Generic-Adhaar | Making medicine affordable
The Indian generic drugs market stood at around $24.53 billion in 2022 and it is estimated to reach $130 billion by 2030. After sustaining the COVID-19 pandemic, the global generic drugs market is projected to go beyond $500 billion by 2030.
Affordable medicine has been the cornerstone of numerous government policies in the pharmaceutical space for years now. Drug manufacturers have also been working on making their products affordable especially when it comes to life-saving drugs. 21-year-old, Arjun Deshpande, is trying to make drugs and treatments cheaper.
Generic drugs like Paracetamol and Amoxicillin are cheaper than their original molecule but sometimes, even these can be hard on the pocket. But 21-year-old Arjun Deshpande from Thane has been trying to solve this problem for the last 6 years, ever since he turned 16.
His solution, Generic Adhaar, a medical franchise, has created an ecosystem where generic drugs are sometimes up to 80 percent cheaper than in the current system.
Deshpande has managed to cut costs drastically by sourcing drugs directly from the manufacturer and distributing it through his outlets. He says he has completely cut out the middlemen -- from stockists to distributors.
For instance, the diabetes drug Glimipiride, which normally retails for Rs 110 per strip, is available a little over Rs 5 through Generic Adhaar. Anti-allergen Levocetrizine, which usually retails for Rs 55, is available for under Rs 6 per strip. The list is long.
Deshpande's idea has grown at an exponential rate not just in terms of turnover, but in the number of job opportunities it has created in both semi-urban and rural areas.
He has even caught the eye of established businessman, Ratan Tata and this added to the venture’s growth momentum.
Generic Adhaar has also expanded its product portfolio significantly over the years and even supplies generic drugs used to treat ailments like cancer. Deshpande says the biggest challenge is making drugs accessible to rural markets and that's his focus.
Generic Adhaar has tied up with the Andhra Pradesh government to set up 120 stores in the state and with the UP government for 700 stores. Rural India is not the only focus though.
Deshpande is also working on taking his business global.
He says making affordable and accessible drugs for humans is not enough. So he is diversifying into veterinarian medicine as well - something he says will provide relief to both pet owners and farmers.
The Indian generic drugs market stood at around $24.53 billion in 2022 and it is estimated to reach $130 billion by 2030. After sustaining the COVID-19 pandemic, the global generic drugs market is projected to go beyond $500 billion by 2030.
And Generic Adhaar is banking on riding high on this big wave of growth, and it increases both drug affordability and accessibility.
For more details, watch the accompanying video
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