Young IIT Bombay entrepreneurs launch a social enterprise and initiate a movement to educate people about affordable generic medicines.
“GENERICO” Mulund West, Veena Nagar shop was inaugurated by Neil Kirit Somaiya (Corporator) ward 108, Girish Agarwal, Siddharth Gadia, Shweta Gadia and all workers were present on this occasion
On 4th March 2018, 12.30 pm Generico, a generic medicine store located at Mulund West, Veena Nagar Phase 1, off LBS Marg, was inaugurated at hands of Neil Kirit Somaiya, Girish Agarwal, Siddharth Gadia, Shweta Gadia one of the partners of Generico explained the large gathering about the generic drugs movement in India. Neil Somaiya Congratulated Generico team for his initiative of making affordable generic drugs available for the people of Mulund.
PRESENT STATE OF HEALTHCARE IN INDIA
Approximately 4 crore Indians are pushed into the darkness of poverty every year because of the unaffordable healthcare solutions. Moreover many others prefer death to the expensive health care. Costly medications further add to the trauma of the patients while the gap between the manufacturing cost and the MRP range anything between 500 to 1000 percent. This has resulted in even the basic public health services to be out of reach of commoners.
GENERIC ALTERNATIVE TO COSTLY MEDICINAL DRUGS
The same of top medicine manufacturing companies produce the same medicines with same components, having the same effectiveness, under another brand which is distributed directly to trade and are called 'Generic' drugs. These products exclude the regular promotional costs incurred (100 to 500 percent) on marketing the products to doctors, hence reducing their cost to bare minimum and thus making the same medicinal affordable.
GOVERNMENT INTERVENTION TO PROMOTE GENERIC DRUGS
The Indian government is also working hard towards making generic medicines available through its Jan Aushadhi Stores at 80% less than the MRP. Even at this sale price, the products can carry a gross margin of 20-25% at retail level. If the medicines are sold at their true price, patients suffering from lifestyle diseases like diabetes, hypertension, etc. can save as much as Rs. 20,000 - 25,000 per annum.
GENERICO INITITIAVE TO CREATE A MOVEMENT FOR GENERICS
Generico is a social initiative by IIT Bombay graduates. Creating awareness about generic drugs, extending maximum benefit to patients and making expensive drugs affordable to the general public is the sole objective of team Generico. Today, approximately 70% generic equivalents are available in the market and Generico plans to push this number to over 90% while ensuring effectiveness and quality of the generic equivalents. Local self help groups, NGOs, doctors, housing colonies etc will be roped in to create awareness about the generic drugs.