Angkatan Koperasi Kebangsaan Malaysia and its subsidiary, MyAngkasa Holding, recently signed a memorandum of understanding to establish a joint venture to manage the MyAngkasa Pharmacy network in Malaysia. The collaboration, which will use a franchise system, looks to grow the network into the nation’s largest chain in
Angkatan Koperasi Kebangsaan Malaysia and its subsidiary, MyAngkasa Holding, recently signed a memorandum of understanding to establish a joint venture to manage the MyAngkasa Pharmacy network in Malaysia. The collaboration, which will use a franchise system, looks to grow the network into the nation's largest chain in the next five years.
The franchise scheme will make available mega stores for urban areas and satellite pharmacies for rural areas, according to Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir, Executive Director of Bioalpha International. In total, 15 mega stores and 1,000 pharmacies are planned for in the forecast period. The first mega store is scheduled to open in the first quarter of 2014 in Klang Valley, and the company is targeting to open five mega stores and six satellite pharmacies in 2014.
Syed Zainal said a franchisee would need US$320,000 (RM 1 million) to set up a mega store while a satellite pharmacy would cost about $160,000, with 25% ROI per annum expected. Overall, the network is expected to create 2,030 jobs for pharmacists, and more than 7,255 other positions across the country.