MedPlus

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MedPlus Health Services Ltd.
Company type Public
NSE:  MEDPLUS
BSE:  543427
IndustryPharmacy retail
Founded2006
FounderMadhukar Gangadi
Headquarters
Hyderabad, Telangana
,
India
Number of locations
4,230+ stores (2024)
Area served
India
RevenueIncrease2.svg₹4,603 crore (US$530 million) (FY23) [1]
Decrease2.svg₹49 crore (US$5.6 million) (FY23) [1]
Number of employees
10,000+ [2] (2015)
Subsidiaries MedPlusMart.com
MedPlusLab.com
MedPlusLens.com
MedPlusIndia.com
Website www.medplusindia.com

MedPlus Health Services is an Indian pharmacy retail chain, headquartered in Hyderabad. [3] MedPlus is the second largest pharmacy chain in India, operating over 4,230+ pharmacy stores across 600 cities, as of 2024. [4]

Contents

MedPlus sells prescription and OTC medicines, FMCG products, vitamins and other nutrition supplements, and opticals.[ citation needed ] It also offers clinical laboratory services and physician consultation services in Hyderabad, Vijayawada and Bangalore. The company owns and runs ePharmacy [5] and an online clinical lab service. [6] [7]

History

A MedPlus outlet in Hyderabad. Medplus pharmacy.jpg
A MedPlus outlet in Hyderabad.

MedPlus was founded in 2006 by Madhukar Gangadi. The company's first store was launched in Hyderabad. [8] Initially operating under the Aushadhi brand name, it was rebranded as MedPlus after the opening of the first 48 stores.[ citation needed ]

The company opened pharmacies in the western states of Gujarat and Rajasthan in 2007 but had to shut down and exit operations due to recurring losses. [9] It relaunched stores in Ahmedabad, Gujarat in 2014.[ citation needed ]

In 2008, it opened diagnostics centers in five cities under its subsidiary MedPlus Pathlabs. [10] In 2015, it started its e-pharmacy division. [11]

In December 2021, MedPlus Health Services launched its initial public offering (IPO) and got listed on the Indian stock exchanges. [12]

Criticism

The AIOCD (All India organization of Chemists & Druggists) called for a nationwide strike on 14 October 2015 against online sale of drugs and criticized ePharmacies [13] like MedPlusMart.com as illegal and a threat to the interests of around 8.5 lakhs chemists [14] around India. MedPlus defended its online sales policy [15] as being in compliance with the current drug act and as a valuable service to its customers.

See also

References

  1. 1 2 "MedPlus Health Services Ltd consolidated Q4FY23 profit climbs to Rs. 26.58 crores". EquityBulls. 25 May 2023. Retrieved 31 August 2023.
  2. ↑ Reddy, B. Dasarath (10 December 2015). "MedPlus to raise up to $70 mn, launches online lab services". Business Standard India. Retrieved 3 February 2016.
  3. ↑ "Hyderabad's online pharma chains help take meds to the marooned". The Times of India. 4 December 2015. Retrieved 17 August 2018.
  4. ↑ "Medplus sees short-term threat from e-pharmacies; to continue adding stores". CNBC TV18. 12 September 2022. Retrieved 7 February 2023.
  5. ↑ "Soon you will be able to buy medicines online!". Business Insider. Retrieved 22 January 2016.
  6. ↑ "MedPlus launches online clinical lab service". The Hindu. 10 December 2015. ISSN   0971-751X . Retrieved 22 January 2016.
  7. ↑ "MedPluslab.com to make lab testing convenient and affordable". www.pharmabiz.com. Retrieved 22 January 2016.
  8. ↑ Phadnis, Aneesh (18 September 2019). "Pharmacy retail chain MedPlus plans entry into Mumbai in next 3 months". Business Standard. Archived from the original on 30 September 2019. Retrieved 26 February 2020.
  9. ↑ Dave, Parag (6 April 2009). "New-age pharma stores face slowdown heat". The Economic Times. Retrieved 31 August 2023.
  10. ↑ "MedPlus unveils diagnostics plans". The Economic Times. 29 May 2008. Retrieved 31 August 2023.
  11. ↑ "MedPlus to raise $75 m in six months". BusinessLine. 27 March 2015. Retrieved 31 August 2023.
  12. ↑ "MedPlus Health Services lists at Rs 1,040, a 30% premium over issue price". Moneycontrol. Retrieved 7 February 2023.
  13. ↑ "End of e-pharmacy days? - Times of India". The Times of India. 2 January 2016. Retrieved 22 January 2016.
  14. ↑ "Online pharma portal runs into resistance from store chemists - Times of India". The Times of India. 14 May 2015. Retrieved 22 January 2016.
  15. ↑ "Some form of online pharma presence inevitable: MedPlus". Deccan Herald. 10 October 2015. Retrieved 22 January 2016.
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