Should you invest in MedPlus's extensive retail network or keep a close watch?

Medplus Health Services share price movements on February 12, 2024:

The stock opened at ₹636.75.

The highest price recorded during the day was ₹670.25, while the lowest was ₹616.5.

The closing price of the stock was ₹619, marking a decrease of -1.35% from the previous day's closing price of ₹627.5.

The stock had a trading volume of 31,625 shares on the BSE.

The market capitalization of Medplus Health Services is ₹7,499.83 crore.

The 52-week high for the stock is ₹977.45, and the 52-week low is ₹605.15.

Investors are advised to closely monitor the Medplus Health Services stock price in the coming days and weeks to observe its reaction to market conditions and news.

MedPlus Health Services, a renowned retail pharmacy and diagnostics chain headquartered in Hyderabad, has recently introduced its groundbreaking 'Store Generics' initiative. This initiative entails the procurement of approximately 600 off-patent therapeutic and chronic medicines from trusted contract manufacturing partners. These medications will then be distributed through MedPlus's extensive network of 4,200 retail pharmacies.

The key highlight of this initiative is the substantial reduction in prices, with discounts ranging from 50-80% compared to similar drugs offered by other providers. The range of medications will encompass both over-the-counter (OTC) and prescription drugs commonly prescribed for conditions such as hypertension, diabetes, heart disease, kidney ailments, among others.

Gangadi Madhukar Reddy, the Managing Director and Chief Executive Officer of MedPlus Health Services, underscored the importance of partnering with reputable contract drug manufacturing organizations. He assured that the generics procured adhere to stringent quality standards akin to their higher-priced counterparts, yet are more economically accessible to the masses.

This cost reduction is facilitated by optimizing marketing and distribution expenses within the drug supply chain leveraging MedPlus's extensive retail network.