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.
