BANGLADESH – Integrated healthcare provider Aster DM Healthcare has ventured into the Bangladesh market to provide pharmaceutical and varied products in nutrition, baby care, skincare, and home healthcare segments.
Aster Pharmacy division will be operated by GD Assist Limited in Bangladesh through a franchise agreement.
Through this franchise agreement, Aster DM Healthcare and GD Assist will make products available to serve the healthcare needs of the local population in Bangladesh.
Aster DM Healthcare currently operates 446 pharmacies in India, GCC, and Jordan, including 201 Pharmacies in India operated by Alfaone Retail Pharmacies under a brand license agreement.
GD Assist plans to open and operate a minimum of 25 stores located in high streets, communities, and shopping malls of Bangladesh over a period of three years.
Through this long-term agreement with GD Assist, Aster Pharmacy aims to expand its horizons beyond UAE, India, Oman, Qatar, Bahrain, and Jordan into other territories to provide pharmaceutical and non-pharmaceutical products.
Aster DM in a statement said that it recorded 8 million pharmacy visits in its last financial year.
“We are looking to venture into a new market to serve more people and expand our footprint,” Alisha Moopen, Deputy Managing Director, Aster DM Healthcare, said.
In FY22 the company earned revenues from hospitals (56%), pharmacies (21%), and clinics (23%). GCC and India contributed 77% and 23% of revenues, respectively.
Aster’s share price has grown by around 1.7 times over the past three years (from around 121 in August 2019 to around 215 levels in August 2022.
“Witnessing good traction in retail pharmacy and guidance is for growth to sustain. On the margins front, ramp-up is expected in Q3 and Q4 towards 11.5%,” said a recent ICICI Direct research report.
At the same time, Aster Pharmacy and UAE-based supermarket Spinneys, have joined forces to introduce the first holistic wellness concept to Spinneys stores across the UAE.
Set to launch in Q4 of 2022, the joint venture is a direct response to the growing consumer demand for more accessible, quality products that improve their health and well-being.
The concept will offer an exclusive range of high-quality vitamins, minerals, health supplements, specialist foods, and natural beauty products.
An extension of Spinneys’ ‘Eat Well, Live Well’ philosophy, ethical sourcing will guide all merchandising, bringing to customers naturally-derived products and ingredients that are both good for them and the planet.
While the rise of health and wellness was an upward trend before the outbreak of COVID-19, the global pandemic has helped accelerate consumer demand for healthier products.
By 2025 the global health and wellness market is expected to reach US$7 trillion (Global Wellness Institute). Prior to COVID, the segment was valued at US$4.9 trillion.
In the UAE, the health, happiness, well-being, and quality of life of citizens and residents are also a government priority.
Its National Wellbeing Strategy 2031 sets out a comprehensive 10-year plan that aims to make the Emirates a world leader in quality of life.
A key focus is to promote active and healthy lifestyles, healthy nutrition options, good mental health, positive thinking, and good life skills.
Liked this article? Sign up to receive our regular email newsletters, focused on Africa and World’s healthcare industry, directly into your inbox. SUBSCRIBE HERE