MEDICAL SYSTEM NETWORK Co., Ltd.
First Quarter of Fiscal Year Ending March 2020

Earnings Report

First Section of Tokyo Stock Exchange; Securities Code: 4350
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights ReservedAbout contents covered※ The contents of this report pertaining future earnings described are based on
information the company has held, and on certain assumptions supervisingrational judgement, and are not what the company promises to achieve.
There are numerous factors that may cause actual earnings to differ. Caution
is given to the accuracy of information, and we do not take responsibility forloss etc., as a result of misinformed information.
※ Furthermore, this report is not prepared for the purposes of investment
solicitation. Readers are responsible for their own judgement in any decision
regarding investments.

Please see the following link for our English information.

http://www.msnw.co.jp/eng/

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

2

Table of Contents

Earnings Highlight・・・ 4

Topics・・・ 9Earnings Forecast for FY3/2020 andCore Strategies

・・・ 17

Reference Materials

・・・ 21

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved3

Earnings Highlight

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

4FY3/2020 1Q: Consolidated results
Factors forincrease insales andprofitSteady increase of network affiliates in pharmaceutical
network; increase in sales and profit against a backdrop
of consistent sales at acquired and existing pharmacies
FY3/2020

Year-on-year

FY3/2019

FY3/2020

1Q

1Q

23,85625,599

1,742

7.3%

103,000

24.9%

Operating profit

212

334

0.9%

1.3%

57.6%

2,500

Profit margin

122

13.4%

Ordinary profit

192

323

0.8%

1.3%

67.7%

2,400

Profit margin

130

Profit attributable toowners of parent

101

97
0.4%

▲3.7%

650

0.4%

▲3

3.34

3.21

▲ 0.13

866

1,062

195

（Unit: million yen）

Net sales

Profit margin

Earnings per share(Yen)※

EBITDA※

ChangeChange (%)

Full year

Progress rate

forecast

2.4%

2.3%

0.6%

13.5%
15.0%

－

21.39

－

22.6%

－

－

※ EBITDA is the calculated value of “operating proﬁt + depreciation + amortization of goodwill”
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

5FY3/2020 1Q: Results in each segment
Community Pharmacy Network Segment:- Network business is enjoying operating leverage off reasonably fixed cost base- Technical fee growth for existing pharmacies bases driven by further efforts on dealing
with dispensing fee revision in April 2018.
Other 3 segments: substantial trends in occupancy at serviced residence for the elderly

Factors forincrease insales andprofit■Net sales（Unit: million yen）

FY3/2019

FY3/2020

1Q

1Q

Net sales
Community Pharmacy※1

Network Segment
Other 3 Segments
Adjustments■Operating profit（Unit: million yen）
Profit margin in brackets

Segment profit
Community Pharmacy※1

Network Segment
Other 3 Segments
Adjustments

23,85625,5991,742+ 7.3%

22,56424,224

1,660+ 7.4%

1,422

1,529

106

+ 7.5%

▲ 130

▲ 154

▲ 24

※2

※

※2

※

Change (%)

ChangeFY3/2019

FY3/2020

1Q

1Q

－

Change (%)

Change212(0.9%)

334(1.3%)

122+ 0.4 pt

+ 57.6%642(2.8%)

825(3.4%)

183+ 0.6 pt

+ 28.5%

▲ 60

(－)

▲ 43

(－)

17

－

－

▲ 369

(－)

▲ 447

(－)

▲ 78

－

－

※1 Pharmaceutical Network Business, Dispensing Pharmacy Business, Manufacture and Market Pharmaceuticals Business※2 Leasing and Facility related Segment, Meal Catering Segment, Home Visit Nursing Segment
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

6FY3/2020 1Q: Consolidated balance sheet
Point

Assets: increase in products; decrease in cash and deposits as well as
accounts receivable
Liabilities and net assets: increase in accounts payable; decrease in loans■End of FY3/2019（Unit: million yen）

■End of FY3/2020 1Q（Unit: million yen）

Assets

68,935 Liabilities

58,173

Assets

67,802 Liabilities

57,152Current assets

21,055 Current liabilities

23,844Current assets

20,631 Current liabilities

23,419Cash and deposits

11,703 Short-term loans※

8,692

Cash and deposits

11,334 Short-term loans※

8,458

Fixed liabilities

34,32947,879 Long-term loans

28,341

25,721 Net assets

10,761

16,235 Capital stock

2,128

Goodwill

15,710 Capital surplus

1,185

Investments andother assets

5,922 Retained earnings

7,616

Fixed assets
Tangible fixed
assetsIntangible fixed
assetsTotal assets

Equity ratio

68,935

Fixed liabilities

33,732

47,171 Long-term loans

27,752

25,578 Net assets

10,65015,897 Capital stock

2,128

Goodwill

15,408 Capital surplus

1,185

Investments andother assets

5,694 Retained earnings

7,560

Fixed assets
Tangible fixed
assetsIntangible fixed
assetsTreasury stock▲ 233

Total liabilities
and net assets

68,935

Total assets

15.6%

Equity ratio

67,802

Treasury stock▲ 232

Total liabilities
and net assets

67,802

15.8%※ Includes long-term loans that will be repaid within the year
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

7

FY3/2020 1Q: Consolidated cash flows
Cash flows from880

operating activities

million yen

Cash flows from▲ 104

investing activities

million yen

Cash flows from▲ 1,119

financing activities

million yen■FY3/2019 1Q

EBITDA※
Income taxes paid
Impact of increasing working capital

1,062 million yen▲ 757 million yen
309 million yen

Acquisition of buildings, etc.
Sales of investment securities▲ 198 million yen
102 million yen

Loan amount reduced
Cash dividends paid

▲ 822 million yen▲ 145 million yen※ Calculated by “operating proﬁt + depreciation + amortization of goodwill”（Unit: million yen）

Cash and cash
equivalents atthe beginning of
periodCash and cash
equivalents at
end of period

10,136

Increase in cash 8,430
equivalents
resulting fromchange of scopeof consolidation

125

Cash flows
Cash flows Cash flows
from
from
from
operatingfinancing
activities investing
activities
activities▲ 191▲ 1,165▲ 475■FY3/2020 1Q（Unit: million yen）

Cash and cash
equivalents atthe beginning of
period11,520Cash and cash
equivalents at
end of period
11,177

Cash flows
fromoperatingactivities
880
Cash flowsfrominvestingactivities▲ 104

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

Cash flowsfromfinancing
activities▲ 1,1198

Topics

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

9Pharmaceuticals Network Business: Earnings summary(as of June 30, 2019)

Continuous high trends in number of new network affiliates; increase of 328 fromprevious term for a total of 4,118■Network aﬃliates (actual) （Unit: No. of network aﬃliates） ■Network aﬃliates (net increase)（Unit: No. of network aﬃliates）
5,000 for

5,000

FY3/2020
target

4,000
3,000
2,000

1,500

4,118

3,790

1,400

+1,281

1,200
900

2,509
1,770

600

+328

+370

300

+200

0

0

+49

+101

+106

FY3/2016

FY3/2017

FY3/2018

FY3/2017

FY3/2020
target

+739

1,000

FY3/2016+1,210 for

FY3/2018

FY3/2019

FY3/2020+214
FY3/2019

FY3/2020■Ordering volume of pharmaceuticals （Unit: one hundred million yen）

2,500

2,337
Full year

2,000
1,500

1,691
1,237

1Q

1,374

FY3/2020 1Q

1,000

752

500
0

289

337

389

510

FY3/2016

FY3/2017

FY3/2018

FY3/2019

FY3/2020

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

10Pharmaceuticals Network Business:
Network affiliates distribution map (as of June 30, 2019)

Currently operating in 46 prefectures; reached 4,000 affiliates in May 2019
Hokkaido area
Chugoku/Shikoku
area
254

【 Breakdown of network aﬃliates 】（Unit: No. of
network aﬃliates ）General

MSNW

network

dispensing

affiliates

338

Hokkaido area

254

Total

General network affiliates

pharmacies

Hokkaido

131

123

254

Kyushu/Okinawa area

Chugoku/Shikoku area

Tohoku

214

23

237

General network affiliates

General network affiliates

634

MSNW pharmacies

Kanto/Koshinetsu

1,066

83

1,149

Tokai/Hokuriku

809

47

856

Kinki

588

62

650

Chugoku/Shikoku

315

23

338

Kyushu/Okinawa

574

60

634

3,697

421

4,118

Total

131
123

MSNW pharmacies

4,409 network affiliates
as of August 1, 2019

574
60

338

MSNW pharmacies

315
23

Tohoku area

237

General network affiliates

214
23

MSNW pharmacies

Tokai/Hokuriku area

Kinki area
General network affiliates
MSNW pharmacies

Kanto/Koshinetsu area

856

650

588
62

General network affiliates
MSNW pharmacies

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

1,149
809
47

General network affiliates
MSNW pharmacies

1,066
83

11

Dispensing Pharmacy Business: Trends in number of pharmacies
2 new outlets and 1 outlet closings since end of previous fiscal year
Outlets at
end of
FY3/2019
Outlets at end of
previous term

Outlets at

Hokkaido area

end ofOutlets as of

FY3/2020

August43678 1

1Q

399

420

421

5

2

1

▲ 14

▲1

－

Openings

123
outlets
Tokai/Hokuriku
area
Chugoku/Shikoku
47 outlets
area

23 outlets

Closings andtransferringbusinesses
M&A

30

－

－

Total

420

421

422

Tohoku area

23 outlets
Kyushu area
Kanto/Koshinetsu area

60 outlets

84 outlets

Kinki area

62 outlets

As of August 1■Dispensing pharmacy outlet number trends of the past 10 years※

FY9/2011 FY3/2012 FY3/2013 FY3/2014 FY3/2015 FY3/2016 FY3/2017 FY3/2018 FY3/2019
Openings

FY3/2020
1Q

10

6

21

14

10

9

8

8

5

2

▲4

▲3

▲8

▲7

▲ 13

▲8

▲4

▲5

▲ 14

▲1

M&A

4

6

33

45

27

7

20

19

30

－

Number of outlets

214

223

269

321

345

353

377

399

420

421

Closings and transferringof businesses※ FY3/2012 was a six-month period owning to a change in the fiscal year end
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

12Dispensing Pharmacy Business: Monthly dispensing fee（YoY)
20.0%

Dispensing fee of all pharmacies (YoY)
Dispensing fee of existing pharmacies (YoY)

16.0%
15.0%

10.0%

12.1%
5.9%

5.9%

1.9%

1.8%

May

June

5.0%

0.0%

April

FY3/2019（Unit: %）Dispensing fee of all
pharmacies (YoY)
Dispensing fee of existing
pharmacies (YoY)

FY3/2020 1Q

April

May

June

16.0

5.9

5.9

9.3

12.1

1.9

1.8

5.3

※ “Existing pharmacies” on this page refer to pharmacies continue to be in business on or after April 1, 2018.

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

13

Dispensing Pharmacy Business: Dispensing fee breakdown
Increase in prescriptions through M&A pharmacies acquired last term
Increase in prescription unit price in response to dispensing fee revision

Point■All pharmacies
No. of prescriptions (1000) a
Drug charge per
Unit price(yen)prescription
Technical fee perprescription
Total bDispensing fee (million yen)
c=axb

■Existing pharmacies
No. of prescriptions (1000) a
Drug charge per
Unit price(yen)prescription
Technical fee perprescription
Total bDispensing fee (million yen)
c=axb

FY3/2019

FY3/2020

1Q

1Q

2,170
7,020
2,200

2,267
7,377

Change+ 97 (+ 4.5 %)+ 358 (+ 5.1 %)2,265+ 65 (+ 2.9 %)

9,220

9,642

+ 422 (+ 4.6 %)20,012

21,865+ 1,852 (+ 9.3 %)FY3/2019

FY3/2020

1Q

1Q

Change

2,003

1,992

▲ 11 (▲ 0.6 %)

7,102

7,575

+ 473 (+ 6.7 %)

2,198

2,271

+ 73 (+ 3.3 %)

9,300

9,846

+ 546 (+ 5.9 %)18,62919,613+ 983 (+ 5.3 %)【Prescription unit price trends 】（Unit: yen ）12,000Drug charge

10,0009,220Technical fee

9,642

8,000
6,000

7,020

7,377

2,200

2,265

FY3/2019 1Q

FY3/2020 1Q

Drug charge+ 358円

4,000
2,000
0

Technical fee+ 65円【Prescription unit price trends 】（Unit: yen ）12,000Drug charge

10,0009,300

Technical fee

9,846

8,000
6,000

7,102

7,575

2,198

2,271

FY3/2019 1Q

FY3/2020 1Q

4,000
2,000
0

Drug charge+ 473円Technical fee+ 73円※ “Existing pharmacies” on this page refer to pharmacies continue to be in business on or after April 1, 2018.
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

14

Dispensing Pharmacy Business:
Influence of the dispensing fee revision

As a “community pharmacy,” MSNW continues aspiring to contribute to society andfocuses on acquiring premiums through various measures

Basic dispensing fee ratio(points)
pre-revission
Basic fee 1
Basic fee 2
Basic fee 3

41
25
20

post-revission
Basic fee 1
41
Basic fee 2
25
Basic fee 3-b 15
Special basic fee
10Generic drug dispensing premium
ratio (points)
pre-revission
75% or higher 22
65% or higher 18

post-revission
85% or higher 26
80% or higher 22
75% or higher 18

FY3/2018 results

FY3/2019 results(End of March 2018)(End of March 2019)

Results (pre-revission)

Results (post-revission)

FY3/2020 1Q

FY3/2020 plan（End of June 2019） （End of March 2020）
Results (post-revission)

Target10 points

20 points
82 outlets
20.6%
25 points
9 outlets
2.3%

41 points
307 outlets
77.1%

Weighted average per prescription
36.0 points
0 points
54 outlets
13.6%
18 points
105 outlets
26.4%

22 points
239 outlets
60.0%

15 points
208 outlets
41 points
49.4%
204 outlets
48.5%
25 points
9 outlets
2.1%

15 points
208 outlets 41 points
49.8%
205 outlets
49.0%
25 points
5 outlets
1.2%

Weighted average per prescription
29.1 points

Weighted average per prescription
29.1 points

0 points
98 outlets 26 points
23.3% 120 outlets
28.5%

0 points
93 outlets 26 points
22.3% 130 outlets
31.1%
18 points
87 outlets
20.8% 22 points
108 outlets
25.8%

18 points
89 outlets 22 points
21.1% 114 outlets
27.1%

Weighted average per prescription
17.2 points

Weighted average per prescription
16.6 points

0 points
181 outlets 32 points
45.5%
217 outlets
54.5%

35 points
143 outlets
34.0%
0 points
278 outlets
66.0%

Weighted average per prescription
18.8 points

Weighted average per prescription
14.3 points

Weighted average per prescription
16.9 points

0.4%
15 points

41 points

49.1%

49.1%

25 points
1.4%
Weighted average per prescription
29.0 points
0 points
20.2% 26 points
34.6%

18 points
15.6%

22 points
29.6%

Weighted average per prescription
18.1 points

Community support system
premium ratio (points)
pre-revission
Standard
dispensing
premium

32

post-revission
Community
35
support system
premium

35 points
149 outlets
35.6%

0 points
269 outlets
64.4%

Weighted average per prescription
14.7 points※ Excludes suspended pharmacies ( FY03/2019 results includes pharmacies closed on March 31 )MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

35 points
0 points

40.0%

60.0%

Weighted average per prescription
16.1 points

15

Leasing and Facility related Business:
Building a community where medical care and nursing are one“Wisteria” SeriesServiced residence for the elderly + dispensing pharmacies, clinics, care offices, nurseries■ Occupancy trend (from June 2017)
Steady increase in occupancy rate at “Wisteria Senri Chuo” and “Wisteria M1”
100%●96.3％（Wisteria Otaru Inaho）●96.0%（Wisteria Kiyota）●92.2%（Wisteria N17）●75.6%（Wisteria Senri Chuo）

80%

Target for end of FY03/2020 : 82.9%

60%●50.9%（Wisteria M1）

Target for end of FY03/2020 : 64.7%

40%
November 2018
Open

20%
0%

Jun/2017 Sep/2017 Dec/2017 Mar/2018 Jun/2018 Sep/2018 Dec/2018 Mar/2019 Jun/2019■Implemented events for occupants to promote health■Therapy dog■Health event

Restore physical and mental
functions through interactions
with a trained dog.

Karate chair gymnastics was held
for the purposes of preventing
dementia.

Occupants experienced
physical interaction and walks
with dogs at the terrace
within the building.

Occupants and neighboring
citizens participated promoting
community exchange.

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

16

Republish

Earnings Forecast for FY3/2020
and Core Strategies

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

17

FY3/2020: Core strategies■ Community Pharmacy Network Segment
Pharmaceuticals Network Business・Streamline distribution:
follow-up on EOS order and return rates
・More local network initiatives(local collaboration between affiliates)

・Network affiliates target for end of term: 5,000

Republish■ Leasing and Facility related Segment
・Increase Wisteria Senri Chuo and
Wisteria M1 occupants■ Meal Catering and Home Visit Nursing
Segment
・Stabilize profit and loss

Dispensing Pharmacy Business・Promote family pharmacy initiatives andacquire prescriptions:
implementation of strategies for each pharmacy
and reduce waiting times
・Streamline operations:medication history on tablets andautomatic ordering systems
・Enhance home and health care support functions
Manufacture and Market Pharmaceuticals Business・Expand lineup: in-house and concurrent products■ Other themes
Responding to the revision of the Pharmaceuticals
and Medical Devices Law
・Follow-up during medication period
・Pharmaciesʼ classification by functions
・Remote medication guidance

Main duties
of community
pharmacies

Creating a system in preparation for
medical fee revision next term
・Find time for pharmacists to utilize theirprofessional abilities
・Cut down at headquarters and reconsider
employee allocation

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

18

Earnings forecast for FY3/2020: Consolidated forecast Republish
Strong extension of network affiliates in pharmaceuticals network business;
contribution to performance from opening of new pharmacies andacquisitions in previous term; anticipated gain in income and profit fromincrease in prescriptions at existing pharmacies

Point

FY3/19(Unit: million yen)(results)

FY3/20(plan)

ChangeChange (%)

Net sales

98,232103,000+ 4,767+ 4.9 %

Operating profit

1,428

2,500

+ 1,071+ 75.0 %

1,501

2,400
2.3 %

+ 898

+ 0.8 %

+ 59.9 %

462

650

+ 187

+ 40.4 %－Profit margin

Ordinary profit
Profit margin

Profit attributable to owners of parent
Profit margin

Earnings per share
(Yen)

1.5 %

1.5 %

2.4 %

+ 0.9 %

0.5 %

0.6 %

+ 0.1 %

15.25

21.39

+ 6.14

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

19

Earnings forecast for FY3/2020: Forecast in each segment■Net sales(Unit: million yen)

FY3/19FY3/20(results)

Change(plan)

Republish

Change (%)

98,232103,000+ 4,767+ 4.9 %

Community Pharmacy
Network Segment※1

92,284

97,461+ 5,176+ 5.6 %

Other 3 Segments※2

6,622

6,113

▲ 509

▲ 7.7 %

Adjustments

▲ 674

▲ 574

+ 100

Net sales■Operating Profit(Unit: million yen)
Profit percentage in brackets

FY3/19FY3/20Change(plan)(results)－
Change (%)

1,428（1.5 %）

2,500（2.4 %）+ 1,071（+ 0.9 %）+ 75.0 %Community Pharmacy
Network Segment※1

3,313（3.6 %）

4,783（4.9 %）+ 1,470（+ 1.3 %）+ 44.4 %Other 3 Segments※2

▲ 150

（－）

▲ 240

（－）

▲ 89

（－）

－

Adjustments▲ 1,733（－）▲ 2,042

（－）

▲ 308

（－）

－

Segment profit※1 Pharmaceutical Network Business, Dispensing Pharmacy Business, Manufacture and Market Pharmaceuticals Business※2 Leasing and Facility related Segment, Meal Catering Segment, Home Visit Nursing Segment
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved20Reference Materials

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

21

Corporate profile (As of June 30, 2019)
Company

MEDICAL SYSTEM NETWORK Co., Ltd. (“MSNW”)

Representative

Inao Tajiri
President & Representative Director

Established

September 16, 1999

LocationMain
consolidated
subsidiaries ※Businesses

Community Pharmacy Network Segment
Leasing and Facility related Segment
Meal Catering Segment
Home Visit Nursing Segment24-3 Kitajujo-Nishi, Chuo-ku, Sapporo

Capital2.128 billion yen

Hokkaido Institute for Pharmacy Benefit Co., Ltd.

Shareholders
composition※

Nanohana Hokkaido Co., Ltd.
Nanohana Tohoku Co., Ltd.
Nanohana East Japan Co., Ltd.
Nanohana Central Co., Ltd.
Nanohana West Japan Co., Ltd.

Companies, etc
13.3%
Financial

Excluding shares less than
one unit.

Institutions

Individuals

18.3%

and Others

Treasury shares are included
in Individuals and Others.

TOTAL MEDICAL SERVICE CO., LTD.

48.1%

Securiteis

NAGATOMI PHARMACY CO., LTD.

Firms

FELDSENF PHARMA Co., Ltd.

1.9%

Employees
Stock listing

Foreign

265 (3,218 consolidated)
First Section of Tokyo Stock Exchange

Other
Companies
18.4%

Total
Shareholders※

7,782

Securities code

4350

Outstanding
shares30,642,600※ As of March 31, 2019
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

22Organization chart (As of August 1, 2019)※ for
Hokkaido Institute
Pharmacy Benefit Co., Ltd.

Pharmaceutical related
Data analysis ; Publishing Business

Nanohana Hokkaido Co., Ltd.

Dispensing Pharmacy Business:
Hokkaido area

Nanohana Tohoku Co., Ltd.

Dispensing Pharmacy Business:
Tohoku area

Nanohana East Japan
Co., Ltd.

Dispensing Pharmacy Business:
Higashi Nihon area

Nanohana Central Co., Ltd.

Dispensing Pharmacy Business:
Chubu area

100 ％Nanohana West Japan
Co., Ltd.

Dispensing Pharmacy Business:
Nishi Nihon area

100 ％TOTAL MEDICAL SERVICE
CO., LTD.

Dispensing Pharmacy Business:
Kyushu area

100 ％NAGATOMI PHARMACY

CO., LTD.

Dispensing Pharmacy Business:
Kyushu area

80 ％FELDSENF PHARMA
Co., Ltd.

Manufacture and Market
Pharmaceuticals Business[Joint venture with DAITO]PALTECNO Co., Ltd.

Insurance Business /Construction Business

Home-Visit Nursing Care
Station Himawari Co., Ltd.

Home Visit Nursing Business

Agrimas Corp.※

Preventive Care Day Service BusinessPreventive Care Program Distribution
Business

H&M Co., Ltd.※

Optimize Distribution of
Pharmaceuticals Business[Joint venture with HANSHIN
Dispensing Holding Co., Ltd.]

100 ％
100 ％

100 ％
100 ％
100 ％

MEDICAL SYSTEM NETWORK
Co., Ltd
Community Pharmacy Network BusinessLeasing and Facility related Business

100 ％
100 ％

77.7 ％
50 ％MSNW group outlets:
total 434 outlets(Includes care plan center (1), drug stores (8), and home-nurse stations (3))

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

100 ％SAKURA FOODS
CO., LTD.

Meal Catering
Business※ Not consolidated
23

MEDICAL SYSTEM NETWORK Co., Ltd.
http://www.msnw.co.jp/

MSNW

Search[Contact us]
Corporate Planning Division
E-mail︓ info@msnw.co.jp

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved