The Success Story of ‘The Generics Pharmacy’
Posted on July 26, 2014
Filipinos always have ways of making life a little easier, a self-proclaimed talent called diskarte inherent in every Filipino. Diskarte enables each one of us to go through with our lives more smoothly. But even with this unique talent, we still need a little help – specifically those in need of affordable medical resources, with the medicine prices going up the ceiling.
That is why, with a special mission to serve Filipinos of inexpensive generic drugs, The Generics Pharmacy pioneered the retail of affordable yet quality brand-produced medicine readily available from its 6000 franchise outlets throughout the Philippines.
Opening a can of possibilities
A small franchise under Pacific Insular Co., like all businesses, The Generics Pharmacy started off as a small enterprise focused on pharmaceutical importation and distribution. Aiming to meet its consumers need, they envisioned providing affordable alternatives of expensive medicine for every Filipino.
Paving the way for cheaper alternatives
As a contributing factor, the “Generics Act of 1988”,requiring the generic name in the production of drugs, has provided consumers access to understandable medical namesand has helped them in identifying more affordable alternatives.
THE Generics Pharmacy
With generic medicines still unfamiliar to many people, even if it is a more affordable option, people still stuck to branded medicine – just because they are more aware of it and have had experience with it. Because of this, the company faced a challenge in getting the product accepted as having the same quality as branded medicine. But with the opening of their first pharmacy store (the very first generic drug store nation-wide) which is an innovation in itself for pharmaceutical industries, things looked better than expected for TGP.
Breaking the Stigma of Generic Medicine
TGP carried 100% generic items, while other drugstores in the Philippines carried 90% branded and 10% generic. Generic medicines had such a long way to go in being accepted as a norm. It was a big risk for the company and the product’s image for someone else to franchise the young establishment. There is the possibility of poor product handling, below average store management and zero quality customer service – which are key points in guaranteeing customer satisfaction.
Despite being a mere 15% in the generic drug market, TGP was able to able to successfully champion their vision of cheaper yet quality generic medicine. Brand awareness is a very sensitive game and The Generics Pharmacy had it well played.
Corporate Social Responsibility
“Prevention and cure should not always be perceived as expensive”
The mission of TGP is a service for their consumers not only as a business but also as a responsibility in providing quality yet affordable medicine.
As a business established to prioritize and consider its consumers, meeting expectations and gaining their loyalty in trusting TGP’s quality and economical value are achievements that meet the company’s Mission and Vision.
Breaking through the barriers of branded medicine as the only “trusted” drug is one of TGP’s greatest milestones. Because of TGP’s efforts, generic medicine is now widely accepted as an effective yet cheaper alternative to medicine.