MEDICAL SYSTEM NETWORK Co., Ltd.
Third 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.

https://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

・・・

18

Reference Materials

・・・

22

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved3

Earnings Highlight

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

4FY3/2020 3Q: Consolidated results
Earnings
Summary

Steady increase of network affiliates in pharmaceutical network;
increase in sales and profit against a backdrop of consistent sales atacquired and existing pharmacies, however there is a decrease in profit
attributable to owners of parent due to the raise in taxes※1
FY3/2020

Year-on-year

FY3/2019

FY3/2020

3Q

3Q

Net sales

72,75478,943

6,189

8.5%

103,000

76.6%

Operating profit

1,040

1,228
1.6%

18.1%

2,500

1.4%

188

49.2%

1,010

1,208
1.5%

19.6%

2,400

1.4%

198

372

326
0.4%

▲12.3%

650

0.5%

▲ 45

12.26

10.75

▲ 1.51

－

21.39

－

3,055

3,475

420

13.8%

－

－

（Unit: million yen）

Profit margin

Ordinary profit
Profit margin

Profit attributable to※1owners of parent
Profit margin

Earnings per share
(Yen)
※2

EBITDA※

ChangeChange (%)

Full year

Progress rate

forecast

2.4%

2.3%

0.6%

50.4%
50.2%

※1 Decrease in proﬁt due to tax increase in comparison to previous term where tax assets were deferred from merging consolidate subsidiaries※2 EBITDA is the calculated value of “operating proﬁt + depreciation + amortization of goodwill”
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

5FY3/2020 3Q: Results in each segment
Community Pharmacy Network Segment:
Increase in sales and profit due to steady growth of network affiliates,
impact of M&A pharmacies from previous term, and rise of drug fee
at existing pharmacies
Other 3 segments: steady increase in occupancy rate at serviced residences for the elderly

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

FY3/2019

FY3/2020

3Q

3Q

Net sales
Community Pharmacy
Network Segment※1

Other 3 Segments※2

Adjustments※■Operating profit（Unit: million yen）
Profit margin in brackets

Segment profit
Community Pharmacy
Network Segment※1

Other 3 Segments※2※

Adjustments

Change (%)

Change72,75478,9436,189+ 8.5%

68,40874,6376,228+ 9.1%

4,868

4,909

41

+ 0.8%

▲ 523

▲ 603

▲ 79

FY3/2019

FY3/2020

3Q

3Q

Change－Change (%)

1,040(1.4%)

1,228(1.6%)

188+ 0.2 pt

+ 18.1%

2,332(3.4%)

2,764(3.7%)

432+ 0.3 pt

+ 18.5%

▲ 105

(－)

▲ 27

(－)

77

－

－

▲ 1,186(－)▲ 1,508

(－)

▲ 321

－

－

※1 Pharmaceutical Network Business, Dispensing Pharmacy Business, Manufacture and Market Pharmaceuticals Business※2 Leasing and Facility related Business, Meal Catering Business, Home Visit Nursing Business

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

6FY3/2020 3Q: Consolidated balance sheet
Point

Assets: decrease in cash and deposits
Liabilities and net assets: decrease in loans■End of FY3/2019（Unit: million yen）

■End of FY3/2020 3Q（Unit: million yen）

Assets

68,935 Liabilities

58,173

Assets

66,957 Liabilities

56,235Current assets

21,055 Current liabilities

23,844Current assets

19,389 Current liabilities

24,356

Cash and deposits

11,703 Short-term loans※

8,692

Cash and deposits

9,068 Short-term loans※

8,513

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

31,87847,568 Long-term loans

25,84825,593 Net assets

10,721

15,884 Capital stock

2,128

Goodwill

15,443 Capital surplus

1,183

Investments andother assets

6,090 Retained earnings

7,636

Fixed assets
Tangible fixed
assetsIntangible fixed
assetsTreasury stock▲ 233

Total liabilities
and net assets

68,935

Total assets

15.6%

Equity ratio

66,957

Treasury stock▲ 207

Total liabilities
and net assets

66,957

16.0%※ Includes long-term loans that will be repaid within the year
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

7

FY3/2020 3Q: Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

million yen

EBITDA※1
Income taxes paid
Impact of increasing working capital▲ 2,180

Acquisition of buildings, etc
M&A(acquisition of shares, transfer of▲ 1,052 million yen▲ 739 million yen▲ 3,376

Loan amount reduced
Repayments of lease obligations▲ 2,790 million yen▲ 249 million yen

3,066

million yen

million yen

3,475 million yen▲ 1,101 million yen
512 million yen※1 Calculated by “operating proﬁt + depreciation + amortization of goodwill”

business and acquisition of business)

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

8Topics

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

9Pharmaceuticals Network Business: Earnings summary(as of December 31, 2019)

Continuous high growth in new network affiliates; increase of 1,132 from previous term
for a total of 4,922■Network aﬃliates (actual) （Unit: No. of network aﬃliates） ■Network aﬃliates (net increase)（Unit: No. of network aﬃliates）

6,000

5,000 for

FY3/2020
target

4,500

3,790

3,000
1,500
0

4,922

1,500

+1,281

FY3/2016

+739

1,770

500

+200
FY3/2017

FY3/2020
target

1,000

2,509
1,400

+1,132+1,210 for

FY3/2018

FY3/2019

FY3/2020

0+134
FY3/2016

+370
+268

+523

FY3/2017

FY3/2018+921
FY3/2019

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

3,000

2,337
2,000

1,237

1,374

0

1,023

FY3/2016

FY3/2017

1,243

FY3/2018

Full year
3Q

1,691

1,000
919

2,492

FY3/2020 3Q

1,658

FY3/2019

FY3/2020

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

10Pharmaceuticals Network Business:
Network affiliates distribution map (as of December 31, 2019)
Currently operating in 46 prefectures【 Breakdown of network aﬃliates 】（Unit: No. of
network aﬃliates ）General

MSNW

network

dispensing

affiliates

pharmacies

Hokkaido area
Chugoku/Shikoku
area
254

140

125

265

Tohoku

279

23

302

Kanto/Koshinetsu

1,332

88

1,420

Tokai/Hokuriku

922

47

969

Kinki

706

58

764

Chugoku/Shikoku

444

21

465

Total

Hokkaido area

265

General network affiliates

Hokkaido

Kyushu/Okinawa

338

Total

678

59

737

4,501

421

4,922

5,135 network affiliates
as of February 3, 2020

140
125

MSNW pharmacies

Kyushu/Okinawa area

Chugoku/Shikoku area

General network affiliates

General network affiliates

737

MSNW pharmacies

678
59

465

MSNW pharmacies

444
21

Tohoku area

302

General network affiliates

279
23

MSNW pharmacies

Kinki area

Tokai/Hokuriku area

Kanto/Koshinetsu area

General network affiliates

General network affiliates

General network affiliates

MSNW pharmacies

1,420

969

764

706
58

MSNW pharmacies

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

922
47

MSNW pharmacies

1,332
88

11

Pharmaceutical Network Business: achieved 5,000 affiliates
Target of 5,000 network affiliate, expansion accelerated faster than anticipated■ Contributions towards achievement of 5,000 affiliates
・Higher needs for efficient distribution and negotiating each unit price in correspondence to the “Guidelines
for the Improvement of Commercial Transaction Practice of Ethical Drugs” implemented by the Ministry of
Health, Labor and Welfare
・Amplified growth of new affiliates through existing affiliates■ Monthly network affiliate trends
6,000
5,000

5,000 achieved
January 2020

Fifth Medium-Term Management Plan
target (end of Mar 2022) : 5,000

5,026

3,000 achieved
October 2018

4,000
3,000

2,000 achieved
September 2018

2,000
1,000
0
Mar/2013

Mar/2014

Mar/2015

Mar/2016

Mar/2017

Mar/2018

Mar/2019

MEDICAL SYSTEM NETWORK Co.,Ltd. All Rights Reserved

Jan/2020

12

Dispensing Pharmacy Business: Trends in number of pharmacies
8 new outlets, 3 outlets acquired through M&A, and 10 outlet closuressince end of previous fiscal year
Hokkaido area
Outlets at
end of
FY3/2019
Outlets at end of
previous term
Openings

end ofOutlets as of

FY3/2020

February 3

3Q

399

420

421

Chugoku/Shikoku
area

5

8

－

22 outlets

Closings andtransferring

124
outlets

Outlets at

▲ 14

▲ 10

▲3

M&A

30

3

－

Total

420

421

418

23 outlets

Kyushu area
Kanto/Koshinetsu area

60 outlets

businesses

Tohoku area

Kinki area

Tokai/Hokuriku
area

86 outlets

58 outlets 47 outlets

As of February 3■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
3Q

10

6

21

14

10

9

8

8

5

8

▲4

▲3

▲8

▲7

▲ 13

▲8

▲4

▲5

▲ 14

▲ 10

M&A

4

6

33

45

27

7

20

19

30

3

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

13

Dispensing Pharmacy Business: Monthly dispensing fee（YoY)
25.0%
Dispensing fee of all pharmacies (YoY)
Dispensing fee of existing pharmacies (YoY)

20.0%

16.0%

15.8%

13.6%

15.0%

12.2%

9.4%

10.0%

5.9% 5.9%

11.0%

10.1%
6.4%

9.4%

5.0%

7.4%
5.7%

5.1%

0.0%
Apr

2.0%

1.9%

May

Jun

2.8%

2.2%
Jul

Aug

Sep

Oct

Nov

Dec

FY3/2020（Unit: %）Dispensing fee of all
pharmacies (YoY)
Dispensing fee of existing
pharmacies (YoY)

FY3/2020

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

3Q

16.0

5.9

5.9

13.6

9.4

15.8

6.4

7.4

10.1

10.0

12.2

2.0

1.9

9.4

5.1

11.0

2.2

2.8

5.7

5.7

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

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

14

Dispensing Pharmacy Business: Dispensing fee breakdown
Increase in prescriptions through M&A pharmacies acquired last term
Growing ratio of high price drugs

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

2020/3期

3Q

3Q

Change

6,519

6,885

+ 365 (+ 5.6 %)

7,180

7,515

+ 334 (+ 4.7 %)

2,219

2,274

+ 55 (+ 2.5 %)

9,399

9,788

+ 389 (+ 4.1 %)61,28067,397+ 6,116 (+ 10.0 %)FY3/2019

2020/3期

3Q

3Q

Change

5,963

5,984

+ 20 (+ 0.4 %)

7,304

7,754

+ 450 (+ 6.2 %)

2,218

2,281

+ 62 (+ 2.8 %)

9,523

10,035+ 512 (+ 5.4 %)56,79160,056+ 3,265 (+ 5.7 %)【Prescription unit price trends 】（Unit: yen ）12,000Drug charge

10,0009,399

Technical fee

9,788

8,000
6,000

7,180

7,515

2,219

2,274

FY3/2019 3Q

FY3/2019 3Q

Drug charge+ 334 yen

4,000
2,000
0

Technical fee+ 55 yen【Prescription unit price trends 】（Unit: yen ）12,000Drug charge

10,0009,523

Technical fee

10,035

8,000
7,304

7,754

2,218

2,281

FY3/2019 3Q

FY3/2019 3Q

6,000
4,000
2,000
0

Drug charge+ 450 yenTechnical fee+ 62 yen※ “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

15

Dispensing Pharmacy Business:
Influence of the dispensing fee revision

Basic dispensing fee ratio(points)
Pre-revision
Post-revision
Basic fee 1 41 Basic fee 1
Basic fee 2 25 Basic fee 2
Basic fee 3 20 Basic fee 3-b
Special basic fee

41(42)
25(26)
15(16)
10(11)

Points in brackets are after
increase in tax

Generic drug dispensing premium
ratio (points)
Pre-revission
75% or higher 22
65% or higher 18

Post-revision
85% or higher 26
80% or higher 22
75% or higher 18

FY3/2020 3Q

FY3/2018 results

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

Results (pre-revision)

Results (post-revision)

Results (post-revision)

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

11 points
1 outlets
0.2%
16 points
206 outlets 42 points
49.2%
206 outlets
49.2%
26 points
6 outlets
1.4%

Weighted average per prescription
29.1 points

Weighted average per prescription
29.9 points

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

0 points
79 outlets 26 points
18.4% 153 outlets
36.5%
18 points
67 outlets
16.0% 22 points
120 outlets
28.6%

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%

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（End of December
2019）

Weighted average per prescription
18.5 points

FY3/2020 plan（End of March 2020）
Target11 points
0.4%
16 points

42 points

49.1%

49.1%

26 points
1.4%
Weighted average per prescription
30.0 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-revision
Standard
dispensing
premium

32

Post-revision
Community
35
support system
premium

35 points
155 outlets
37.0%

0 points
264 outlets
63.0%

Weighted average per prescription
15.3 points

35 points
0 points

40.0%

60.0%

Weighted average per prescription
16.1 points※ Excludes suspended pharmacies ( FY03/2019 results includes pharmacies closed on March 31)

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

16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 (as of December 31, 2019)
Building name

■Measures to promote occupancy

Occupancy

・Wisteria N17

92.2%

・Wisteria Kiyota

96.0%

・Wisteria Otaru Inaho

95.1%

・Wisteria Senri Chuo

76.8%

・Wisteria M1

57.8%

・Periodic events(Wisteria classroom,health events, etc.)

・Advertising through different mediums
・Private viewings

Private viewing (Wisteria M1)

Medical malls, new doctors, and pharmacy openings■Providing community-oriented medical care・Promote establishment of user-friendly
medical malls
・Invite doctors required in surrounding area

Medical Square Kitamaruyama (Sapporo, Hokkaido)
October 2019 Nanohana Pharmacy Kitamaruyama open

Medical mall in combined business establishment(Sapporo, Hokkaido)
December 2019 Nanohana Pharmacy Sapporo M22 open

・Support health of the community throughhealth fairs and nutrition consultation eventsat Nanohana Pharmacy

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

17Republish

Earnings Forecast for FY3/2020
and Core Strategies

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

18

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

19

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 Reserved20

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 Reserved21

Reference Materials

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

22Key points in 2020 medical fee revision■ 2020 revision rates
Overall ▲0.46% ＝ medical fee +0.55% + drug price ▲1.01%
NHI price revision(medical fee base) ▲1.01%

Medical fee +0.55%
Medicine+0.53%

Dispensing+0.16%

Dentistry+0.59%① Drug price ▲0.99%② Material price ▲0.02%

Work-style reformof doctors +0.08%

Reference: drug price base rate ▲4.38%

Reference: recent medical fee revision rates (medical fee base)
Year
Medical fee (real)
Dispensing fee
Drug price (real)
Drug price baseTax included
Overall (nominal)

2006

2008

2010

2012

2014

2016

2018

2019

2020

▲ 1.36+ 0.38+ 1.55+ 1.379+ 0.10+ 0.49+ 0.55

+0.41

+0.55

▲ 0.60+ 0.17+ 0.52+ 0.46+ 0.04+ 0.17+ 0.19

+0.12

+0.16

▲ 1.80▲ 1.20▲ 1.36▲ 1.375▲ 1.36▲ 1.33▲ 1.74▲ 0.95▲1.01▲ 6.70▲ 5.20▲ 5.75▲ 6.00▲5.64▲ 5.57▲ 7.48▲ 2.40

▲4.38

-

-

-

-

+ 1.36

-

-

+0.48

-

▲ 3.16▲ 0.82+ 0.19+ 0.004+ 0.10▲ 0.84▲ 1.19▲ 0.07▲0.46

MEDICAL SYSTEM NETWORK Co.,Ltd. All Rights Reserved

23

Corporate profile (As of December 31, 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.

Stock listing

Companies, etc
15.7%

Excluding shares less than
one unit.
Treasury shares are included
in Individuals and Others.

TOTAL MEDICAL SERVICE CO., LTD.

Employees

Foreign

Institutions

and Others

Securiteis
Firms

FELDSENF PHARMA Co., Ltd.

1.5%

First Section of Tokyo Stock Exchange

Individuals
46.1%

18.3%

NAGATOMI PHARMACY CO., LTD.

267 (3,219 consolidated)

Financial

Other
Companies
18.4%

Total
Shareholders※

7,782

Securities code

4350

Outstanding
shares30,642,600※ As of September 30, 2019
MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved

24Organization chart (As of February 3, 2020)※ 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 430 outlets

100 ％Central Pharmacy
Co., Ltd.

Dispensing
Pharmacy Business:
Higashi Nihon area

100 ％SAKURA FOODS
CO., LTD.

Meal Catering
Business(Includes care plan center (1), cosmetic/drug stores (8), and home-nurse stations (3))

MEDICAL SYSTEM NETWORK Co., Ltd. All Rights Reserved※ Not consolidated
25

MEDICAL SYSTEM NETWORK Co., Ltd.
https://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