Initiatives
- Complete set up of a retail strategic business unit in 2006
- Setting up Nurse Stations
- Setting a target of setting up 1000 stores in 1000 days with a business size of Rs 1000 crore in 2009
- In 2010 Apollo Pharmacy became profitable
Marketing initiatives
Neighborhood engagement is the core mantra for Apollo Pharmacy. Apollo Pharmacy is there to serve 24X7. It sources medicines which it doesn’t store usually, and home delivers. In short, it is the trusted neighborhood pharmacy.
Brand proposition
Apollo Pharmacy has extended its services in the neighbourhood through the Nurse Stations. Plan is there to provide facilities like booking appointments at Apollo Hospitals and selling insurances too. Its trust based relationship is founded on rigorous audits and quality control.
The Challenges overcome
- Pharmaceutical retailing is fiercely regulated by AIOCD (All India Organisation of Chemists and Druggists), dominated by small mom & pop stores (6,00,000 Vs 3000). It is extremely competitive to stock and sell over 8000 + medicines from a 300 sq ft shop.
- Challenges from newer organised retail using short-term strategies such as deep discounting is disruptive and also antagonises the AIOCD against organised retail.
- Small box retailing requires relentless focus, strong supply chain and nimble execution.
Expansion plan
Apollo Pharmacy can add a store a day! However it’s not about adding stores. It would like to serve 10 per cent of India’s retail pharma trade by 2010. That’s approx $3-$4 billion.
Her understanding of the retail business and his learning in this process
“We hired Technopak in 2006 to teach us retail. Twelve months later we learnt, we executed and now by becoming profitable I think we have excelled. Not many retailers have grown so quickly and become profitable. My big secret is ‘My team’. Very few of them are trained as retail specialists but they have achieved every target and crossed every milestone there is.”
