|Benjamin Liuson of The Generics Pharmacy|
Benjamin Liuson, the president and chief executive of The Generic’s Pharmacy, learned early the values of industry and hard work. He and his siblings grew up in traditional Chinese family setting where members of the household pitched in the family business. Back then the Liuson family was making eye glasses and picture frames.
The Liuson family bought a company in 1960 that wholesales medicines. Being in the business for 20 years, they distributed generic and low priced medicines to retailers in the hope that the public will benefit from cheap medicines. But due to the steep mark up of retailers, these medicines remained a high priced commodity in the market. Thus, in 2001, Benjamin Liuson established the The Generics Pharmacy.
The Generics Pharmacy mainly sells antibiotics, appetite stimulants, cough and cold remedies, diuretics, food supplements and anti-allergy drugs that are priced much lower compared to those found in other drugstores. “The difference is that we offer 100% generics medicine,” Liuson proudly said.
In 2007, the company started its retail operations and began franchising branches. The Generics Pharmacy is the first generics retail pharmacy to franchise in the country. In a span of three years, the company was able to remarkably establish 880 stores.
Liuson explains their formula in business is “a combination of quality and low pricing.” “Our medicines are both effective and affordable. If the product is good, then the customer will re-purchase,” he said. “We have a product list of 400 medicines. If they are not the same with the suggested retail price, then it is always lower. Our medicines are the same as the branded. The only difference is the price,” he added.
|125 branches and counting.|
Since the company serves the basic necessity of providing Filipinos quality, effective, and affordable medicines, he also already considers the business itself as an actuation towards the fulfillment of its corporate social responsibility. “Medicines and health care are basic rights, not a privilege, of Filipinos. By offering low-priced, yet effective medicines, TGP is contributing to the health of Filipino families and the entire nation,” Liuson said.
According to its top executive, the company is geared to aggressively expand in the second-, third- and fourth-class municipalities. The company has already 1,050 pre-approved locations that franchisees can readily tap.
“In the next three years, we should have 1,500 outlets,” Liuson revealed. “I think we can go up to 2,000 outlets nationwide.”
They are also currently assessing possibilities of putting up stores in countries like Indonesia, Bangladesh, Vietnam, and the States after gaining a foothold in the domestic market.