Why Entrepreneurs Should Invest in the Emerging Sector of Generic Medicine
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Are you thinking of entering the generic medicine business? If yes, then getting a franchise and continuing your passion could be the right step. (Short Para)
Being the largest provider of generic drugs globally, India has a lot upon its sleeves for the franchisors investing in the generic medicine sector. The industry is expected to expand at a GACR of 22.4% by 2020. Currently, 80% of the generic medicines which are being used to combat AIDS globally are exported from India.
What is Dava India?
Generic medicines contain the same ingredient, with comparable strength and similar effectiveness to treat the concern. Dava India is an initiative by Zota Health Care Ltd, towards helping people access generic alternatives to the costlier branded medicines available in the market.
Ketan Zota, MD, Zota Health Care Ltd. said, “The quality of generic drugs and branded medicines, the amount of medicinal content contained in it and its production system are almost the same. Thus, Dava India will eliminate the hesitation of adopting generic drugs, eventually saving money. Discounts ranging from 30% to 90% are available on these medicines and medicines for the treatment of numerous diseases.”
The Surat-based company, Zota Healthcare limited manufactures and markets pharmaceutical products both nationally and internationally.
They are aiming to become a globally acclaimed pharmaceutical company with nutraceutical and Ayurvedic products as key elements. Dava India will be opening 3000 generic stores in two years, eliminating the high cost of treatment and medicines.
'Dava India' will offer as many as 1200 drugs, 300 cosmetic products, nutritious herbal medicines, Over The Counter (OTC) and surgical products, taking care of almost all the needs of the consumer. Moreover, there is also a provision for a 'Customer Care Centre' to help solve the customer queries regularly.
Therefore, franchisors can utilize this opportunity as people have started to understand that there is no difference in quality between generic and branded medicines. Keeping the numbers in mind, more franchises are expected to emerge.
This article was originally published on Franchise India by Shahram Warsi.