Modern technology made great advancements in the medical industry. Now, this technology is making the reach of various medicines even easier.
The times when we had to roam around the market to find a particular medicine are gone. At present, we can find any medicine and get it delivered to our doorstep. This has been made possible with PharmEasy, the Indian online medicine delivery platform. We can use this app to order medicines and healthcare online.
PharmEasy has made great progress with its idea of making medicine delivery easy. It has gained huge popularity among the customers with its advertising and marketing. They have even made campaigns addressing customers’ concerns in a creative way.
About PharmEasy – India’s Leading Medicine Delivery App
PharmEasy is India’s health tech startup of online pharmacy and diagnostics. PharmEasy’s acquisition of Medlife has made it the biggest online pharmacy platform. After the acquisition, it aimed to serve 2 million customers a month.
In 2021, it also acquired Thyrocare technologies and Aknamed. The platform offers services of medicine delivery, diagnostic test sample collection, and teleconsultations. With its various partner vendors, it offers services to over 710 cities covering Bengaluru, Pune, Mumbai, etc. The company covers 98% of pin codes in the nation to deliver medicine.
Founders of PharmEasy
Dhaval Shah and Dharmil Sheth
PharmEasy is the healthcare startup that came into existence in 2014. Its co-founders include Siddharth Shah, Dhaval Shah, Dharmil Seth, Harsh Parekh, and Hardik Dedhia. The startup began with the idea of making healthcare in India easily accessible. API Holdings Private Limited is the parent organization of PharmEasy.
How does PharmEasy Work?
It is an e-commerce platform where one can buy medicines and other healthcare equipment. A person uploads an image of the prescription on the app or website. This prescription is then sent to a medical store in your area and the order is packed.
Once the order is ready, a delivery agent comes to pick it up. The order then gets delivered to your home. It is as simple as its ads make it look.
Marketing Strategies of PharmEasy
Marketing is super important for any business to grow. When it comes to startup, it becomes even more important. To make a startup stand out in the market, strategic marketing is essential.
PharmEasy opts for various strategies for marketing. It tries to gain the customers’ attention through online marketing as well as tv commercials.
The following are some of the marketing strategies of PharmEasy:
Television Commercials
PharmEasy is an Indian company. The best way to get the attention of the Indian audience is through TV ads. PharmEasy’s TV ad was a successful marketing strategy that gained great popularity.
The company made a music track for its ad. The track was a version of the popular Bollywood song, ‘Urvashi’. They created their slogan in the tune of it. The slogan said ‘PharmEasy, PharmEasy, Take it easy PharmEasy’. Every time this soundtrack played on the television; it got the viewers’ attention.
When viewers find something interesting, they like to know more about it. In this way, this strategy by the brand got successful. This ad made the app and its services popular among the customers.
Meme Marketing
PharmEasy Instagram Marketing
PharmEasy is a new-age startup. The brand knows how to keep up with the latest trends. With the increasing popularity of memes over social media, PharmEasy took a dip in this strategy.
The company posts memes on its Instagram handle. This catches the customer’s attention in a creative and quirky way. For example- They made a meme on weekend working and attached its slogan #TakeItEasy, its tagline to it. There are several other memes that the company keeps on making according to the trends.
Once a person signs up on the PharmEasy app or website, the role of this strategy begins. The company uses technology to send automated messages or emails to its customers.
These messages include the information of new offers or discounts that the company has to offer. This is a great strategy by the company to gather up the customers’ attention.
Sponsorships
The PharmEasy startup was not popular right from its birth. It had to create a space and trust for itself in the market. One of the most successful strategies by PharmEasy in its early years wascricket sponsorship.
PharmEasy Cricket Sponsorship
After investing in cricket, people began to associate PharmEasy with cricket. Most of the Indian audience watches the world cup. An ad between the match gets the viewers’ attention and help develop a level of trust.
PharmEasy earned huge popularity through this marketing strategy. People now consider it a reliable brand in the e-pharmacy industry.
Influencer Marketing
We all are aware of the power of social media nowadays. Influencers and bloggers over various channels are getting more and more popular. They also have a large audience.
So, PharmEasy has also opted for influencer marketing. In this way, it can promote itself at the leverage of the influencer’s audience. For example- PharmEasy has indulged in making reels. You can see Viraj Ghelani, Digital Creator, and Sapan Verma, Comedian in the PharmEasy reels.
Traffic Sources of PharmEasy
The traffic generated by PharmEasy is 63.39% from search. Besides, there is 30.97% direct traffic, 0.72% from social media, 3.29% from display, 0.66% from emails and 0.97% from referrals.
PharmEasy Covid-19 Marketing Strategy
PharmEasy Covid-19 Marketing Strategy
Every brand advertised itself in association with the pandemic. So, PharmEasy too made ads related to covid-19. They decided to take a witty and sarcastic road for their advertisement.
The company has used a statement that is very common among the Indian audience. It is ‘Sab uparwale ke hath mein hai.’ So, taking a sarcastic take, the company used the actual uparwala i.e, the neighbour living up to promote their brand.
Another popular ad of PharmEasy was the ‘WFH’ campaign. This ad was focused on lockdown, as people were confined in their homes. The advertisement showcases while everything changed, one thing that didn’t change was getting medicines with ease.
PharmEasy has given a simple and sensible message to the people with their ads. It is to not leave everything up to fate. People need to understand that they have to take care of their health. The ad shows that to take care of medicine and healthcare, PharmEasy is always there.
PharmEasy, India’s largest e-pharmacy came as a boon. It made the process of medicine buying easy, accessible, and reliable. During the pandemic, when people could not go out and find their medicines, PharmEasy has been a great help.
It is safe to say that PharmEasy gained great popularity with its marketing strategies. It has always kept its ads short, catchy and relatable. All such strategies helped PharmEasy to gain trust and popularity among the customers.
FAQ
Is PharmEasy a profitable company?
Yes, PharmEasy reported revenue of ₹2360 crore in the financial year 2021.
Is PharmEasy a unicorn?
PharmEasy achieved unicorn status with a valuation of $1.5 billion.
Who is the founder of PharmEasy?
Dhaval Shah and Dharmil Sheth are the founders of PharmEasy.
With the advancement in a civilization, there has been a significant increase in the types of ailments and diseases we are subjected to. Medical conditions unheard of a century back have now become a common occurrence. People now need hospitals, medicines, and pharmacies more than ever.
However, one wants convenience within minimal time. Going to nearby stores for much-needed medicines also seems a huge task because of the time it may take. People want to avoid standing in queues and with COVID-19 around, the fear of catching the disease by traveling to hospitals, and pharmacies are widespread.
This is where an online pharmacy business plan can solve the concerns. E-pharmacy apps and websites such as 1mg, Netmeds, and Practo have become the talk of the town.
An online drug store, web drug store, or an E-pharmacy is a drug store that works over the web. It facilitates the availability of medicines and other healthcare items without the need for people to visit brick-and-mortar pharmacies.
Kinds of E-pharmacies (Online Pharmacies)
Genuine Internet drug stores (online pharmacies) in the same nation wherein the customer placing the order resides.
Genuine Internet drug stores in a different nation as the customer who’s placing the order. This drug store, as a rule, is authorized by its nation of origin and pursues the nation’s guidelines.
Unlawful or exploitative web drug store. The site page for an illicit drug store may contain lies about its nation of origin, methodology, or affirmations. The “drug store” may send obsolete or fake prescriptions, and may not pursue ordinary procedural protection.
Pharmacy Business Ideas in India
Online Pharmacy Business
Online pharmacies allow you to arrange medications over the internet through websites and applications (web/mobile). Medicine business online save you the hassle of visiting an actual pharmacy. You need to upload the actual prescription or doctor’s note on the online pharmacy’s portal, and then make the payment.
According to Tracxn, the restorative information expert firm, more than 60 online drug stores are operating in India and occupied with the conveyance of medications through web portals, mobile apps, and websites.
Advantages Of Ordering Medicine From An E-pharmacy
For Customers
You get your medicines and supplies while sitting at home.
Great discounts and other incentives like free shipping.
Which are the top online pharmacies in India today? Here is a gander at some of the top e-pharmacies in India.
Practo
Practo is a famous name in the area of medical checkups and surveys. It is an online medicine business in India. The organization has initiated its online drug application in more than 100 urban areas in India like Delhi, Mumbai, Bengaluru, Gurgaon, Chennai, Ahmedabad, Pune, and Lucknow. You can arrange more than 40,000 medications by using Practo.
Practo health app has tied up with several medication stores and drug retailers to convey physician- recommended prescriptions at your doorstep on schedule. The application allows you to order medicines once you upload the prescription on its portal. Practo will automatically top off the medications as and when needed. The portal additionally recalls your past requests and prepares them, if required.
1mg allows you to purchase medication on the web and access data concerning your prescribed medication. You can also get different insights into your drugs through the application. The organization has set up associations with nearby drug stores to deal with the client’s needs.
The best part of 1mg is that you can enter the prescription and get less expensive options through a similar compound i.e. a generic alternative. The application additionally offers well-being tips from famous specialists, depending on the medication you request.
NetMeds
NetMeds is a prescription requesting application, launched by the Dadha Company, which has been in India since 1914. A rebate of 15% is relevant on a wide range of prescriptions and the conveyances are made within 2 to 3 days. You can also pay in installments.
BookMeds offers various categories; drugs, care items, orthopedic consideration, mother and infant care, emergency clinic hardware, therapeutic contraptions, protein supplements, wellness items, and whatnot.
The administration is operational in over 600 Indian postal codes covering spots like Delhi, Hyderabad, Bhopal, Lucknow, Kolkata, Patna, Indore, and several other districts. You can get your prescription drugs inside 4 hours of requesting (generally, but depends on other factors as well). The online drug requesting application is available on both Android and iOS.
Yodawy
Yodawy isn’t available in India but deserves mention. Yodawy is the most famous drug requesting application in Egypt. The application gives clients a chance to look from a gigantic database of prescriptions and even proposes the right spellings to simplify inquiries. You can likewise transfer an image of your manually written solution and have specialists decode the penmanship.
Yodawy
The organization has tied up with more than 500 neighborhood drug stores in Egypt to fulfill different requests. Prescriptions are conveyed quickly from the closest drug store all over the nation. The application likewise submits guarantees for your sake if the protection supplier is recorded in its system.
SmartMedics can be utilized for requesting medicines and for counseling from specialists across different departments. You can request drugs online crosswise over various urban areas in India by calling SmartMedics’ customer service or through its website/ application. The drug store will collect the prescription from your home. You can also upload an image through the application. The application guarantees a markdown of 22% on all human services items and conveys the medications within 48 hours.
WeChemist
You can buy medicines from WeChemist’s application by uploading an image of the prescription or the doctor’s note. At that point, you have to choose your location and affirm the request to get the items delivered to your home.
BrownPacket
Requesting medicines online is a breeze with BrownPacket. You simply need to upload your prescription and give the fundamental conveyance subtleties. Your prescription is generally delivered within 2 hours to 48 hours of submitting the request. You can enjoy up to 22% discount on your order. The administration is at present available in Bengaluru, Patna, and Delhi. BrownPacket accomplices with neighborhood drug stores and welcomes medication stores to join its network.
PharmEasy
PharmEasy is one of the biggest online membership drug gateways in India. With this application, you can arrange OTC items, human services items, and drugs and get them home-conveyed within 24-48 hours. You can book well-being tests as well. Alongside sparing flat 20% on each request, PharmEasy offers you a rebate of up to 70% on well-being tests and bundles with zero sample pickup charges. At present, PharmEasy is working in 1000+ towns and urban communities, covering more than 22000+ stick codes crosswise over India. This application will assist you with medicine adherence by reordering your drugs each month. With PharmEasy, you will never fall short on your prescription.
How To Start An Online Pharmacy Business In India?
We don’t have many online drug store stores in India. There are numerous reasons why beginning an online drug store, or e-pharmacy, in India is an overwhelming assignment. Be that as it may, the two principal reasons are the absence of mindfulness and the law. About mindfulness, only a couple of minds think about online drug store stores. However, they don’t delve deep into the implementation aspect.
A significant number of them don’t comprehend what an online store implies because it may be deciphered from numerous points of view. Secondly, different laws and guidelines are intense and difficult to adhere to, demoralizing individuals from beginning an online drug store. For instance, the Laws of Pharmacies in India were composed before the invention of computers. Outdated, right?
Also, India doesn’t have any solid law characterized explicitly for E-trade organizations. Assuming you are successful in launching an e-pharmacy in India, you will need to maintain severe laws and guidelines characterized by the legislature of India. If you go outside the point of confinement, you will be reprimanded by the authorities.
For instance, the laws for the transportation of medicines from one state to another are not clear. Can the online store take cash before the conveyance of the prescription? Not clear.
First, you need to enlist your business or store as indicated by the tradition that must be adhered to. There are various classifications that may enlist your drug store under. Some of them are clinic drug stores, chain drug stores, and township drug store. In any case, the best one is setting up an independent drug store business since it limits numerous liabilities. Here are some of the other steps to be followed:
Tax Registration
You need to acquire VAT enlistment from the express your drug store is situated in. Every drug store is required to have a VAT enrollment and adhere to VAT regulatory expenses.
Medication License
You need to get a permit from the Central Drugs Standard Control Organization and State Drugs Standard Control Organization. There are two kinds of licenses: one is a “retail drug license”, and the other one is a “wholesale drug license”.
Prerequisite For Obtaining License
For a retail medication permit, you must have a confirmation or a degree in pharmaceutical studies (e.g B.Pharma). You should have a territory of 10 sq. meters for the store. Refrigerators and climate control systems should be in place.
Documents Required
Numerous documents like your ID, address proof, application structure, and any other relevant information would be required.
Beginning An Online Version
You should have an expert drug specialist in your ambit for guaranteeing the nature of medications and different prescriptions.
Online Pharmacy Business Model
You need to counsel your legal advisor in light of numerous laws and guidelines. Apply for every license referenced in the above paragraphs. Fabricate an association with your providers. You should ensure that your providers are certifiable and not providing any fake drug.
The initial move towards making your online store involves purchasing a domain name. If you haven’t thought of making an online business webpage, enlist a web designer as soon as possible to get started. You should have a wide range of installment choices, including money down.
To assume online installments from praise/platinum card or net banking, you can pick an installment portal for your website. When your site is up and running flawlessly, you have to showcase your business on the web. The absolute best techniques are promotion via Facebook, Google AdWords, YouTube, press releases, and so forth. There are several resources available on the internet to learn about promotion and publicity.
Give your best continuously to promote the authenticity of your online pharmacy.
The Indian pharmaceutical market was esteemed at $36.7 bn in 2018 and remained the third biggest market in terms of volume. It was the thirteenth biggest in terms of net worth. It was expected to reach $55 bn by 2020 at a CAGR of 12% from 2015 to 2020 while ascending in the maturing populace, constant maladies, rising dispensable earnings, and expanding mindfulness.
A low generation cost, which is around 33% of the production costs in the US gives India an advantage as an assembling goal. Roughly 50% of the Indian-made medications are traded to more than 200 nations on the planet, while the other half is utilized for household utilization. The Indian pharmaceutical industry is profoundly divided with ~24,000 medications and out of this, a lion’s share is disorderly.
For every household utilization, Indian retail drug stores are the overwhelming dispersion channel with over 85% portion of the general pharmaceutical deals in India. Retail drug store alludes to retail channels which sell solutions, over-the-counter medications, FMCG items, and testing administrations; for example, blood testing, sugar testing, need for blood, and so forth. As per IBEF, the Indian retail pharmaceutical division is expected to reach $59 bn in 2023 from $25 bn in 2017, developing at a CAGR of 15% between 2018-23.
Lately, around 250 online drug stores have emerged in the nation. As indicated by Frost and Sullivan, the e-pharmacy store showcase in India is estimated to develop at an exponential CAGR of 63% and reach $3.6 billion by 2022 from its value of $512 million in 2018. As indicated by NetMeds, the e-drug store represents 1.5% to 2% of the complete pharma deal, and by taking a gander at the quick development that the business is seeing today, the share can go to over 10% by 2023.
Developing web entrance, different e-medicinal services activities like Ayushman Bharat, expanding healthcare coverage infiltration, availability in remote zones, cost reserve funds on bills, and doorstep conveyance inside a brief time-frame is expanding the dominance of online drug stores over disconnected retail drug stores. Numerous players have realized the benefits and potential of the online pharmacy segment, for example, Netmeds, PharmEasy, Medlife, 1MG, and LifeCare.
Additionally, online drug stores offer preferable estimation over disconnected stores. However, they need to follow a framework set up for approval on remedies through an authorized drug specialist. Further, they have a standard inventory of medications identified with interminable and uncommon sicknesses, which neighborhood drug specialists may discover trouble to stock as a result of the significant expense engaged with the acquisition.
Online pharmacies have difficulties of their own. Some of them are web-based discrepancies. missing things, value contrast or inaccurate estimating, receipt of substitutes or diverse brand’s prescription, deferral or refusal of request as well as installment, inert client care, and so forth. A few concerns have been identified with the fundamental tasks as well:
Absence of physical assessment.
Abuse of a solution, particularly in opiate and psychotropic medications, and plan X drugs.
Absence of comprehension of the therapeutic history, if purchasing from various online drug stores.
Absence of cold chain strategic administrations and additionally; it is extravagantly costly for rustic regions.
Absence of information security.
Unlawful e-drug store sites selling tainted, corrupted, or lapsed medications.
Unregulated clearance of medications.
Absence of explicit overseeing guidelines in the case of online pharmaceutical stores.
Nonetheless, with arrangements like unified e-remedy administrations, innovation headway for solid safety efforts, and explicit guidelines, online drug stores are now efficiently handling difficulties in the retail drug store advertising segment.
At present, no particular guidelines are overseeing e-drug stores in India. And this is a significant development inhibitor for the online drug store showcase in India. Every single online drug store is working according to the Drugs and Cosmetics Act, 1940, Drugs and Cosmetics Rule, 1945, Pharmacy Act, 1948, and Information Technology Act, 2000.
The Union Health Ministry in August 2018 turned out with draft leads on the closeout of medications by e-drug stores to direct the online clearance of medications and patients’ availability to real medications from true online sites. Notwithstanding, this draft is as yet anticipating formalization and finish.
In December 2018, the Delhi High Court requested a total restriction on the online drug stores crosswise over India as it was firmly contradicted by more than 800,000 conventional scientific experts because online deals are illicit and simple accessibility of medications can prompt its abuse. Be that as it may, around the same time, the Madras High Court followed up on an intrigue recorded by a gathering of online drug store organizations to suspended the boycott till a choice is declared and along these lines, gave some help to these elements. The development street isn’t as straight going ahead.
Online drug stores offer overwhelming limits to customers to pick up the piece of the overall industry. However, a forceful medication value control system by the administration will put weight on pharma organizations, eventually swaying their edges antagonistically. This rebate technique probably won’t be conceivable to proceed within the long haul.
Besides, the e-drug store isn’t just rivaling conventional drug stores yet; the administration-backed Jan Aushadi Kendra, which is another activity by the administration, offers limited medications and meds. Furthermore, the sufficient store network for convenient accessibility of medications, particularly in Tier 2 and rustic territories, is a test for e-drug stores and requires increasingly capital mixture and money for innovation.
In any case, the market has colossal potential as a result of its model of access to prescriptions a lot quicker, center accommodation, and genuine investment funds for purchasers. The segment is worthwhile for financial specialists, who have fueled $711 mn during 2018 and $189 Mn in 2019 in online drug stores. Explicit guidelines for online drug stores are of great importance; this will enable such stores to work in a directed environment, thereby profiting both e-drug stores and customers.
Experts accept that once the particular guideline will be concluded, there will be an ever-increasing number of online players in this undiscovered market with gigantic potential. In the midst of this, shoppers will consistently be a high priority for both online and disconnected pharma retailers with regard to drugs.
How much money do you need to open a pharmacy in India?
The pharmacy franchise calls for an initial investment startingfrom INR 8 – 10 lakhs, which includes licensing and documentation. The operational expenses may cost anything between INR 30,000-80,000.
How can I promote my online medicine business in India?
Ways to promote online pharmacy business plan in India:
Use a professional search engine.
Online marketing – AdWords.
SEO positioning.
Diversify with other types of products.
Keep a blog (health-related questions get lots of hits).
Create videos.
How profitable is a pharmacy business?
compared to other businesses, independent pharmacies make a healthy profit. The average independent pharmacy profit margin in 2018 was 21.8 percent. The number one profit margin in the 2017 report was only 18.4 percent. Independent pharmacies outrank accountants, legal services, and even physicians.
How can I get pharmacy license online in India?
Licensing: Online pharmacies have to register with the Central Licensing Authority (CLA) to operate, without which, no person or company can distribute, sell, stock, or exhibit drugs through e-pharmacy portals. E-pharmacieshave to pay a fee of ₹50,000 to register for a three-year license.
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.
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
StayHappi
Startup Name
StayHappi
Headquarter
Delhi, India
Industry
Pharmaceutical
Founder
Arushi Jain
Founded
October 2017
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
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.
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
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.
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 Aadhar
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.
FAQ
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.
Anamika Mahapatra
Mahenoor Mansuri
