MORE TO FAMILY HEALTHCARE

India has recently become a market for home healthcare equipment – a cheaper and more comfortable option for ailing patients as well as for the aware lot who believe in preventive healthcare – and this market is set to grow phenomenally in the years to come. Patients today are being discharged sooner than in the past from hospitals, sometimes with complex continuing care needs that require the use of medical technologies at home. Home medical equipment includes medical devices that offer convenient, cost-effective and suitable environment to patients within their homes. Though in a nascent stage in India, this market stood at around USD 3.20 billion in 2016 and is expected to grow to around USD 4.46 billion by 2018 and USD 6.21 billion in 2020, according to Cyber Media Research (CMR) Ltd.’s analysis and industry estimates. While a majority of this market is serviced by unorganised players, brands like My Get Well Store, which also cater to health conscious people with its range of personal care products, is riding on the trend with full fervour.

My Get Well Store (MGWS), a unit of Bajaj Life Care, is a brick-and-click model for home patient care and personal care equipment for every household. Bajaj Life Care is a well-known name in the field of oxygen therapy product range since 16 years. The Nagpur-based company believes in offering the best to its consumers and affirms that “everything else will fall into place if the brand continues to adhere to this maxim”. Even as the need for home healthcare products is ever increasing, people still hesitate in making the purchase due to lack of information about the products and the usage.
Says Sunil Bajaj, CEO, Bajaj Life Care, “Usually there are first-time buyers who are not aware of product specifications and functionalities. They want to explore the product and want to clarify regarding several doubts in their mind before buying. We fulfill these expectations through our services at the physical store. Our USP lies in offering a wide range of products under one roof, product alteration and customisation, on-site demonstration of products, reasonable and competitive pricing, availability of products on rent, product buyback facility and easy availability of spare parts. We excel at customer service.”

IMMENSE POTENTIAL

My Get Well Store currently owns one retail outlet in Nagpur offering varied options in healthcare equipment ranging from Rs 20 to Rs 1 lakh. “We source our equipment from manufacturers and direct importers. We also manufacture and import products under our own brand, Oxylife,” informs Bajaj. While technology-enabled home healthcare equipment is available in the market, awareness and availability for these products is not at par with the demands and needs. The potential is immense but the lack of right kind of players in the segment has created a gap which My Get Well Store aims to fill.
Bajaj adds, “The brand is targeting to open 20 outlets by December 2019 in Tier-I and Tier-II cities through the franchising route in order to tap the immense potential the segment holds. I think franchise is a better and more viable mode for expansion since it requires less investment and gives better results. We are looking forward for FOFO options where the criteria for any interested franchisee would be a space of minimum 1,000 sq. feet, preferably on ground floor but may not necessarily be on the main road or in shopping malls.”

FRANCHISE FACTS

Investment : 15-20 lakhs

Area: Min 1000 sq ft

Expected Breakeven: 9-12 months

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