How to Start MedLife franchise India 2021

Overview

MedLife- A life-curing franchise

The growing encounter among people with chronic diseases, diabetes, cardiovascular diseases, cancer etc along with this generation’s desire to hustle, work harder with busy schedules. Moreover to fight further and upcoming pandemics like this COVID-19, medical pharmacies play a more crucial than ever.

How important is it to you to be able to save at least a quarter of this world and also make business out of it? Can’t think of an answer? Well, a Medlife franchise sounds like one.

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About Medlife

Medlife international pvt ltd is an Indian online pharmacy. It makes an delivery of about 20000 medicines across 29 states and in 25000+ pin codes which aims to provide services of :

·        Pharmacy                    

·        Medlife labs             

·        Doctor consultation

·        OTC

·        Medlife essentials

It was recently that Medlife announced its plans to establish an offline presence by opening retail pharmacy stores. It currently has 50 licensed pharmacies spread across 21 cities of India and aims to expand its franchise number to 750 by the end of FY 2020.

Facts about Medlife

·        Industry               : Healthcare, retail, e-commerce, IT

·        Founded              : 2014

·        Founder               : Prashant Singh, Tushar Kumar

·        Headquarters     : Bangalore, India

·        Owner                  : Medlife wellness retail pvt ltd

·        Subsidiaries        : PinHealth, Medlife Xpress

    I.        Everything you need to know about Medlife franchise

A.  Unique selling point (USP) : The unique selling point of taking up a Medlife franchise is

·        From manufacturing to distribution drugs and logistics Medlife handles every task of its own

B.  Business model of Medlife

The business model of Medlife can be defined using four of these variants:

                     i.        Value proposition: The value proposition which a Medlife franchise is likely to provide to you is :

·        The demand for this business is consistent I.e 24×7 for 365 days and remains unaffected by any economic, geographic, political anomalies

                   ii.        Target consumers: From a just born infant to the older population everyone belonging to any profession or working class requires medicines. So in terms of possible customers and consumers these will be your target:

·        Hospitals or clinics

·        Consumers of all age groups

·        Population of ( low, middle and higher) income level

                 iii.        Competitor review: The competition a medical franchise is likely to face is in terms of the availability of stock of medicines. So few key competitors to Medlife as to this are 

·        Apollo

·        MedPlus

·        Genericart

·        Zenex int.

                 iv.        Marketing strategy: Medlife marketing strategy can be implementation as follows

·        Digital billboards

·        Newspaper and print media

·        Door-step delivery incentives, customer referral incentive etc

C.  Benefits of starting a Medlife franchise

·        Around the clock demand: Having taken up a Medlife franchise the demand for a product like medicines has a demand which is required around the clock I.e 24×7 for 365 days unaffected by any economical and global anomalies

·        Brand reputation: Taking up a Medlife franchise is likely to get to you a loyal customer base and bulk demand because of its brand name, the reputation of which has been maintained since years

·        Easy inventory management: Since the demand and requirement for medicines is consistent the stock has to be ordered frequently thereby increasing the inventory turnover ratio, helping you ensure a systematic logistics and management

·        Minimal investment: The investment required to start up a Medlife franchise is very minimal and seems to be in demand for a lasting period of 6-7 years

·        Assistance by Medlife: Taking up this franchise also ensures adequate assistance to it from Medlife as to marketing ( tie ups with fortis hospital), distribution, training etc

D.  Requirements and qualifications to start a Medlife franchise

Ø Requirements

·        Space/Area requirement: A Medlife franchise requires an area of 120sq ft to be established at a prime location along with a Medlife billboard sign

·        Documentation requirement : A Medlife franchise requires the following documents

§  Standard franchise agreement

§  GST registration

§  PAN and Aadhar card details

§  Rental agreement

§  Trademark rights agreement

Ø Qualifications

·        To qualify as a Medlife franchise owner one must provide with documents representing educational and entrepreneurial status

·        An employee count of 3-4 members along with training support extended by Medlife at its training centre in terms of sale and inventory management must also be provided with

E.  Investment required to set up a Medlife franchise

CONTENT AMOUNT  
1.   Investment ₹ 50,000-₹100000  
2.   Franchise fee ₹20000  
3.   Royalty / commission  7%  

F.   Profits made from setting up a Medlife franchise

The profits made from a  Medlife franchise are ₹25000-₹40000 per month

G.  How to apply for a Medlife franchise

·        You  can either leave your request to apply for the Medlife franchise in the Medlife official website

·        Or you can contact Medlife through its contact number or official email address and ask for the franchise application details

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  II.        Contact details

For further technical knows and hows, contact us at

Name – StartupYo

Contact – +91 8886666821

Email – contact@startupyo.com

III.        Suggestions

If you need more reasons to take up this franchise, here they are :

·        Firstly, with the rise in chronic diseases and the rising effect of this pandemic the demand for medicines has been rising like never before so this is probably the best time to take up this franchise

·        Secondly, a franchise with an investment as low as ₹50000 and quick rate of return is a benefiting opportunity

·        Lastly, Because of the rising shift towards online pharmacy the stock their might take some time to get back in thereby increasing the demand and need for offline retail pharmacies

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