Apollo Hospitals, India's largest healthcare company, on June 23 announced creation of India's largest omni-channel digital health platform by merging its online, offline pharmacy and tele-medicine verticals into a single entity called Apollo HealthCo.
As per the reorganisation Apollo has transferred its back-end offline pharmacy business (excluding hospital-based pharmacies), digital healthcare platform Apollo 24/7, its investment in retail pharmacy business (Apollo Medicals Private Ltd), and the "Apollo 24/7" brand, the "Apollo Pharmacy" brand and private label brands into the healthcare group's 100 percent subsidiary Apollo HealthCo Limited.
"This platform will combine the strengths of Apollo Group's offline healthcare leadership with Apollo Group's new-age digital offerings to address all healthcare consumer needs," the company said.
Apollo said that the offline pharmacy business will continue to grow to 5,000 stores and maintain a healthy revenue growth rate of 18-20 percent in the next 3 years. The margin trajectory of this business remains intact.
In addition, the digital healthcare platform Apollo 24/7, is delivering medicines in 2 hours in over 10,000 pin codes combined with the highest availability of medicines.
Apollo 24/7, which is already the highest-earning tele-consult platform in India, continues to scale rapidly with an "asset light approach" and with the aspiration to achieve 100 million registered users in five years.
"The Apollo Hospitals Group, as the first adopter of modern healthcare, is perfectly positioned to be at the forefront of this transformation. Through our app, Apollo 24/7, we deliver medicines, consults and diagnostic services to people at their homes," said Shobana Kamineni, Executive Vice Chairperson of Apollo Hospitals.
Kamineni said the omni-channel approach has allowed us to serve over 27crore people over the last 500 days.
"We believe the growth of Apollo Hospitals (and Apollo 24/7) will present a huge potential to serve healthcare consumers into Apollo Hospitals as a whole, and will give accelerated momentum to all of Apollo's healthcare verticals, by delivering an integrated and seamless omni-channel experience," Kamineni added.
FY21 Q4 results
Apollo Hospitals on June 23 reported 169.9 crore net profit in Q4FY21, registering a decline of 19 percent year-on-year (YoY).
The company reported Rs 209.6 crore net profit in the corresponding period of previous year.
Revenues dropped 1.3 percent YoY to Rs 2,888.4 in Q4FY21 compared to Rs 2926.4 in Q4FY20.