‐moving buyer products at reasonable costs. Their stores are worked via prepared staff.

Challenges 

• Huge part (75%) of the income comes from marked items, whose assembling is firmly managed
• Changes in professionally prescribed drug valuing and business terms could influence business execution
• Inability to oversee inventories and expect the request

Two Fold of MedPlus

Pharmacy: 

MedPlus Pharmacy has a set of experiences and history of the north of 15 years, and we accept that it has turned into a deeply grounded brand that we have situated to represent certified and great quality drug items that are presented at reasonable costs.

Mart: 

MedPlus Mart Customers could either visit the stores or access the contributions on the web, through our site and versatile application. The clients have various choices. 

Buying items at one of the stores.

Submitting a request through a call to get conveyance of their bought items.

Submitting a request online to get conveyance of their bought items.

“Snap and Pick”, by submitting a request on the web and getting their bought items from one of our stores. MedPlus “Snap and Pick” suggestion permits the clients the simplicity of showing their solution at a store, in situations where transferring the remedy online turns into a test. With the completely overseen and worked last-mile conveyance framework from the stores, we are presently ready to convey the clients’ internet-based buys in no less than two hours of procurement in select urban communities in Hyderabad, Bangalore, Kolkata, Pune, and Nagpur.

FAQ 

Is MedPlus a Profitable Company? 

MedPlus detailed a benefit of Rs 63.11 crore for FY21, up from just Rs 1.79 crore in FY20. Income during the period expanded to Rs 3,069 crore from Rs 2,870 crore. For the period finished on September 30, 2021, the organization revealed an all-out income of Rs 1,890 crore with a net benefit of Rs 66 crore.

What is MedPlus? 

It is the second biggest drug store chain in India. Starting around 2015, it works in 1,300 stores across 150 urban areas in India and utilizes around 10,000 representatives in retail. It sells remedy and OTC prescriptions, FMCG items, nutrients, other sustenance supplements, and opticals.

Is MedPlus App Safe to use? 

Yes, MedPlus App is one of the most trusted Pharmaceutical apps in India which is used by more than 3.6 lakh customers daily. 

Who is the owner and CEO of MedPlus Company? 

It was established by Madhukar Gangadi. The private value financial backers were US-based Mount Kellett Capital Management LP, TVS Capital Funds Ltd, and Ajay Piramal’s India Venture Advisors Pvt. Ltd. The three financial backers together held a 69% stake in MedPlus.

What is the plan of action of MedPlus Health Ltd organization?

Hub and spoke model

It generally gets their stock straightforwardly from the drug organizations. This experience is upgraded by their extraordinarily arranged private mark items which empower them to infer higher edges.

Conclusion

In this article, we have mentioned the entire journey of MedPlus, including its founding members, services, challenges, and strengths. With success and sheer determination, it has become the second-biggest drug store retailer in India. Its Snap and Pick service is very popular among its clients and the two-hour delivery system has made it easier for the customers to get their medical necessities right from the comfort of their homes. This strategy has helped it become one of the leading Pharmaceutical companies in India. 

Twinkle Jain

Twinkle Jain is an experienced content writer with a strong focus on creating daily trending articles related to business, startups, trending news, and viral internet topics. With a sharp eye for current events and market shifts, Twinkle excels at producing timely, engaging content that captures the essence of what’s hot and relevant in today’s fast-paced digital world.