Arjun Deshpande established a company that offers medicines at a discount of 80-90%, a significantly higher value compared to others in the industry who typically provide discounts of 10-15%.
Arjun Deshpande founded a company that provides medications at an impressive discount of 80-90%, surpassing the industry standard discounts of 10-15% typically offered by others in the field.
At the age of 21, Deshpande currently serves as the CEO of Generic Aadhaar, a startup that operates through a network of franchisees to provide generic medications. The company stands out by offering significant savings of 80% to 90% on these medications.
Generic Aadhaar, led by Deshpande, provides WHO-GMP-authorized medications with remarkable discounts of up to 80-90%. This sets them apart from large pharmaceutical companies, who typically offer the highest discounts of only 10% to 15%.
The business, based in Mumbai, received financial support from Ratan Tata and is now valued at an impressive Rs 500 crore. Generic Aadhaar achieved significant price reductions by eliminating middlemen such as marketers, distributors, and stockists from their operations.
As an example, Generic Aadhaar offers the anti-allergen medication Levocetirizine at a price of less than Rs 6 per strip, compared to its usual retail price of Rs 55 per strip. In contrast, the diabetic medicine Glimepiride, which is typically priced at Rs 110 per strip according to CNBCTV18, demonstrates the significant affordability provided by Generic Aadhaar.
How did Ratan Tata come to invest in Arjun Deshpande’s Generic Aadhaar?
Generic Aadhaar experienced rapid expansion across multiple cities during its initial years, leading to Deshpande being invited to give his first TED talk. The talk gained immense popularity online and caught the attention of Ratan Tata. Impressed by the innovative business model of Generic Aadhaar, Tata extended an investment offer to support the company’s growth.
Ratan Tata has played a pivotal role in helping Generic Aadhaar expand its presence nationwide. With his assistance, the startup now operates in over 2,000 stores across the country and employs nearly 10,000 individuals. The company is now looking to further expand its reach to countries such as Bangladesh, Nepal, Bhutan, Sri Lanka, the United Arab Emirates, and Myanmar.
In addition to venturing into the veterinary industry, Generic Aadhaar aims to establish 3,000 outlets. Deshpande, at the age of 21, believes that providing affordable animal medications will alleviate the financial burden on farmers. The company’s expansion into this sector is driven by the desire to support and assist farmers in managing their expenses effectively.
How did Generic Aadhaar assist in the Odisha train accident:
During these challenging times, Deshpande made an appeal for support and instructed his team of over 50 chemists from Odisha to provide essential aid to the public. This included offering free medications and extending all necessary assistance to those in need.
According to the company’s website, CEO Deshpande has been invited to numerous national and international forums, including CPhI, MSM, DPU, Blackbook Germany, and IIT Mumbai and Delhi. Additionally, he has received invitations to speak at five TEDx events.