Generika Drugstore wins ASEAN Inclusive Business Award
GENERIKA DRUGSTORE, a member of Ayala Healthcare Holdings, Inc. (AC Health), is the first recipient of the Inclusive Business Award in the ASEAN Business Awards (ABA) held at the Solaire Resort and Casino last Sept. 6. A special award added to the ABA this 2017, it is given to companies who have shown significant societal impact especially to the poor and underserved communities. The ABA was launched by the ASEAN Business Advisory Council in 2007 to recognize companies that contributed to the growth and prosperity of the ASEAN Economy.
This year, more than 200 businesses were vetted by the ABA Official Judges Committee. For the Inclusive Business category, 29 entries were reviewed. Generika Drugstore bested other inclusive and impactful enterprises such as Batik Boutique (Malaysia), Coffee for Peace (Philippines), Siam Organic (Thailand), KP Company Limited (Laos), and Olam International (Singapore). Through this accolade, ABA recognizes Generika Drugstore’s pioneering leadership in the retail of generic medicines.
Public service and creating shared value is at the heart of Generika Drugstore. An inclusive business from the very beginning, it has strived to bridge the health care gap in the country by providing safe, affordable, and quality generics during a time when medicine prices were high and generic alternatives were not easily accessible. Now through its partnership with AC Health, Generika Drugstore has over 700 outlets nationwide and growing, offering not only medicines, but also other health care services, such as the Gamot (medicine) Guide, MedPadala (e-gift certificate), and mobile laboratory and free medical consultations in store.
In the words of Ted Ferrer, Generika Drugstore founder and president, “Generika Drugstore has always focused on and prioritized the health needs of the poorer sector of the country since it opened its first store 14 years ago. We have positively disrupted and changed the landscape of the pharma retail industry. Slowly communities are persuaded to try generic equivalents, and found them to be as effective with up to 85% savings compared to its branded counterpart. Now, even long-established pharma retail chains who used to offer branded medicines only are offering generic medicines as well.”
Generika Drugstore is part of the broader AC Health ecosystem, and serves as one of the first touchpoints for consumers and patients.