Surya Pharmaceutical to open 500 healthcare outlets

Chandigarh, March 24 (IANS) City-based Surya Pharmaceutical will set up 500 healthcare and pharma retail stores in the next three years at an investment of Rs.250 crore, a top official said here Tuesday.

'The total capital outlay of nearly Rs.250 crore is proposed for this project. Many other big names are also lined up to venture into this field in the next one year,' Surya managing director Rajiv Goyal said.

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In the first phase, 100 stores will come up in the the national capital region (NCR), he said.

'By March 2010, we would open 100 stores in the NCR (national capital region) and then gradually expand our business towards Chandigarh and Punjab.'

Asked about the impact of the slowdown on the pharma sector, Goyal said: 'There has been no decline in our exports and in business. This sector is somewhat safe from this slump.'

He added that the Rs.40,000-crore Indian healthcare retail market was now growing at 15 percent.

'We can even expect more than 100 percent growth as many big MNCs (multi-national corporations) are venturing into the healthcare retail sector,' Goyal added.