Arjun Deshpande is a young entrepreneur who founded a unique online pharmaceutical marketplace, Generico, in India. The platform has revolutionized the way people in India purchase medicines. In this article, we will explore the life and achievements of Arjun Deshpande, including how he started Generico, its impact on the Indian pharmaceutical industry, and his future plans.
Early Life
Arjun Deshpande was born on October 8th, 1999, in Nashik, Maharashtra. He attended St. Joseph’s High School and went on to pursue his Bachelor’s degree in Pharmacy from the University of Mumbai. His interest in the pharmaceutical industry began during his studies, where he observed the high costs of medicines and the lack of availability for many people in India.
The Idea Behind Generico
After completing his studies, Arjun began to research ways to make affordable medicine more accessible to people in India. He discovered that a significant portion of the cost of medicine was attributed to the middlemen involved in the supply chain. In 2018, he launched Generico, an online marketplace that provides high-quality generic medicines at affordable prices.
Generico: Revolutionizing the Pharmaceutical Industry
Generico’s business model is straightforward but unique. It sources medicines directly from manufacturers, cutting out the middlemen and their high markups. Generico then sells these medicines at a 20-70% discount compared to traditional pharmacies. Additionally, Generico offers home delivery, which is especially beneficial for people living in remote areas with limited access to pharmacies.
Since its launch, Generico has grown exponentially. The platform has serviced over 3,000 pin codes across India, including rural areas. Generico has also created employment opportunities for over 100 people, including pharmacists and delivery personnel. Arjun’s vision of providing affordable healthcare to all is gradually becoming a reality.
Achievements and Recognition
Arjun Deshpande’s efforts have not gone unnoticed. In 2021, he was named in the Forbes Asia 30 Under 30 list in the healthcare and science category. He was also awarded the Asia Game Changer Award by the Asia Society in the same year.
Arjun’s unique business model has also garnered attention from investors. In 2021, Generico raised $14 million in a series A funding round led by Lightbox Ventures. The funds raised will be used to expand Generico’s services and hire more employees.
Future Plans
Arjun Deshpande has ambitious plans for Generico’s future. He plans to expand the platform’s services to include telemedicine, providing patients with online consultations and prescriptions. Additionally, he plans to introduce a subscription-based model for chronic disease medicines to ensure a steady supply for patients.
The Beginning of a Journey
Arjun Deshpande’s journey began when he was still a student. He was deeply concerned about the high cost of medicines in India, which made it difficult for the poor to access essential medicines. He realized that the problem was due to the high markups in the supply chain and decided to find a solution to this problem.
The Concept of Generic Aadhaar
Arjun Deshpande came up with the idea of Generic Aadhaar, a company that would provide affordable generic medicines directly to the consumers. He realized that by cutting out the middlemen in the supply chain, he could reduce the cost of medicines and make them accessible to the masses. His innovative business model was based on the concept of bulk purchasing and direct distribution.
Challenges Faced by Arjun Deshpande
Arjun Deshpande faced several challenges in his journey to establish Generic Aadhaar. One of the biggest challenges was convincing the pharmaceutical companies to supply medicines directly to his company. He had to negotiate with the companies and build a strong supply chain. Another challenge was to create awareness about the benefits of generic medicines among the masses.
Funding and Investments
Arjun Deshpande initially started the company with his personal savings. However, he soon realized that he needed more funds to scale up the business. He approached several investors and secured funding from them. In 2019, he received a seed funding of Rs. 3 crores from Venture Catalysts.
Expansion of Generic Aadhaar
Generic Aadhaar has been expanding rapidly since its inception. The company currently has a presence in more than 50 cities in India and plans to expand further. It has also launched an online platform, where consumers can order medicines online and get them delivered to their doorstep.
Conclusion
Arjun Deshpande’s story is an inspiration for young entrepreneurs everywhere. His vision of affordable healthcare for all has driven the success of Generico, and his future plans show his commitment to continuing to provide innovative solutions to the pharmaceutical industry in India.
FAQs
- What is Generico, and how does it work?
Generico is an online pharmaceutical marketplace that sources medicines directly from manufacturers, cutting out the middlemen and their high markups. Generico then sells these medicines at a 20-70% discount compared to traditional pharmacies. Additionally, Generico offers home delivery.
2. What impact has Generico had on the Indian pharmaceutical industry?
Generico has revolutionized the way people in India purchase medicines. It has made high-quality generic medicines more accessible and affordable to people, especially in remote areas with limited access to pharmacies.