Mr Ratan Tata invests in a pharmaceutical venture ‘Generic Aadhaar’, aiming to provide affordable medicines for every Indian. Be it any field, Indian startups are doing wonders. Young entrepreneurs are creating great deal of value these days in turn making a real positive impact on the society. One such young and dynamic entrepreneur, in his teens, had a vision of making medicines available for every Indian citizen. Mr Arjun Deshpande, at an age of 16, founded the innovative venture named ‘Generic Aadhaar’ with the very same vision in his mind. His mission is now also backed by none other than Mr Ratan Tata, who as already stated, is a stake holder and invests in ‘Generic Aadhaar’.
Flag bearer of ‘Startup India’ & ‘Make in India’ campaign, ‘Generic Aadhar, is not only bringing inexpensive medicines for the masses, but also supporting single medical stores, who are in a bad shape due to competition in the pharma sector. As per the statistics, available at genericaadhaar.com, 60% of the population cannot afford to buy daily medicines due to high prices. About 85-90% of medicines available in the market are generic but expensive due to incurred costs of marketing and promotional activities. ‘Generic Aadhaar’ plans to solve this equation by directly connecting medicine manufacturers to the retail shops, thereby bypassing the middleman completely and thus lowering the cost. The company already reports an annual turnover of Rs 6 crores working on this principle.
This revolutionary startup aggregates single medical stores under one umbrella. They procure medicines from WHO, Good Manufacturing Practises(GMP) approved facilities and make them directly available to the aggregated stores, hence avoiding the additional costs involved in the conventional supply chain. Generic Aadhaar, with this setup has not only managed to drive down the prices of generic medicines up to 80% for the retail customers but has also put individual stores back in competition with the medical malls and online pharmacies who are offering deep discounts to capture the market share.
Along with genuine and authentic medicines, the core strength of ‘Generic Aadhaar’ is world class service at an affordable price in every locality. This is also what differentiates them from other players in the pharma sector. Founder & CEO, Mr Arjun Deshpande quotes
I am not only creating jobs, i am also creating entrepreneurs! It’s time we stand up for India and become #Atmanirbhar. Don’t be job seekers, it’s time to become job creators in this new era of Pharma Industry which has begun with Generic Aadhaar.Source: genericaadhaar.com
In the times of Covid, when it has become amply clear that medical costs are rising exponentially, a humble industrialist like Mr Ratan Tata investing in a medtech startup like ‘Generic Aadhaar’ is a very welcome move. Hope it benefits a large population which is unable to even meet the expenses of basic health care.
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