Medicine is considered to be one of the most important necessities for all of us. It is concerned with maintaining and restoring human health, and the role of a pharmacist is vital for the benefit of the patients. Not all medicines are available for low prices and thus cannot be afforded by everybody. So for the customers who cannot afford expensive brand medicines, there are generic medicine startups that provide medicines at a fairly low price. Here we are going to talk about 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 expenses of developing and marketing a new drug.
Top 3 Generic Medicine Startups in India
StayHappi was founded by Arushi Jain on October 2017. StayHappi Pharmacy practices and serves these legitimate medicines at the right costs by providing them the authority to make this right choice. They offer High-Quality Generic medicines at 30- 90% lower MRP than the branded medicines and progressing towards making Healthcare more affordable.
|Parent Organization||SarvaGunAushdhi Private Limited|
|Products||Allopathic, Ayurvedic, Herbal medicines, Neutraceuticals, OTC, Consumables, Cosmetics, Surgical items and Medical Devices.|
StayHappi pharmacy provides high quality generic medicine, so that people get the best allopathic medicines at the least price possible. The demand for Nutraceuticals is on a surge and StayHappi provides these products as well. StayHappi Stores provide Ayurvedic Medicines as well, to complete the basket of healthcare and cater to people who have an affinity towards Ayurvedic and Herbal Medicines. StayHappi also provides Medical consumables and cosmetics at their stores.
Generico was founded by Siddharth Gadia on 2017. Generico is the fastest growing specialized pharmacy retail chain of Generic medicines. Started by IIT Bombay alumni, Generico aims at making healthcare affordable for millions of Indians. It provides the biggest portfolio of generic medicines from the reputed pharma companies under one roof and provide up to 80% lesser price.
|Products||Cardiovascular, Gastrointestinal, CNS, Urology, Disorders of Aging|
3. Generic Aadhar
Generic Aadhaar which is founded by Arjun Deshpande in 2018 in Thane. Generic Aadhaar provides generic quality medicines from reputed pharma companies at up to 80 percent lower prices. It offers a huge portfolio of branded, generic, homoeopathy, and Ayurveda medicines from government-approved manufacturing facilities.
Generic Aadhaar aims to partner with 1000 pharmacies on a franchisee-based model in the coming months and expand their reach to markets like to Tamil Nadu, Andhra Pradesh, New Delhi, Goa, Rajasthan, Gujarat.
|Startup Name||Generic Aadhar|
These generic medicine startups are doing an excellent job by providing generic medicine at an affordable price to the customers who can't afford branded medicines. As India is the largest provider of generic drugs globally, the Indian pharmaceutical sector supplies over 50 percent of global demand for various vaccines, 40 percent of generic demand in the US, and 25 percent of all medicine in the UK. It is also expected to grow to US$ 100 billion by 2025.
Frequently Asked Questions
How to start a generic medicine business?
The first step of starting any business is making a business plan. 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 the e- form. The next steps include getting the GST number, trademark registration, and FSSAI registration.
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?
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.
Are generic medicines safe to use?
Yes, generic medicines are as safe as brand- named medicines. FDA requires that generic medicine works as fast and effectively as of a brand-named medicines. The reason why generic medicines are cheaper is that they as companies do not have to spend on research and development of generic medicines if they have a patent for brand-name medicines.