OUTSTANDING CATEGORY
TEODORO L. FERRER
PRESIDENT
Generika Drugstore
Dp Ii Building 1St Street Cornea 2Nd Street,
Cervantes Compound,Km.17,West Service,
Paranaque City
+632 828 1818
www.generika.com.ph
Generika Drugstore was formed just as Teodoro Ferrer was about to wind down his career in the corporate world. Ted was 60 years old and a retiree from the Ayala Group of Companies when he established Generika Drugstore with co-founder, Julien Bello, a Frenchman in his early 30s who came to the Philippines to do social work. Julien had personally seen the plight of workers and families in the low-income sectors who were sick but could not afford the high prices of the prescribed branded medicines.
The business venture was quite risky. Both Julien and Ted had no knowledge of pharmaceuticals and the retail industry, and they would have to start from zero. The biggest challenge was how to overcome the negative public perception of generic medicines, to generate sales, and eventually become a viable and sustainable enterprise. Both founders were aware about the huge risks, and anticipated large losses during the initial years.
Since medicines are adversely affected by heat and humidity, the founders decided to air-condition the stores to preserve the efficacy and quality, even if it meant higher costs. Most drugstores then, and even now, were not air-conditioned. Only quality generics were carried in order to give real value health benefits to customers. Community services, such as free medical consultations (Libreng Konsulta), were made an integral part of store operations. Diagnostic services, like blood sugar testing were provided at subsidized rates. Store operations were fully computerized to have better control.
Ted’s decision to invest and wholeheartedly involve himself in Generika Drugstore was inspired by his father.
“My father was a doctor in Zamboanga City who practiced until the age of 83. He had many prominent families as clients, but he also had a powerful drive to help poor people. I grew up witnessing my father treat as many as one hundred patients a day from impoverished communities, and he was charging them only two pesos as professional fee. This was at the time when other doctors were charging Php150 up to Php200.”
That memory created an impact on Ted and it stayed with him for many years. When the opportunity came, it was clear to Ted that he wanted to continue his father’s legacy of providing basic healthcare to people in the lower income sector. At the age of 73, Ted continues to be involved and committed to the business he co-founded, and for which he has earned recognition for the pioneering efforts.
The most visible achievement is that Generika Drugstore will have a nationwide network of 747 stores by the end of 2017. Moreover, what gives Ted tremendous personal satisfaction is that the initiative of Generika Drugstore has inspired others to set up their own generic pharmacies, and the combined effect is that people are now the ones looking and asking for generic medicines which have become available throughout the country.
He is known for his passion for encouraging employees to be at their healthiest not only for productivity but also for longevity..
Franchising Generika Drugstore has provided 268 small entrepreneurs the opportunity to have their own businesses. Franchise stores currently account for 87% of total stores. Generika Drugstore is committed to open many more franchise and company-owned stores in the years ahead.
“We are able to give retirees, Overseas Filipino Workers, and young entrepreneurs who want to have their own business a proven business model through franchising.”
Generika Drugstore presently has 829 organic employees at the head office, the Cabuyao warehouse, and in the 95 company-owned stores. About 3,000 people are employed by the franchise stores.
An interesting development happened recently when Julien Bello decided to transfer his family to Paris for good. He offered his shares to interested investors, and one of them was Ayala Corporation. Needless to say, Ted endorsed his former employer, and thus the 50% share of Julien was sold to AC Health in July 2015. After Ted retired from the Ayala Group in 2004, 11 years later he found himself to be with Ayala again but this time as a business partner.
With Ayala in the picture, a top-level review of the corporate objectives of Ayala and Generika Drugstore was done, and were found to be aligned. Since then, many changes have been made to upgrade the organization, improve compensation and benefits, strengthen operations and corporate governance, and in general, to level up Generika Drugstore to the standards of the Ayala Group. The brand equity of Generika Drugstore was also appreciably bolstered by the entry of Ayala.
Ted is known as a hardworking person with a positive mindset and determination to succeed despite hardships and failures. He tends to take a long-term view, sets high targets, but keeps his feet firmly on the ground. He wants to give back to others as he has received many blessings in life.
Ted’s business story is unique and motivating to other people. To put up a disruptive business venture at age 60 and successfully grow the company and sales to P3.2 billion 14 years later debunks the myth that entrepreneurship belongs to the young and the bold. He has paved the way for other retirees and near-retirees to ride a second wave of entrepreneurial career success after corporate life.
Being in the business of healthcare has influenced Ted to be a staunch advocate of health and wellness. He is affectionately known as a modest and supportive leader, determined to continue the aggressive expansion of the Generika Drugstore store network to penetrate and serve even the remote municipalities of the country.
The corporate vision of Generika Drugstore is to be the most innovative national drugstore chain providing quality affordable healthcare with a strong sense of social purpose. It shall be at the forefront of customer satisfaction.
Ted’s missions are to make quality affordable healthcare available to millions of Filipinos especially the less fortunate and to promote health and wellness. He always believed that prevention is far better and more affordable than a cure.
Generika Drugstore has immensely grown compared to its early years and is continuously expanding – and that’s what gratifies Ted the most. It feels fulfilling to know that customers are grateful that Generika Drugstore has made a significant difference in their health and life, that it has provided gainful employment and opportunities for advancement to many people, and that franchisees are successful and expanding their stores.
“It is not enough to dream. At the end of the day, results are what count.”
Ted Ferrer was born and raised in Zamboanga City in Mindanao. At an early age he was already an achiever as he graduated as the High School as Valedictorian at Ateneo de Zamboanga in 1960. He took AB Economics in Ateneo de Manila and finished his Master’s Degree in Business Management there two years later.
OUTSTANDING CATEGORY
TEODORO L. FERRER
PRESIDENT
Generika Drugstore was formed just as Teodoro Ferrer was about to wind down his career in the corporate world. Ted was 60 years old and a retiree from the Ayala Group of Companies when he established Generika Drugstore with co-founder, Julien Bello, a Frenchman in his early 30s who came to the Philippines to do social work. Julien had personally seen the plight of workers and families in the low-income sectors who were sick but could not afford the high prices of the prescribed branded medicines.
The business venture was quite risky. Both Julien and Ted had no knowledge of pharmaceuticals and the retail industry, and they would have to start from zero. The biggest challenge was how to overcome the negative public perception of generic medicines, to generate sales, and eventually become a viable and sustainable enterprise. Both founders were aware about the huge risks, and anticipated large losses during the initial years.
Since medicines are adversely affected by heat and humidity, the founders decided to air-condition the stores to preserve the efficacy and quality, even if it meant higher costs. Most drugstores then, and even now, were not air-conditioned. Only quality generics were carried in order to give real value health benefits to customers. Community services, such as free medical consultations (Libreng Konsulta), were made an integral part of store operations. Diagnostic services, like blood sugar testing were provided at subsidized rates. Store operations were fully computerized to have better control.
Ted’s decision to invest and wholeheartedly involve himself in Generika Drugstore was inspired by his father.
“My father was a doctor in Zamboanga City who practiced until the age of 83. He had many prominent families as clients, but he also had a powerful drive to help poor people. I grew up witnessing my father treat as many as one hundred patients a day from impoverished communities, and he was charging them only two pesos as professional fee. This was at the time when other doctors were charging Php150 up to Php200.”
That memory created an impact on Ted and it stayed with him for many years. When the opportunity came, it was clear to Ted that he wanted to continue his father’s legacy of providing basic healthcare to people in the lower income sector. At the age of 73, Ted continues to be involved and committed to the business he co-founded, and for which he has earned recognition for the pioneering efforts.
The most visible achievement is that Generika Drugstore will have a nationwide network of 747 stores by the end of 2017. Moreover, what gives Ted tremendous personal satisfaction is that the initiative of Generika Drugstore has inspired others to set up their own generic pharmacies, and the combined effect is that people are now the ones looking and asking for generic medicines which have become available throughout the country.
Generika Drugstore
Dp Ii Building 1St Street Cornea 2Nd Street,
Cervantes Compound,Km.17,West Service,
Paranaque City
+632 828 1818
www.generika.com.ph
He is known for his passion for encouraging employees to be at their healthiest not only for productivity but also for longevity..
Franchising Generika Drugstore has provided 268 small entrepreneurs the opportunity to have their own businesses. Franchise stores currently account for 87% of total stores. Generika Drugstore is committed to open many more franchise and company-owned stores in the years ahead.
“We are able to give retirees, Overseas Filipino Workers, and young entrepreneurs who want to have their own business a proven business model through franchising.”
Generika Drugstore presently has 829 organic employees at the head office, the Cabuyao warehouse, and in the 95 company-owned stores. About 3,000 people are employed by the franchise stores.
An interesting development happened recently when Julien Bello decided to transfer his family to Paris for good. He offered his shares to interested investors, and one of them was Ayala Corporation. Needless to say, Ted endorsed his former employer, and thus the 50% share of Julien was sold to AC Health in July 2015. After Ted retired from the Ayala Group in 2004, 11 years later he found himself to be with Ayala again but this time as a business partner.
With Ayala in the picture, a top-level review of the corporate objectives of Ayala and Generika Drugstore was done, and were found to be aligned. Since then, many changes have been made to upgrade the organization, improve compensation and benefits, strengthen operations and corporate governance, and in general, to level up Generika Drugstore to the standards of the Ayala Group. The brand equity of Generika Drugstore was also appreciably bolstered by the entry of Ayala.
Ted is known as a hardworking person with a positive mindset and determination to succeed despite hardships and failures. He tends to take a long-term view, sets high targets, but keeps his feet firmly on the ground. He wants to give back to others as he has received many blessings in life.
Ted’s business story is unique and motivating to other people. To put up a disruptive business venture at age 60 and successfully grow the company and sales to P3.2 billion 14 years later debunks the myth that entrepreneurship belongs to the young and the bold. He has paved the way for other retirees and near-retirees to ride a second wave of entrepreneurial career success after corporate life.
Being in the business of healthcare has influenced Ted to be a staunch advocate of health and wellness. He is affectionately known as a modest and supportive leader, determined to continue the aggressive expansion of the Generika Drugstore store network to penetrate and serve even the remote municipalities of the country.
The corporate vision of Generika Drugstore is to be the most innovative national drugstore chain providing quality affordable healthcare with a strong sense of social purpose. It shall be at the forefront of customer satisfaction.
Ted’s missions are to make quality affordable healthcare available to millions of Filipinos especially the less fortunate and to promote health and wellness. He always believed that prevention is far better and more affordable than a cure.
Generika Drugstore has immensely grown compared to its early years and is continuously expanding – and that’s what gratifies Ted the most. It feels fulfilling to know that customers are grateful that Generika Drugstore has made a significant difference in their health and life, that it has provided gainful employment and opportunities for advancement to many people, and that franchisees are successful and expanding their stores.
“It is not enough to dream. At the end of the day, results are what count.”
Ted Ferrer was born and raised in Zamboanga City in Mindanao. At an early age he was already an achiever as he graduated as the High School as Valedictorian at Ateneo de Zamboanga in 1960. He took AB Economics in Ateneo de Manila and finished his Master’s Degree in Business Management there two years later.