Monday February 25, 2013
Cosway aims to be biggest retail pharmacy player
By INTAN FARHANA ZAINUL
KUALA LUMPUR: Cosway (M) Sdn Bhd continues to expand its network in Malaysia with a plan to open 200 Cosway Pharmacy retail stores nationwide in the next one year, thus making it the biggest retail pharmacy player in Malaysia.
To date the company has established 100 pharmacy stores across the country and its goal is to strengthen its network to 1,000 stores within a five-year period.
Cosway is a wholly-owned subsidiary of Berjaya Corp Bhd.
Cosway managing director Al Chuah said on average the company invested close to RM150,000 per store, adding that the cost might vary depending on the conditions.
“The new pharmacy stores will involve incorporation within existing Cosway stores and a private-owned pharmacies as well as a completely new Cosway Pharmacy store,” he said after the launch of the Cosway Pharmacy 100th store yesterday.
For the 100th store, Chuah said it was converted from a local-owned pharmacy and Cosway had invested RM120,000 to renovate it.
On average, a Cosway Pharmacy has the potential to make record sales of between RM80,000 and RM90,000 per month.
When asked on the company's strategy to compete with other retail pharmacy players, Chuah said one of its strategies was its wide range of products offered.
He said Cosway had more than 2,000 consumer products with an average of about 10 new products introduced per month.
“As part of our strategies to compete with other players, we also have the Berjaya rewards card and at the moment we are collaborating with Maxis to create a medical device to measure the glucose level in our blood system,” Chuah said.
A representative from Cosway said the collaboration would be announced latest by end-March this year.
Cosway Pharmacy has been selected under the ministry's liberalisation of attachment trainings for pharmacist. With the programme, pharmacists who fulfil the attachment under Cosway have a chance to be awarded a free store. The pharmacy store is referred to as a free store, whereby Cosway bears the rental, utilities and also supplies products on consignment.
The company also targets to tap the Philippine market this year.
“Our model to penetrate this market is via direct selling and working with local pharmacy owners by renting spaces to sell our products. We are going to focus on customers that are interested in beauty and health products,” Chuah said.