Pharmacy retail chain Generic Aadhar on Monday announced an app that will get generic medicines from nine pharmaceutical manufacturers and sell them at its outlets.
The chain, which is led by 18-year-old Arujun Deshpande and is backed by Tata Group chairman emeritus Ratan Tata, grew in 2020 by adding 450 franchise stores to take its total count to 650 odd stores in 100 cities.
Founded in 2019, the startup procures generic (unbranded) medicines from around nine major pharmaceutical manufacturers. These manufacturers, in Gujarat, Maharashtra, Pondicherry, are all World Health Organisation-Good Manufacturing Practices (WHO-GMP) certified.
Generic medicines use the same salt as a branded medicine, but their prices are 60-80 per cent lower.
Deshpane, founder and CEO of Generic Aadhar, said the company offers a 40 percent margin to the retailer and has a central warehouse from which the medicines are distributed across its stores throughout the country.
In 2021, the firm aims to take its store count to 2500. “We expect that through the app each store has a potential to generate an additional Rs 3 lakh per month business,” Deshpande says.
The app will aggregate the orders and the nearest Generic Aadhar store will deliver the medicines to the doorstep.
Tata, who was present at the launch, said that it was important to ensure that besides the affordable price, the medicines were also of optimum quality. “Otherwise it would be a great opportunity lost,” he said.
The veteran industrialist had invested an undisclosed amount in Generic Aadhar in May last year. He had earlier invested in another health care start-up called Lybrate, which helps connect patients with doctors.Tata has invested in over a dozen other start-ups such as Firstcry, Paytm and Snapdeal.