MedPlus launches discount scheme to sell over 500 off-patent drugs

MedPlus Health Services Ltd, which runs a chain of pharmacies said it will be selling 500 off-patent therapeutic and chronic medicines under its own brand with a massive discount of 50-80%

MedPlus Health Services Ltd, which runs a chain of pharmacies, on Wednesday said it will be selling 500 off-patent therapeutic and chronic medicines under its own brand with a massive discount of 50-80 per cent.

G Madhukar Reddy, managing director and chief executive officer, MedPlus, in a press conference here said the company tied up with multiple reputed pharmaceutical manufacturing companies to produce high quality off-patent medicines that enables the firm to pass on the benefit to the consumer.

"MedPlus will initially offer discounts on over 500 therapeutic and chronic medicines and will eventually extend discounts on more than 800 products in the next three months," Reddy said.

These medicines will include over-the-counter (OTC) and prescription drugs used in treating various diseases such as hypertension, diabetes and kidney ailments, he further said.

The 500 products currently being offered through this discount channel constitute 53 per cent of the therapeutic segments and the products will be sold under the MedPlus brand, he added.

On the expansion of stores, he said currently the firm operates 4,000 stores in seven states.

MedPlus is chalking out plants to open 800-1000 new pharmacies during 2023-24 which will take the total store count to around 4,500, Reddy said. The city-based retail chain clocked Rs 4,558 crore revenue in FY23.

Shares of MedPlus are trading at Rs 810 apiece on BSE at 15.15 hrs.