Generika Drugstore Co-Founder and Chairman of the Board Teodoro Ferrer never imagined that his company would grow to be a major name in generic medicines in the country.
Twenty years ago, Ferrer, a retired employee of Ayala Corp. and his business partner Julien Belo founded the company with the goal to provide quality and affordable generic medicines to communities. Ayala Corp. made the dream possible when it acquired 50 perent ownership of the company in 2015.
Teodoro is “grateful” when asked how he felt as the company he started celebrates its 20th founding anniversary this September.
“This is a realization of a dream. I never really expected us to grow to where we are now since back then, we were just a start-up,” he said in a recent briefing held in Makati City.
Moreover, Ferrer recalled how he and Frenchman Belo started Generika Drugstore in 2003, with a vision to help alleviate the impact of the rising cost of medicines by giving people access to quality and affordable generic medicines. A year later, Generika Drugstore opened its first store in Montillano, Muntinlupa City, becoming a pioneering advocate and champion of generic medicines in the pharma retail space.
Fast forward to today, Generika has grown by leaps and bounds with over 700 stores nationwide and targets to reach 1,000 by 2025 with the support of the Ayala Healthcare (AC Health) Group.
For Atty. Yet Abarca, President and CEO of Generika Drugstore, the vision that was laid out by its founders has been the driving force of the company’s mission of delivering relief or ginhawa by making quality, affordable medicines and other healthcare essentials accessible to its customers. This has become the driving force behind the company’s growth.
“Looking back, it has been 20 years of delivering the Ginhawang Generika promise to our customers and the communities we operate in. Through our portfolio of quality and affordable generic medicines, we have helped reduce their out-of-pocket spend for medicines. Our staple ‘Libreng Konsulta’ program with partner doctors, along with our other plus services across our store network, have also helped empower communities to take better care of their health. We are grateful for the opportunity to be their healthcare partner over the years,” she said.
20 Years and Beyond
Looking ahead, Ferrer is confident that Generika Drugstore will continue to flourish and create a positive impact, especially with the support of AC Health.
AC Health President and CEO Paolo Borromeo pointed out the critical role of integration as a key strategy for AC Health, and Generika Drugstore’s pivotal role in the group’s ecosystem as it endeavors to broaden access to essential medicines.
“Our dedication to promote affordable and accessible generic medicines together with Generika remains a top priority. We believe that through our collective efforts, we can create a healthcare landscape where every Filipino has equitable access to the medicines and healthcare they need,” Borromeo shared.
Abarca said the company will continue to deliver their well-known Ginhawang Generika as it moves forward to serve the health needs of the Filipinos. “Our passion and commitment to our founding vision remains as strong as ever, as the need upon which it was anchored remains as pressing as it was 20 years ago, if not more. What Generika Drugstore has become inspires us to do more.”
Generika Drugstore is part of AC Health, a wholly-owned subsidiary of Ayala Corporation, that aims to provide Filipinos access to affordable, quality healthcare.
Since 2003, Generika Drugstore has been championing access to affordable, quality generic medicines and has continued to expand access by putting up more branches not only in key cities and municipalities, but also in small towns and barangays.
Established in 2015, Ayala Healthcare Holdings Inc. (AC Health) is a wholly-owned subsidiary of the Ayala Corporation that aims to provide every Filipino accessible, affordable, and quality healthcare.
Its portfolio includes Generika Drugstore, the pioneer in generic retail pharmacies, IE Medica and MedEthix, a major pharmaceutical importer and distributor, Healthway and QualiMed, a network of multi-specialty clinics, ambulatory centers, and full-service hospitals, and KonsultaMD, a healthcare aggregator app that offers online consultations, medicine delivery, and clinic and diagnostic booking.
# # #