Ratan Tata funded Generic Aadhaar, a pharmacy chain selling low cost medicines, has launched a mobile app to take on competition from online pharmacies.
The app, launched by Ratan Tata yesterday in Mumbai, has facilities to upload prescriptions and place orders. The medicines will be delivered from the nearest generic Aadhaar franchise store. The 'Generic Aadhaar's Mobile App' will help the standalone retail stores across India face competition from online pharmacies and also customers can get faster delivery from their nearest location via this App, said Arjun Deshpande, the 18 year old CEO and founder of Generic Aadhaar.
"It's good that we are now reaching to the masses and going towards generic medicines through Generic Aadhaar and uplift the healthcare capability of the country. I hope this movement grows over the years, also with this urge to serve the people, comes the responsibility of providing medicines of the requisite quality at affordable prices to the people," said Ratan Tata.
Generic Aadhaar, started by Arjun Deshpande two years ago, follows a unique pharmacy-aggregator business model - it sources generic drugs directly from manufacturers and sells to pharmacies, eliminating 16-20 per cent wholesaler margin. Tata Group patriarch Ratan Tata picked up a stake in 'Generic Aadhaar' for an undisclosed amount in May as a token of support and encouragement to the entrepreneurship of the teenager.
Many retailers from Mumbai, Pune, Bangalore and Odisha are part of the chain and follow a profit-sharing model. These are mainly standalone pharmacies, which are offered a free face-lift with Generic Aadhaar branding, logo and requisite IT infrastructure with links to the head office in Thane. "Within a year, we have plans to have 1,000 small franchisee medical stores under the Generic Aadhaar fold and expand to rest of Maharashtra, Gujarat, Andhra Pradesh, Tamil Nadu and Delhi," Deshpande had told BusinessToday.In in May.