There is good business in generics pharmacy
At a time when there is an obvious need to make extra income, more and more people are drawing on their creative juices to generate all sorts of livelihood projects. While some have gone on to sell flavored fries and others sought to try their luck in retailing flowers, a number have decided to put their money in a surefire moneymaker: franchising in The Generics Pharmacy.
“Drugs are a basic commodity and generic drugs, because they are cheaper, are guaranteed to turn your investment into sizeable profits,” assures Benjamin Liuson, CEO of The Generics Pharmacy, the latest brand to catch on among business savvy capitalists and budding entrepreneurs.
The major reason that makes The Generics Pharmacy a foolproof investment is the mother company’s resilience. The company has been registered since 1949 and begun importing and wholesaling pharmaceutical products. In 1989, when the Asian economy crashed, the prices of medical and pharmaceutical products shot up, the company decided that the time was ripe to go into generics to help the financially-strapped public gain access to reasonably-priced drugs and medicines.
“If our generic products have been less effective than their branded counterparts, we would have closed down our operations years ago. In truth, we’ve experienced unqualified success,” says Liuson. The company first sold the generic brands wholesale to government hospitals, but when the public started buying directly from the company’s head office in
“So we approached Francor to help us in franchising The Generics Pharmacy. In nine months, we’ve had 18 pharmacies open, while 38 locations are currently undergoing different stages of renovation and are set to open. Both established businessmen and young entrepreneurs are realizing that there is money to be made in retailing generic drugs,” adds Liuson.
The Generics Pharmacy’s franchising offer is perhaps the most attractive investment scheme in the market today. For as low as P400,000 to a reasonable P600,000, investors stand to gain innumerable benefits: the right to use The Generics Pharmacy trademark, name and logo; start-up and pre-opening assistance; site evaluation assistance; architecture/store design and construction assistance and a franchise operations manual.
Even those without previous pharmaceutical experience can go into the business because The Generics Pharmacy provides extensive training in pharmacy retailing, business management/operations and customer service. It gives guidance and education on generic drugs and provides regular advertising support. It also actively assists in marketing and promotion activities.
The Generics Pharmacy is committed to lend continuing support to help franchisees maintain their outlet’s performance at peak level by regularly monitoring the outlet, establishing a direct and open-line communication, conducting ongoing business consulting and guidance services, and holding refresher training on new products, services, promotions and retail innovations.
“We came up with a fresh new logo and a catchy tagline Mabisa Na,
To fully reap the benefits of owning an outlet of The Generics Pharmacy, Liuson insists that location is a vital consideration. Solo or express outlets — a new, stand-along pharmacy — are best set up near markets, hospitals, big drugstores or inside malls where there is a great on-foot traffic.
Tandem or In-Store outlets, on the other hand, are those located within or inside a medical clinic, hospital, or inside existing commercial establishment such as convenience stores, supermarkets, groceries, department stores and cosmetic stores where there is already a captive market. Depending on the format, both solo and in-store units require a minimum of 15 square meters and must be located in close proximity to other high-traffic commercial establishments.
- Latest
