Medicine is considered one of the most essential needs for all of us. The Indian Pharmaceutical space is witnessing a storm of new start-ups, not only for cash flow opportunities the sector offers but for making affordable medicines. Lack of access to good quality and affordable medicines is a major challenge in Indian healthcare.
Medicine is concerned with maintaining and restoring human health, and the role of the pharmacist is vital for the benefit of patients. Not all medicines are available at low prices and thus not everyone can afford them. So for those customers who cannot afford expensive brand medicines, there is a generic medicine which is at a fairly low price. Here we are going to talk about the Top 3 Generic Medicine Startups that are Reshaping the Pharmaceutical Industry in India.
What Are Generic Medicines?
Generic drugs are identical to brand-name drugs that have the same dosage, intended use, effects, side effects, route of administration, risks, safety, and strength as the original drug. Generic drugs are only cheaper because the manufacturers have not had the expense of developing and marketing a new drug.
Generic Medicines Are Safe?
Generic medicines are as safe as branded medicines. The FDA requires that generic drugs work as fast and effectively as brand-name drugs. The reason generic drugs are cheaper is that companies don't have to spend on research and development of generic drugs if they have patents for brand-name drugs.
Top 3 Generic Medicine Startups in India
|Parent Organization||SarvaGunAushdhi Private Limited|
|Products||Allopathic, Ayurvedic, Herbal medicines, Neutraceuticals, OTC, Consumables, Cosmetics, Surgical items and Medical Devices.|
StayHappi was founded by Arushi Jain in October 2017. StayHappi Pharmacy offers these legitimate medicines at reasonable prices and empowers them to make the right choice. They offer high-quality generic medicines at 30- 90% lower MRP as compared to branded medicines and are leading the way in making healthcare more affordable.
StayHappi Pharmacy provides high-quality generic medicine so that people can get the best allopathic medicines at the most affordable prices. There is a growing demand for nutraceuticals and StayHappy provides these products as well. StayHappy Store also offers Ayurvedic Medicines, to cater to the health care basket and cater to people who have a penchant for Ayurvedic and herbal medicines. StayHappy also provides medical consumables and cosmetics at its stores.
Zeno Health (Generico)
|Startup Name||Zeno Health (formerly Generico)|
|Products||Cardiovascular, Gastrointestinal, CNS, Urology, Disorders of Aging|
Generico was founded by Siddharth Gadia in 2017. Fastest-growing speciality pharmacy retail chain of generic drugs. Started by IIT Bombay alumni, Generico aims to make healthcare affordable for millions of Indians. It offers the largest portfolio of generic drugs from reputed pharma companies under one roof and offers up to 80% lower prices.
Zeno Health is India’s fastest-growing pharmacy retail company, with a presence in 100+ locations and the biggest private generic player in India. Zeno Health aims to satisfy consumer needs of trust in the quality of medicines, easy availability and best price, in accordance with their mission statement– Think Medicines, Think ZenoHealth.
|Startup Name||Generic Aadhar|
Generic Aadhar was founded by Arjun Deshpande in 2018 in Thane. Generic Aadhaar provides generic quality medicines from reputed pharma companies at up to 80% fewer prices. It offers a wide portfolio of branded, generic, homoeopathy and Ayurveda medicines from government-approved manufacturing facilities.
Generic Aadhaar aims to partner with 1000 pharmacies on a franchise-based model in the coming months and expand its reach to markets such as Tamil Nadu, Andhra Pradesh, New Delhi, Goa, Rajasthan, and Gujarat. Ratan Tata has invested an undisclosed amount in this pharmaceutical startup Generic Aadhar.
Generic medicine startups are doing a great job by providing generic medicines at affordable prices to customers who cannot afford branded medicines. As India is the largest provider of generic drugs globally, the Indian pharmaceutical sector supplies more than 50 per cent of the global demand for various vaccines, 40 per cent of generic demand in the US, and 25 per cent of all drugs in the UK. It is also expected to grow to US$ 100 billion by 2025.
How to start a generic medicine business?
Start with the premises of your office, a unique and meaningful brand name, and finances. Then get your business registered. The main steps of registration are Digital Signature Certificate, Director Identification Number, getting user registration, and filling out the e- form. The next steps include getting the GST number, trademark registration, and FSSAI registration.
What is an example of a generic medicine?
The majority of drugs, particularly life-saving are manufactured and sold as generic drugs. One example of a well-known generic drug is metformin, which is used to lower blood sugar levels in diabetes.
What are generic medicines?
According to FDA generic drug is a medication created to be the same as an already marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use.
Is the generic medicine business profitable?
Yes, according to a recent study margin on generic medicines can be 100%. As per recent reports, the Indian pharmaceutical industry is largely dominated by ‘branded generics’ that are cheaper, more effective, and safer. India is the second-largest producer of generic drugs, therefore, the generic market is anticipated to offer so much to the Indian economy.