The country’s first generics retail pharmacy to franchise in the Philippines will sustain its pioneering efforts in the industry by putting up 200 stores by the end of 2008.
This was recently announced by The Generics Pharmacy president Benjamin I. Liuson, who pointed out the crucial need for access to quality yet affordable medicine by every Filipino amidst tough economic times and an unpredictable environment where everyone is always at risk of illness and poor healthcare.
“Filipinos should not be deprived of access to affordable medicines,” Liuson said. “We have made it our goal and commitment to promote better health among Filipinos through generic drugs, which is why we want to have more branches of our pharmacy in strategic locations nationwide. This we hope to achieve with the help of other entrepreneurs who share our vision of charitable service.”
The Generics Pharmacy presently has 85 branches around the country, mostly around Metro Manila but also in major areas like Cebu, Batangas, Bulacan, Laguna, Nueva Ecija, Antique, and General Santos City. The pharmacy outlets offer some 150 generic medicines that represent 85 percent of the common medication bought by Filipinos. These include medication for common ailments like headache, fever, cough and colds, diarrhea, constipation, and hyperacidity. Drugs for serious ailments like high blood, hypertension, cholesterol, diabetes, asthma, and arthritis are also available, along with antibiotics, vitamins, and food supplements. Some products are imported from China, India, and Pakistan, while others are sourced from local drug makers.
First opened for franchising in July, 2007, The Generics Pharmacy has since experienced rapid growth and development with the expertise of Francorp, an international franchising consultancy firm. That month alone, about 20 stores opened in Metro Manila. About 140 franchisee locations have been granted nationwide, and more applications are being processed to date.
Liuson said they are pushing for the benefits of generic medicine among the buying public, which has been used to patronizing branded products available in the market. Generic drugs are required by law to be manufactured with the same active ingredients, same dosage form and same strength as their branded counterparts at a fraction of the latter’s cost.
“We have been engaged in the pharmaceutical industry since 1949 by importing and wholesaling pharmaceutical products, but we decided to pursue the retail trade in 2001 to reach more indigent patients. Last year, we decided to go into the franchise business to allot more stores nationwide and serve the public better. Our growth has been unstoppable since,” Liuson said.
Liuson also declared that with the continuing rise in inflation and spiraling prices of commodities, more Filipinos should take advantage of choosing the budget-friendly option offered by generic medicine.
“Generic medicine is the way to go. In the United States, 45 percent of the market buy generic drugs, so Filipinos should also be educated that just because a medicinal product is priced significantly lower does not mean it has poor quality or is less effective. Generic medicines use the same active ingredients and are shown to work the same way in the body, and produce similar benefits as their brand-name counterparts. The fact that more and more people are buying generic drugs only means that they work,” Liuson added.
For inquiries, call 711-3933/ 396-5184, e-mail comments@the genericspharmacy.com or visit www.thegenericspharmacy.com.