MedPlus

MedPlus Health Services Ltd.
Company typePublic
NSE: MEDPLUS
BSE: 543427
IndustryPharmacy retail
Founded2006
FounderMadhukar Gangadi
Headquarters
Hyderabad, Telangana
,
India
Number of locations
4,230+ stores (2024)
Area served
India
RevenueIncrease ₹4,603 crore (US$530 million) (FY23)[1]
Decrease ₹49 crore (US$5.7 million) (FY23)[1]
Number of employees
10,000+[2] (2015)
SubsidiariesMedPlusMart.com
MedPlusLab.com
MedPlusLens.com
MedPlusIndia.com
Websitewww.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]

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 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. ^ a b "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.