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Tag: generic medicine

  • Why E-pharmacy firms saw huge order surge in second wave of pandemic

    The second wave of the Covid-19 pandemic in India has led to the significant growth of online pharmacies. The lockdown being implemented in various states and the strict restrictions have led to the surge in for medical devices and PPE kits by the consumers through e-pharmacies. Let’s look at the growth of e-pharmacies in India.

    Growth of E-pharmacy market
    Growth of 1mg
    Wellness Forever Medicare
    Other E-pharmacy companies
    Reason for the order surge
    Demand for Covid-19 related products
    FAQ

    Growth of E-pharmacy market

    The growth of the e-pharmacy sector has increased by up to 35 % compared to last year according to Industry trackers which is almost 3 times the expansion in the number of consumers ordering medicines and the essential substances for Covid-19 online. They claim that the sector is expected to witness much more growth in the current year as well.

    Ankur Pahwa who is the Partner and National leader for the E-commerce and Consumer Internet sector of EY India had said that since the base is much more larger, they expect the growth to slow down. He added that the sector will not be able to see a growth of 40-45 % this year, but is still expected to remain high because of the increase of digitalization in the country.

    EY has an estimation that the online pharmacy sector in India will grow to around USD 2.7 billion by the year 2023 from USD 360 million in 2019.

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    1mg is one of the top 3 e-pharmacy firm in the country. The company has said that there has been an increase in the medicines such as Fabiflu and Doxzee which is said to treat the mild cases of Covid-19. The company said that there was an increase of around 40x to 50x in the month of April 2021 compared to March 2021.

    The company said that the sales of these drugs would have been higher if they wouldn’t have faced challenges regarding the supply of the drugs. 1mg reported that the demand for the Covid-19 related products was 5 times more in the month of April 2021 compared to the previous month March 2021.

    Wellness Forever Medicare

    Wellness Forever which is an omnichannel pharmacy chain has said that their orders have increased due to the second wave by around 25 %. The company has said that they have seen an increased demand for medical devices such as thermometers and oximeters, medicines and FMCG products.

    Gulshan Bhaktiani who is the co-founder of Wellness Forever Medicare said that the company has seen a similar rise in order over different mediums such as walk-ins, app and calls. The company’s revenue had seen an increase of around 25 % for the year ended March 2021.

    Indian pharmaceutical sector growth
    Indian pharmaceutical sector growth

    Other E-pharmacy companies

    Pharmeasy which is backed by Prosus and the leader of the online pharmacy market in India said that the company is looking forward to provide vaccination for around 30 million people. The company wants to become the largest private player in the vaccination drive in India.

    It is planning to work with Corporates, healthcare providers and resident welfare associations.

    Even the healthcare booking platform Practo has said that it is planning to largely work with corporates in order to provide vaccination to around 10 million people. The company has already confirmed that around 500 corporates have shown interest and have an employee strength of 1 million.

    The company said that it is looking forward to work with around 1,000 companies for the first round of the vaccination drive.

    How to Obtain a Pharmacy Business License in India
    Indian pharmaceutical market has been one of the largest markets in the world interms of volume as well as value. Also, India is the largest provider of genericdrugs with around 20% to 25% of global exports in volume. Since the business inthe pharmaceutical industry of India is great, one can hav…
    StartupTalkyManav Makhija

    Reason for the order surge

    The increase in the cases due to the second wave in most of the metro cities and this leading to lockdown and strict curfews have made the consumers to order the medicines and the Covid related items online rather than visiting offline pharmacies and diagnostic centers.

    According to the company executives and industry experts, this is the major reason for the increase in sales by up to 25 – 65 % for online pharmacies.

    Prashant Tandon who is the co-founder of 1mg said that there is an unlimited need by the consumers currently and the company is investing on an active basis to ensure the supply chains can reach the demand of the consumers.

    He added that the consumers are very anxious and fearful about exposure as they get their lab tests and medicines.

    The demand for Covid-19 related products such as pulse oximeters, oxygen cans, masks, PPE kits, supplements such as Zincovit and Limcee is similar in all the major online pharmacies according to experts.

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    FAQ

    How do online pharmacies operate?

    Customer requests for products on an online platform. The request is sent to an off line brick and mortar store. The prescription is validated and verified by pharmacists and only then the order is accepted for fulfilment.

    Does online pharmacy require drug license?

    Yes, online pharmacy businesses require drug license.

    What is an online prescription?

    Online prescription enables people to compare treatment prices, find a healthcare provider, and schedule an appointment all in the comfort of their own home.

    Conclusion

    The second wave of the Covid-19 pandemic is the main reason for the growth of the e-pharmacy business around the country. We may be able to see an increase in the growth of industries in the coming years.

  • How to Obtain a Pharmacy Business License in India

    Indian pharmaceutical market has been one of the largest markets in the world in terms of volume as well as value. Also, India is the largest provider of generic drugs with around 20% to 25% of global exports in volume. Since the business in the pharmaceutical industry of India is great, one can have a decent opportunity to start it in the local market.

    If you are someone who is interested to open a medical store or obtain a pharmacy license in India, this write-up is for you. Pharmacy business has been eternal in our country. Even when all other businesses suffered huge losses due to the Covid-19 pandemic, pharmacy businesses kept on growing and flourishing and will continue the same in the future as well.

    In India, the pharmacy business doesn’t get affected by economic cycles or financial hiccups. With minimum investment and space you can set up your pharmaceutical business is it a franchise or your own store. Read this article to know more about how to get a pharmacy license in India.

    Types of Pharmacy Business in India
    Types of Drug License
    Prerequisites of obtaining a pharmacy business license in India
    Documents required for starting a Pharmacy Business
    List of Application Forms
    FAQ

    Types of Pharmacy Business in India

    When you decide to obtain a pharmacy license in India, you should first decide the type of pharmacy that you would want to run as there are different types of pharmacy businesses in India.

    In our country mostly all the pharmacy businesses fall under the category of standalone pharmacies who operate their business in the unorganized sector. However, the popularity of township pharmacies has been growing in recent years. It is observed that the majority of the standalone pharmacies are set up under a partnership or sole proprietorship.

    These days pharmacies can now register themselves as LLP or a Private Limited Company for around Rs. 8000/-

    Types of Drug License

    Since there are various types of dealings and businesses in India in the pharmacy sector, there are various types of drug licenses. As mentioned below

    Sales License

    This license is to be obtained by the businesses that plan to make sales of drugs. These include Wholesale Drug License, Retail Drug License, and Restricted Drugs Sale License.

    Manufacturing License

    Those businesses who plan to manufacture drugs allopathic and homeopathic need to obtain a manufacturing license.

    Loan License

    A business that uses manufacturing facilities of some other license and does not own a manufacturing unit, requires a loan license.

    Import License

    When one wishes to deal in the import of drugs, an import license is issued.

    Multi-Drug License

    If one places to operate the pharmacy business in multiple regions with the same name, he/she a multi-drug license will be issued.

    Revenue of Indian Pharma Sector
    Revenue of Indian Pharma Sector

    Prerequisites of obtaining a pharmacy business license in India

    There are a few essential things that are to be acknowledged before obtaining a pharmacy license in India.

    1. Qualification

    If you are planning to have your own pharmacy business, you must be qualified. If your business operations are in wholesale it is imperative that you have completed your post-graduation with one year of experience or have an under graduation degree with four years of experience.

    2. Place

    When you wish to have a pharmacy business, it is important that you have adequate space too.

    Pharmacy License
    Pharmacy License
    • To obtain a wholesale or retail pharmacy business license you must have a minimum 15 square meter space.
    • In all other types, you would have to have a minimum of 10 square meters of space.
    • Also the National Building Code of India, 2005 has laid a few guidelines on the clear height of the premises of the sale which are to be followed accordingly.

    3. Storage

    There are many drugs that are required to be stored in low temperatures, refrigerators, or under air conditioners. You must have such important storage facilities for the same.

    4. Tax registration

    In our country, all pharmacy businesses are required to obtain GST tax and pay GST timely. Since these businesses will be selling drugs and medicines, they are going to be registered under GST 2017.

    Documents required for starting a Pharmacy Business

    Starting a pharmacy business in India comes with certain formalities and responsibilities that vary from state to state. It is suggested that whenever you apply for a pharmacy business license, keep the following documents ready with you.

    1. Application form for the pharmacy license which is in the prescribed manner.

    2. A covering letter would be required with the intent of the applicant. It should be signed by the applicant along with his/her name and designation.

    3. For obtaining the drug license, you would be required to produce the receipt of challan fees.

    4. A declaration in the prescribed format mentioned in the form.

    5. The blueprint of the premises regarding the key plan and the site plan.

    6. The grounds or basis of possession of the premises.

    7. Any authorized Identification proof and photo of the owner/s of the pharmacy.

    8. If the premise is taken on rent, then you would be required to show proof of the ownership of the premises.

    9. Proofs of the constitution of a company like an Incorporation Certificate or Memorandum of Association or Article of Association or Partnership Deed are to be presented while obtaining the drug license.

    10. An affidavit of non-conviction of proprietor or partners of the pharmacy business under the Drugs and Cosmetics Act 1940 is essential.

    11. Along with the above-mentioned affidavit, you also need to produce an affidavit of a registered pharmacist or a competent person working full time.

    12. If the person is employed, an appointment letter of a registered pharmacist or a competent person is required.

    All these documents are required to be produced in order to become eligible for obtaining a medical store license. Once you complete all these formalities, you will be required to file the application for granting the pharmacy business license. For the same, you will have to visit the drug inspector’s office where all the proceedings would be taken ahead.

    List of Application Forms

    Sr. No

    Form No.

    Purpose

    1.

    Form 19

    Application for grant or renewal of a license to sell, stock, exhibit or offer for sale, or distribute drugs apart from those specified in Schedule X.

    2.

    Form 19A

    Application for granting or renewing a restricted license to sell, stock, exhibit or offer for sale, or distribute drugs by retail via dealers who don’t engage the service of a qualified individual.

    3.

    Form 19B

    Application for license to sell, stock or exhibit or offer for sale, or distribute Homoeopathic Medicines.

    4.

    Form 19C

    Application for grant or renewal of a [license to sell, stock, exhibit or offer for sale, or distribute] drugs specified in Schedule X.

    5.

    Form 24

    Application for either the grant of a license or for the renewal of a license or to manufacture for sale or for distribution of drugs other than those which are specified in [Schedule C, C (1) and X].

    6.

    Form 24A

    Application for either the grant of a loan license or renewal of a loan license to manufacture for sale or distribution of drugs other than those specified in Schedule C, C (1) and X.

    7.

    Form 24B

    Application for grant or renewal of a licensee to repack for sale or distribution of drugs, being drugs other than those specified in Schedule C and C (1) excluding those specified in Schedule X.

    8.

    Form 24C

    Application for the grant or renewal of a license to manufacture for sale [or for distribution] of Homoeopathic medicines or a license to manufacture potentized preparations from back potencies by licensees holding a license in Form 20-C

    9.

    Form 24F

    Application for grant or renewal of a license to manufacture for sale or for distribution of drugs specified in Schedule X and not specified in Schedule C and C(1).

    10.

    Form 27

    Application for grant or renewal of a license to manufacture for sale or for distribution of drugs specified in Schedule C and C (1) excluding those specified in part XB and Schedule X

    FAQ

    How much does it cost to open a pharmacy in India?

    A pharmacy franchise requires an initial investment starting from INR 8 – 10 lakhs, which includes licensing and documentation.

    How long does it take to become a pharmacist in India?

    To practice pharmacy in India one atleast requires a diploma in pharmacy, which is awarded after only 2 years and 3 months of pharmacy studies.

    Which is the number 1 pharmaceutical company?

    Sun Pharmaceutical Industries Ltd is the number 1 pharmaceutical company.

    Conclusion

    Health is the most important part of everyone’s lives and is certainly a business sector that is evergreen. Pharmacy business in India is currently at the growth stage and will continue to flourish in the coming years as well. By following the procedure mentioned in the above write-up, you can easily obtain a drug license and open your own pharmacy store.

  • Top 3 Generic Medicine Startups That Are Reshaping the Pharmaceutical Industry in India

    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 Medicines Are Safe?
    Top 3 Generic Medicine Startups in India
    StayHappi
    Zeno Health (Generico)
    Generic Aadhar

    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

    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.

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    Zeno Health (Generico)

    Startup Name Zeno Health (formerly Generico)
    Headquarter Mumbai, Maharashtra
    Industry Pharmaceutical
    Founder Siddharth Gadia
    Founded May 2017
    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

    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.

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    Generic Aadhar

    Startup Name Generic Aadhar
    Headquarter Maharashtra, India
    Industry Pharmaceutical
    Founder Arjun Deshpande
    Founded 2019
    Products Medical Supplies

    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.

    pharmaceutical startup
    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.

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    Conclusion

    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.