In a first for any online pharmacy, healthcare startup and omni-channel pharmacy Medlife.com, is set to launch its private label of generic drugs. The company claims that its launch of generic drugs is in keeping with the governmentâ€™s recent efforts to encourage the use of affordable generic drugs, instead of expensive brand-named alternatives.
Medlife plans to launch about 30 generic drugs and 40 OTC products by the next financial year. The Bengaluru-based health technology company expects a revenue of Rs 100 cr from the private label offering.
Medlife claims that is will be the first Indian company to use DMF-grade material for its pure generic medicines, keeping the pricing economical.
A drug master file (DMF) is a confidential, detailed document submitted by Active Pharmaceutical Ingredient (API) manufacturers to the U.S. Food and Drug Administration (FDA). Currently, products available in the Indian market are non-DMF grade.
It further claims that its FDA-approved products, like Medlife paracetamol, provide greater assurance of quality and are held to high quality standards compared to products that are not approved by the FDA.
â€śBeing on the frontlines of the healthcare sector, pharmacy has the potential to be a real game-changer. Our vision is to develop a comprehensive and ethical healthcare ecosystem that makes healthcare affordable, accessible and responsive to the needs of all Indians. Promotion of generic drugs is a significant step in bringing down healthcare expenses and making medicines easily available to the common man,â€ť Tushar Kumar, CEO, Medlife said.
With its launch of private label generics, Medlife aims to make quality medicines affordable for Indians. It will soon launch reasonably-priced, DMF-grade Paracetamol 650 mg that promises up to 92% drug release within just five minutes, to provide instant relief from fever and pain. The drugs will be manufactured in a WHO-GMP, PICS, HACCP, ISO 22000:2005 certified and approved plant.
Founded in 2014 as an e-pharmacy company, Medlife has diversified into 24X7 e-consultation, laboratory services, app-based healthcare-related services, and now, private label generics, to become an integrated healthcare service provider with a pan-India presence. It has a unique customer base of one million. With a planned internal investment of $30 million to scale up operations, the company expects to earn a revenue of Rs 900-1000 crore by financial year 2019.
According to a statement from the company, India is the largest provider of generic drugs globally, with the Indian generics accounting for 20% of global exports in terms of volume.
By 2020, the Indian pharmaceutical sector is expected to grow to US$ 55 billion, thereby emerging as the sixth largest pharmaceutical market globally.