Farmasi Cosway
Tycoon Tan Sri Vincent Tan Chee Yioun plans to launch a new retail concept which could instantly make him the pharmacy industry’s leader.
The move means that Tan is making yet another bet on the healthcare sector. He is already the second largest shareholder of hospital operator TMC Life Sciences Bhd and stem cell firm Stemlife Bhd.
The gaming and property businessman wants to set up a venture called eCosway Pharmacy, which will incorporate pharmacies within Cosway stores, Berjaya Group’s direct-selling business.
According to sources, this 2-in-1 concept is expected to take off by year-end. It is understood that an existing Cosway store can add a pharmacy within its premises or an existing pharmacy may have a Cosway store. Alternatively, a new branch that incorporates both can also be set up.
Malaysia now has over 2,000 retail pharmacies which include Guardian, Vitacare and CARiNG.
Cosway, a direct-selling company, sells its products via its vast nationwide network. Its products range from health and nutrition to skincare and kitchenware .
Cosway (M) Sdn Bhd, when contacted by Business Times to comment and provide details of this new business model, said: "Cosway regrets that we are unable to comment at this point of time".
However, work on the new venture has started.
There are advertisements placed on job sites including one on the Malaysian Franchise Association which states that eCosway Pharmacy is looking for qualified pharmacists to partner its business owners.
If this works like how a Cosway store functions, it would mean that Cosway will provide rent-free stores, free renovation, free stock-up, free equipment and pay for electricity.
The Malaysian Pharmaceutical Society (MPS) president Datuk Nancy Ho said that it was aware of the business model.
"MPS is conscious about the emergence of this set-up and is finding out more about the scheme to ensure that benchmarking and quality standards of practice are upheld," Ho said.
For Tan, this is not the first pharmacy venture. In January this year, the tycoon, in his personal capacity, bought a minority stake in home-grown CaRiNG Pharmacy. It was reported that this will enable CARiNG Pharmacy to expand faster. A check on CARiNG's website shows that it has about 60 local pharmacies.
It will be interesting to note that should the move take off, it would also benefit the group when dispensing separation takes place.
Updated Information
(From: http://pharmacistsharing.blogspot.com/)
Comparison Chart for Running Cosway Pharmacy VS Working in Independent Pharmacy/ Opening Own Pharmacy & Starting a Franchise
Any enquiry, kindly contact/sms us at number below,
012-7334511
Tycoon Tan Sri Vincent Tan Chee Yioun plans to launch a new retail concept which could instantly make him the pharmacy industry’s leader.
The move means that Tan is making yet another bet on the healthcare sector. He is already the second largest shareholder of hospital operator TMC Life Sciences Bhd and stem cell firm Stemlife Bhd.
The gaming and property businessman wants to set up a venture called eCosway Pharmacy, which will incorporate pharmacies within Cosway stores, Berjaya Group’s direct-selling business.
According to sources, this 2-in-1 concept is expected to take off by year-end. It is understood that an existing Cosway store can add a pharmacy within its premises or an existing pharmacy may have a Cosway store. Alternatively, a new branch that incorporates both can also be set up.
Malaysia now has over 2,000 retail pharmacies which include Guardian, Vitacare and CARiNG.
Cosway, a direct-selling company, sells its products via its vast nationwide network. Its products range from health and nutrition to skincare and kitchenware .
Cosway (M) Sdn Bhd, when contacted by Business Times to comment and provide details of this new business model, said: "Cosway regrets that we are unable to comment at this point of time".
However, work on the new venture has started.
There are advertisements placed on job sites including one on the Malaysian Franchise Association which states that eCosway Pharmacy is looking for qualified pharmacists to partner its business owners.
If this works like how a Cosway store functions, it would mean that Cosway will provide rent-free stores, free renovation, free stock-up, free equipment and pay for electricity.
The Malaysian Pharmaceutical Society (MPS) president Datuk Nancy Ho said that it was aware of the business model.
"MPS is conscious about the emergence of this set-up and is finding out more about the scheme to ensure that benchmarking and quality standards of practice are upheld," Ho said.
For Tan, this is not the first pharmacy venture. In January this year, the tycoon, in his personal capacity, bought a minority stake in home-grown CaRiNG Pharmacy. It was reported that this will enable CARiNG Pharmacy to expand faster. A check on CARiNG's website shows that it has about 60 local pharmacies.
It will be interesting to note that should the move take off, it would also benefit the group when dispensing separation takes place.
Updated Information
(From: http://pharmacistsharing.blogspot.com/)
Comparison Chart for Running Cosway Pharmacy VS Working in Independent Pharmacy/ Opening Own Pharmacy & Starting a Franchise
Working In Independent Pharmacy
|
Running a Free Cosway Pharmacy
|
Working for others
|
Become own boss
|
Getting salary
|
Getting salary as well (Rm5k-Rm8K)
|
No passive income
|
Passive Income ( Networking)
|
No profit sharing
|
Profit sharing up to 50%
|
Fix working hour
|
Able to arrange our time
|
Got EPF
|
No EPF (But Salary added 12-13%)
|
Got annual leave
|
No annual leave (Treat as your own business)
|
Learn store management skills
|
Learn Store management skills
|
Depend on salary hike or bonus which is one –off.
|
Passive income is unlimited through power of network.
|
If stop working, no money for us
|
If able to achieve enough passive income, able to achieve financial freedom
|
Able to choose outlet location
|
Able to choose outlet location
|
Opening own Pharmacy
|
Running a Free Cosway Pharmacy
|
High initial investment
|
No investment required
|
High cost like marketing/ advertisement
|
Marketing / advertisement done by company
|
Building lease or purchase cost
|
Cosway pays the lease
|
Branding may not strong
|
Good branding ( Established since 1979)
|
May work individually
|
Work in team ( Back up by Berjaya Corporation under Tan Sri Vincent tan)
|
Potential customer will be lesser
|
More potential customer through cosway network nationwide
|
Riskier
|
Very low risk
|
Price of product is less competitive
|
Price of product is more competitive
|
May work individually
|
Work in team ( Back up by Berjaya Corporation under Tan Sri Vincent tan)
|
No guarantee income
|
Guarantee income (Rm5k-Rm8K)
|
Single source of income
|
Multiple streams of income
|
Depend on active income
|
Achieve financial freedom through passive income
|
Buying a Franchise
|
Running a Free Cosway Pharmacy
|
High initial investment
|
No investment required
|
Ongoing franchise fees
|
No fees charged
|
Building lease or purchase cost
|
Cosway pays the lease
|
Limited products or services
|
Unlimited product range
|
Buying yourself a job
|
Create time & financial freedom
|
Single source of profit
|
Multiple streams of profit
|
Above comparison charts are taken from http://pharmacistsharing.blogspot.com/
Any enquiry, kindly contact/sms us at number below,
012-7334511
Wow i like this it is making yet another bet on the health care sector. That's very good blog of pharmacy.
ReplyDeleteflagyl
This is a very informative blog related to pharmacies and has added greatly to my knowledge.
ReplyDeleteselling a pharmacy