The Indian Medical Practitioners Cooperative Pharmacy and Stores Ltd (Impcops) is planning to work out various measures to enable for a turnaround vis-à-vis its bottomline. Impcops intends to replace the high interest loan it currently has on its liability side with a low interest loan. Details about the raising the capital is also being worked out. Secondly, it plans to stop producing slow moving products in large numbers and is working on a strategy where these products would be manufactured only in small batches depending on the orders booked. Automation is also being looked at for better production.
Impcops was founded in 1949 by group of practitioners practicing the Indian systems of medicine- Ayurveda, Siddha and Unani. It is registered under the Cooperative Societies Act, and has over 14,000 members, all of them being medical practitioners. Currently it produces 232 products of Siddha medicine, 306 types of Ayurvedic products and 157 products under the Unani system. It also runs a hospital, where around 100 outpatients consult the resident doctors everyday.
According to Dr. V.R.Seshadri, the accumulated loss of Impcops is Rs.1.2crore as of today. The major contributor to the loss was the state government, which failed to purchase an order worth Rs.1 crore from them. Last fiscal, Impcops recorded a turnover of Rs.9.5 crore. "We would be soon raising the money that will help us reduce the interest burden and also parry our losses," Dr. Seshadri maintained.
Impcops now plans to approach the corporates for tie-ups wherein these corporates would be referring their employees to Impcops for annual check-ups. Another option is to open a wing for cosmetic massages. It also plans to work out brand strategy for its products. Most products currently being manufactured have generic Sanskrit names. It plans to sell its products with a prefix Impcops, according to Dr. Seshadri.
He further opined that the Central Government Health Scheme (CGHS) and PHCs should open one alternative medicine department thus enabling for a bigger market for Impcops products.