The new locations will come online in the next 60 days. The total investment cost on getting these pharmacies up and running was not disclosed.
According to a company spokesperson, these pharmacies are crucial due to the fact that "drug distribution will be shifted from hospitals to rural and community-level clinics," he says. Therefore, "the chain stores' unique geography position still can attract more consumers in those areas."
BioPharm Asia is bucking current struggling economic trends, experiencing a Its 22% year-over-year revenue growth in the quarter ended June 30, 2009. "It has been driven mainly by rising sales in its wholesale operations, though sales from new retail stores are starting to have an impact," company executives say.
BioPharm Asia sees opportunity in China. The company currently operates 360 locations in China. With an additional 600 pharmacies, BioPharm is looking to further its hold on the drugstore market.
With this expansion the company will control more than 5,000 pharmacies throughout Asia.
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