Hyderabad-based Apollo Hospitals Group will soon hive off its pharmacy business and look for acquisitions to beef up the business.
The group also plans to increase the number of pharmacy retail outlets to 1,000 this year from about 700 at present, Executive Director Shobana Kamineni said.
"The revenues from the pharmacy division are significant to make it a separate business. We are growing at a rate 70 per cent annually and it is only a matter of time when the retail pharmacy will generates more business than our other wings, including hospital services,'' she said.
The pharmacy division is expected to register a turnover of Rs 850 crore this year as compared with Rs 600 crore last year.
"On an average, the company is adding one retail outlet everyday," she said. Apollo has also started expanding through franchise route and is planning to add 2,000 franchises this year.
She said that organised pharma retail has a business potential of $2 billion (Rs 8,000 crore) a year in India thanks to strong supply chains.
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Apollo will add 3,000 beds in about 15 months by expanding the existing facilities as well as starting new hospitals.
"We are looking to acquire hospitals for their reputation and location,'' Shobana. While the hospitals in Bhubaneswar and in Mauritius are getting ready, those in Oman and Yemen have started operations.
It also expects Apollo DKV Health Insurance, a JV between Apollo and Munich Re, to contribute Rs 200 crore next year, from Rs 60 crore and 17,000 policies now. Besides, it would strength its presence in wellness programmes and disease management apart from bringing out a health-related magazine .
On Monday, the company launched NurseStation at its pharmacy outlets to attend to minor treatments and emergencies. The nurses would be mobile and attend to the patients at their houses. They will monitor the blood pressure, do the vaccinations and insulin injection.