Manipal Health Systems, Asia's largest hospital management group, is making a retail foray with plans to open over 100 healthcare stores across India in the next two years. In this connection, MHS inked a pact with Pantaloon Retail (India) Limited, the retailing leaders that manage the Central, Big Bazaar and Food Bazaar malls, to set-up a joint venture company "Manipal Cure & Care" with an initial seed investment of Rs 10 crore.
The first "Manipal Cure & Care" store will come up on a 7000 sq. ft. space on Old Madras Road, in Bangalore. Existing pharmacies of both companies will now come under the ambit of "Manipal Cure & Care". While MHS will offer its expertise in healthcare, Pantaloon Retail would provide real estate space, consumer understanding and front end retail expertise.
Such a concept of pharmacy retail is a one-of-its-kind in the country, according to MHS sources. The comprehensive healthcare store is planned to offer pharmacy, doctor consultations, cosmetology, optometry, dentistry, sports medicine and sports rehabilitation under one roof. The consultations would include all basic specialties such as general medicine, paediatrics, ENT, dermatology, ophthalmology and sports medicine.
"Manipal Cure & Care" stores are a new and innovative model bringing healthcare delivery out of hospitals and clinics into a mall environment," said Dr Ranjan Pai, CEO, Manipal Education and Medical Group.
The partnership with MHS is a part of Pantaloon's 'Health Village' initiative an innovative concept of pharmacy malls that will provide health care solutions, medicines and fitness options, informed Kishore Bhiyani, managing director, Pantaloon Retail (India) Ltd.
Explaining the need to enter retailing, R Basil, Managing Director and CEO, Manipal Health Systems said, "An Integrated Health System provides better efficiency in healthcare delivery and retailing will play a significant role in future. A business model like ours has the intrinsic strength to churn out medical and para medical professionals and will cover a large and diverse spectrum of population without compromising on quality and deliverables."
MHS plans to invest over Rs. 800 crore over the next 5 years. To the current turnover of Manipal Group's Rs. 720 crore, about 30 per cent is generated from healthcare which is expected to increase to 50 per cent by 2011. The 20 per cent increase is projected to be generated from Manipal Cure & Care and the new hospitals that are being added to its chain at Bangalore and Goa and new projects are planned in Bombay, Delhi, Vijaywada and Mysore using organic and inorganic modes.