Business Structure

Business Structure

Founded in 1993 by PharmD Mataya Bhandhukanonda, Mataya Pharmacy was created with a clear mission: to serve as a trusted, highly accessible healthcare touchpoint where local communities could seek expert advice before visiting a hospital. Leveraging her experience as a lecturer at Chulalongkorn University's Faculty of Pharmacy, a practitioner at the "Osotsala" practice pharmacy, and a representative for international pharmaceutical firms, Pharm. Mataya established high operational standards focused on rational medicine use. In 2004, the store was recognized among the first batch of accredited "Quality Pharmacies" by the Pharmacy Council of Thailand. On January 15, 2009, the business incorporated as Icare Health Co., Ltd. with a registered capital of 5,000,000 Baht. Rebranded as "iCare", the business steadily expanded its store network and diversified its retail offerings through additional brands, including "Super Drug".

Healthiness Co., Ltd., formerly known as Pharmax Retail Co., Ltd., traces its roots back to 2007, when its original shareholders launched the retail pharmacy business under the 'Pharmax' brand, opening its flagship store on Pradit Manutham Road. Founded with the mission to serve as a wholesale-priced retail hub for standard, high-quality pharmaceutical products, Pharmax gained strong recognition from academic institutions and became an official training site for pharmacy students in 2010. The business was subsequently incorporated as Pharmax Retail Co., Ltd. on January 16, 2013, with an initial registered capital of 5,000,000 Baht, and has since continued to expand its branch network.

To enhance competitive capabilities across operations—both through expanding branch network coverage throughout Bangkok and strengthening bargaining power with suppliers

In December 2018, the Bhandhukanonda family acquired all shares from the former shareholders of Healthiness and established Healthlead Company Limited to invest in Icare Health and Healthiness. Concurrently, the Group’s internal structure was reorganized to enhance operational agility and eliminate redundant processes, establishing Icare Health as the operator of all three retail pharmacy brands—Pharmax, iCare, and Super Drug—while Healthiness focuses on the research, development, and distribution of innovative health products under three core brands: PRIME, Besuto, and Q.