Chandigarh-based Surya Pharmaceutical has planned to open 500 healthcare and pharma retail stores in India in the next three years. As part of the plan, the company will invest around Rs 2.5 billion, according to a company press release.
In the first phase, the company plans to open 100 stores across Delhi and NCR and gradually expand the business in other regions of the country. Rajiv Goyal, managing director, Surya Pharmaceutical, said, “By March 2010, we would open 100 stores in Delhi and NCR and then gradually expand our business towards Chandigarh and Punjab.”
“The total capital outlay of nearly Rs 250 crore (Rs 2.5 bn) is proposed for this project. The stores will be ranging from 150-1,000 square feet and would sell medicines as well as health and fitness products. The retail business would initially be company-owned and later come under the franchise format,” added Goyal.
Speaking about the impact of ongoing economic meltdown, Goyal further said, “There has been no decline in our exports business. This sector is somewhat safe from this slump. Also, the Rs 40,000-crore Indian healthcare retail market has been growing at 15 per cent as of now. We can even expect more than 100 per cent growth as many big MNCs are venturing into the healthcare retail sector.”
Currently, the company manufactures and markets pharmaceuticals products and services across the globe. It’s product portfolio includes a range of active pharmaceutical ingredients (API’s), finished drug formulations (FDF’s), fine intermediates, herbal products and mint/menthol derivatives.
The company is expected to touch a turnover of Rs 15 billion by 2011 from Rs 5 billion in 2008. Further, it plans to enter European and American pharmaceutical markets by 2011, added the release.
— IndiaRetailing Bureau
