Do you want to start your very own medical pharmacy business in your city? The medical industry in India is a booming and an evergreen industry. The Indian pharmaceutical industry as of 2019 has been providing over 50% of vaccines on global demand and 25% of medicines in the UK. India is considered as the second largest contributor of pharmaceutical and biotech work in the world.
If you are interested in starting your very own franchise in India you can find many opportunities in the Indian pharmaceutical industry to purchase medical store franchise in the industry itself rather than opening a medical store of your own. Once such pharmacy in India is Medlife International Pvt. Ltd.
Medlife International Pvt. Ltd was established in the year 2014 and is now considered as one of the largest online pharmacies and medicine service provider in India. This is a healthcare company that is based out of Bengaluru, India. Medlife started giving our franchises in 2017 which has proved to be a great business opportunity.
History of Medlife
Medlife International Pvt Ltd is a Non-government company otherwise called as an unlisted private company which was registered in Patna, Bihar. The company was incorporated on 11 Nov 2014. Medlife has been playing a major and critical role in the manufacturing and distributing medicines and various other healthcare services all over India from the last 5 years under the leadership of TUSHAR KUMAR, SAURABH AGARWAL and PRASHANT SINGH.
Prashant Singh and Tushar Kumar are two of the longest-serving directors who were appointed on the day Medlife International Pvt. Ltd was incorporated. The most recently added director to the Medlife family is Saurabh Agarwal. He was appointed on the board of directors group as on 4 Dec 2014. Medlife with its 3 board of directors is actively connected to 5 other companies in India.
- Medlife is the largest e-pharmacy in India with a customer base of 1 million people in such a short span of time.
- It is the most unique and incredibly trustworthy healthcare platform in India which has high customer referrals and loyal customers. With their help and support, Medlife has revolutionised India’s healthcare and pharmaceutical industry.
- The company provides 24*7 e-consultation, laboratory and healthcare related services across India. For customers who are not tech-savvy, the company has also provided an option of call-to-order service as well.
- Medlife is not just an online pharmacy who provides medications. It is a company that has brought doctors, patients, laboratories and pharmacies under one roof thereby providing comprehensive healthcare services to its valued customers for diagnosis at regular intervals and effective treatment.
- Another USP of Medlife is that it also provides free e-consultation services through which patients in need can tele-consult with numerous doctors, specialists and physicians all over India. The team of pharmacists also counsels and informs patients on their medications which brings doctors, pharmacists and customers closer together.
Benefits of owning a medlife franchise in india
- A Medlife franchise is not just any pharmaceutical franchise, it is an agent- assisted e-commerce model which focuses on quick and detailed consultation, hassle-free delivery and excellent customer support.
- It is one of kind business model with a low investment combined with a faster return on investments to keep everyone happy and contented.
- The company provides multiple revenue sources and no investment in stocks.
- Flat 20% discount is given to customers on their prescription medications along with various e-payment options.
- Detailed marketing support is given to Medlife franchise owners along with exclusive territorial rights.
- Medlife ensures to provide equal and successful franchise opportunities in both rural and urban areas along with special added benefits for women entrepreneurs.
- As of 2019, Medlife International Pvt. Ltd has opened up 100+ franchise outlets in India carrying their pride and reputable profession in the medical industry along with assured income.
- The company also provides all the training that is required for the franchise and for the staff members as well.
- Top performing franchises are given incentives and awards in order to recognise their hard work and dedication to the business.
- As long as the store or pharmacy is running Medlife provides continuous operational support to the franchise.
- The company also provides marketing collaterals and glow sign boards for the medical store.
What are the requirements to start a medlife franchise in india
The owner needs to have a (commercial property) physical store with a minimum floor area of 120 Sq Ft.
The minimum size of 2 x 1.5 ft. Is required to display Medlife signage on the board outside the store. The maximum the signage can go up to is 6 x 3 ft.
Skills or experience
- Employees that are hardworking, dedicated to their roles assigned to them.
- Mandatory knowledge of basic computer skills is required.
- The employee should be able to read and understand the prescription and provide medications accordingly.
- Incoming calls to the store regarding medications should be handled professionally.
- Should be flexible with timings.
- Diploma or Bachelors in Pharmacy (D. Pharma or B. Pharma) degree is compulsory. Minimum qualification required for a Pharmacist is 2nd P.U.C & for Pharma Aid is S.S.L.C.
- The employee should at least have a minimum of 1year experience working as a pharmacist.
Regions of operations
Present regions where Medlife has a physical franchise store present are Haryana, Delhi, Uttar Pradesh, Karnataka, Tamil Nadu, Telangana, West Bengal, Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.
In-depth and detailed operational manuals are given out to the franchises to have complete knowledge about the work that needs to be done. The manual clearly shows how the program works on the computer.
Orders must be placed for every customer using the login credentials that have been provided to the cashier.
The owner then collects customers prescription and uses the Medlife customer franchise portal to place the order using his/her credentials.
A verification one-time password is sent to the customer which is then entered on the portal thereby confirming the order.
Order is then delivered to the said customer along with the invoice by the TSA.
Training to pharmacists is given either via email or through call at the location of the franchise.
Medlife also provides field-assistance for any franchisee along with expert guidance provided by the main head office.
Minimum staff requirement
1-2 registered pharmacist that is approved by the pharmacy department
1-2 D. Pharma or B. Pharma graduates with at least 1 year of pharmacy experience.
A cashier to keep accounts up-to-date and keeps tabs on medication and other healthcare inventories.
How much does it cost to start a Medlife franchise in India?
To set up a Medlife franchise the total one-time investment required is Rs.50,000 to Rs.1,00,000 depending mainly upon two factors – The state of the property & The size of the property.
The total investment amount is inclusive of Rs.20,000 which is contributed as a franchise deposit out of which Rs.15,000 is refundable by the company once you have sold the franchise back to the parent company.
The one-time investment amount includes furniture cost, Medlife glow sign boards, printer, computer system and store interiors.
Franchise terms and conditions and its commission model
Medlife International Pvt. Ltd company has a standard 1-year franchise agreement which is also renewable every term. The franchise also receives various percentages of commission depending on the product sold to the customers.
Any type of medicines that are bought by the customers will entitle you for 7.5% commission on the total bill amount which will be transferred to your franchise account by the 10th of every month.
Over-the-counter drugs that are sold directly to the customers will fetch you 5% commission which will be transferred to your franchise account by the 10th of every month.
Essentials medications are those type of medicine that is manufactured by the company. Such medicines, when sold to the customers, will guarantee you a commission of 20% on the total bill amount which will be transferred to your franchise account by the 10th of every month.
Any kind of laboratory services or tests opted by customers will entitle you a 5% commission on the total bill amount which will be transferred to your franchise account by the 10th of every month.
E-consultation will also get you Rs.25 per consultation which will be compiled along with the other commissions and given it to you by the 10th of every month.
Now, let’s take a hypothetical example to explain it in simpler terms about the profit that you can incur by owning a Medlife franchise outlet.
The one-time investment required to start-up a franchise of Company A is Rs.1,00,000.
EXPENSES INCURRED ON A MONTHLY BASIS BY COMPANY A:
Salary paid to one trained and experienced pharmacist is Rs.20,000 each/monthly.
Salary paid to the cashier is Rs.8,000/monthly.
Rent of the medical store on a monthly basis for 120 Sq Ft of the area is Rs.3,000/month.
Electricity bill and internet bill on a monthly basis would be about Rs.1,500.
Total expenses – Rs. 32,500/month.
REVENUE EARNED ON A MONTHLY BASIS BY COMPANY A:
Commissions earned through online medication sale is Rs.30,000 (75 customers purchasing medications for about Rs.4,00,000 in total. 7.5% of 4,00,000 = Rs.30,00)
Commission earned through over-the-counter drugs sold directly to customers is Rs.4500 (100 customers purchasing medications for about Rs.90,000 in total. 5% of 90,000 = Rs.4500)
Commission earned through lab services opted by customers is Rs.2500 (10 customers opting lab services for about Rs.50,000 in total. 5% of 50,000 = Rs.2500)
Commission earned by selling medications manufactured by Company A would be Rs.3750 (15 customers purchasing medications manufactured by the company for about Rs.75,000 in total. 5% of 75,000 = Rs.3750)
Commission earned by E-consultation services offered by Company A would be Rs.625 (25 customers choosing e-consultation contributing Rs.3,000 in total. Rs.25 will be given for each e-consultation = Rs.625)
Total income earned monthly – Rs.41,375/month.
Total profit at the end of the month for Company A would be Rs.8,875
(Rs.41,375 – Rs.32,500 = Rs.8,875.)
By looking at the above hypothetical profit break-up, it can be concluded that Medlife International Pvt. Ltd has become India’s largest e-pharmacy and healthcare platform. This can be further explained just by looking at its booming sales since 2014. In addition to being the largest, Medlife has also claimed to earn Rs.1,000 crore in sales in FY2019 which has proved them to be the largest player and fearless competitor in the pharmaceutical industry beating 1mg and PharmEasy by making more than 5 times their sales.
These stores will act both as an online and offline pharmacy to provide and deliver medications and other healthcare services in order to achieve the company goal and fulfil its mission I.e An easier and faster way to get medicines making healthcare in India simplified and affordable. All you have to do to get your medications is follow the 3 simple steps.
- Step 1: Upload image of your valid prescription
- Step 2: Add a valid address
- Step 3: Place your order
- Step 4: Get your medicines delivered at your desired location along with your prescription and an invoice by TSA.
Consider Medlife providing best-in-class healthcare services and express medication delivery right at your doorstep