Medicine Shoppe to set up 700 outlets in India  ( April '10,2006, BS)

India is considered as one of the main growth drivers of pharma industry outside the US.

Medicine Shoppe, the world’s largest retail pharmacy chain, has identified India as its fastest growing market outside the US and is looking to double its retail outlets in the country to 200 by 2006 end.

Medicine Shoppe, a part of the $75 billion US multinational Cardinal Health, is present in countries outside US through its master franchisees.

Medicine Shoppe India, which opened its 100th retail outlet in the country last week, is also gearing up to open 700 retail outlets in the country by 2010.

Bruce Burnett, vice president and international business head, Medicine Shoppe, said that India and China are the two countries, which would drive future growth outside the US.

“India, with its booming economy and a friendlier regulatory environment encouraging foreign direct investments in retail industry, would experience an exponential growth in healthcare retail,” he added.

The pharmaceutical retail market of India is currently pegged at Rs 22,350 crore ($5 billion). The country also has over 8 lakh chemists. But the country has very few pharmacy chains.

The Mumbai-based Melrose Trading Company is the master franchisee of Medicine Shoppe in India. Medicine Shoppe India, which started operations in 1999 and has emerged as the largest franchised pharmacy retail chain with 100 outlets across the country.

Recently, Medicine Shoppe India opened its first super-specialty pharmacy in Mumbai – the first of its kind in the country. Specialty pharmacy stocks medicines for critical treatments like anti-cancer, anti diabetes, anti-HIV and drugs for organ transplants, hepatitis, multiple sclerosis, cardiac problems and other critical illnesses.

Medicine Shoppe India CEO Viraj Gandhi said the company will open another five super specialty pharmacies in India this year.

The Indian franchisee of Medicine Shoppe has also introduced special loyalty card –ShoppeSelect, a smart card where customers’ medication details are stored in the chip.