MedleyMed builds a network of light active online pharmacies, à la OYO
A MedTech start-up is building a network of pharmacies and trying to do what OYO has done in the hotel space. MedleyMed, a subsidiary of ESB-listed Athena Global Technologies Ltd, says it is building a lightweight asset model, aggregating pharmacies in the unorganized sector.
“We will be expanding the reach of stand-alone pharmacies who can’t imagine going online with their limited resources,” said Mr. Satyendra (Satish), Managing Director of MedleyMed and Athena Global Technologies. Activity area.
Building a new e-commerce pharmacy involves a lot of investment and effort, he points out. By leveraging MedleyMed’s online brand, neighborhood pharmacies, which face stiff competition from large drugstores and brand name stores, can expect additional revenue.
Under one brand
The aggregated pharmacy network will sell drugs and health products online under the MedleyMed brand. “We will integrate them on the technological platform and help them manage stocks, in addition to offering them the MedleyMed tag. People would like to go to a brand name store, ”he said.
Currently in beta test mode in 25 pharmacies in Hyderabad, the model will be extended to other stores in Hyderabad and other cities. MedleyMed comes with a different revenue model. In one model, it would take care of the entire inventory, while the retailer would operate the store with a 20 percent margin on MRP. In the other model, the store owner pays a monthly fee for the use of the brand name and technology.
Besides this online window, MedleyMed is also working on a digital platform for hospitals, clinics, doctors, drug manufacturers and pharmacies, providing them with end-to-end supply chain solutions.
Cost reduction method
“Our platform allows retail pharmacies to buy drugs directly from the cheapest manufacturers or distributors, resulting in significant savings,” he said. “We offer business-to-business and business-to-consumer solutions and a telemedicine platform that can be white-labeled by hospitals,” he said.
Athena Global has invested 30 crore over the past three years in building MedleyMed, which has 100 employees. Satyendra said the Covid-19 pandemic has triggered demand for digital healthcare products and solutions such as Director to Consumer (Retail Health and Wellness), Director to Patient (Care Management) and direct to employee (a combination of the other two).
“We aim to target these opportunities with our Software-as-a-Service (SaaS) -based telemedicine, enterprise resource planning, and SaaS-based point-of-sale technology platforms,” he said. The company is also making a foray into the American and African market by launching these products there.