Medicine Shoppe India (MS) has tied up with Oriental Insurance Company, by which the customers purchasing medicines worth Rs 5,000 from any of its outlet in the country will get Mediclaim policy worth Rs 5,000. The tenure of the policy will be one year, said senior company officials.
The company has already issued policies worth Rs 16 crore in the past 18 months. It has tied up with Royal Sundaram Alliance Insurance for health insurance.
"With Mediclaim we will be putting a strong base in the market. Currently less than 0.5 per cent of the population has Mediclaim cover. We are hopeful that this policy will increase awareness and sensitise more customers to the need of taking such policies for them and their families," said Dr. V N Bhargava, regional manager, Oriental Insurance Company Ltd.
In the meanwhile, MS will invest Rs 25 crore in its expansion activities this year. It plans to double its outlets to 100 plus by 2005 from the current 57.
"The funds for expansion will come from Medicine Shoppe and the new franchisees. Medicine Shoppe will constantly support the Indian initiative through marketing support, international collaborations, training, business strategy inputs and exchanges of executives for exposure of work practices and culture," said Rick Clark, director, International Operations, MS International. Among its global chain of outlets, India ranks number three after Canada and Taiwan, said Clark.
"The company is looking at western Indian states like Maharashtra, Gujarat and Goa to provide the growth thrust. Of these about 20 are planned in Gujarat, bulk in Maharashtra and some in Goa and other states," said Viraj Gandhi, managing director, MS.