Pharmacists for retail biz to keep MNCs away

Written by Agencies | Panaji, September 29: | Updated: Sep 29 2007, 17:54pm hrs
Druggists and chemists across the country have decided to get their fragmented retail business more organised to prevent the MNCs from entering the domestic market.

"We are organised in wholesale business. The retail trade however is fragmented and we are trying to bring all together," All India Organisation of Chemists and Druggists (AIOCD) President A N Mohan told reporters yesterday on the sidelines of AIOCD's fifth executive committee meet here.

"We are initiating a retail chain company to keep away any multinational or big enterprise from entering in the market. This will give security to our members," Mohan said.

In all, 5.5 lakh chemists and druggists who are covered by the organisation have formed a parent company "All Indian-Origin Chemists and Druggists Limited" with Rs 20 crore share capital and will have subsidiaries in 22 states.

"All together, the association plans to have Rs 40,000 crore business in this sector," Mohan said.

AIOCD has already formed "Maharashtra State Chemists and Distributors" in the state and will operate from its 12,000 sq feet office at Chembur in Mumbai, association's honorary general secretary J S Shinde said.