12 February 2018 | News
Medlife.com becomes India’s first online pharmacy to launch its line of pure generic drugs.
Medlife.com, India’s fastest growing healthcare company and largest omni-channel pharmacy, is all set to launch its private label generic drugs. A first for any online pharmacy, Medlife’s launch of generic drugs is in keeping with the Government of India’s recent efforts to encourage the use of affordable generic drugs, instead of expensive brand-named alternatives.
As the largest e-pharmacy in India, covering over 80% of the country’s pin-code, Medlife has 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 INR 100 cr from the private label offering.
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, it is the non-DMF grade products that is available in the Indian market and that too at a higher cost. Medlife is the first Indian company to use DMF grade material for its pure generic medicines and yet have kept the pricing economical. This is in line with Medlife`s vison to provide quality healthcare while relentlessly driving down the costs to make it more affordable for the people of India.
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. This is going to be a major disruption in the Indian pharma market.
With its launch of private label generics, Medlife aims to make quality medicines affordable for Indians. For instance, the company 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.
Speaking about the company’s long-term plans, Tushar Kumar, CEO, Medlife said, “Being 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. We need to spread awareness about the promise of pure generics among doctors and patients alike. In line with the Government of India’s push for generic drugs, we believe in its far-reaching benefits, especially in public health. Bringing together the best of technology and robust healthcare delivery system, Medlife is committed to bridging the yawning gaps in India’s healthcare system.”
India is the largest provider of generic drugs globally, with the Indian generics accounting for 20 per cent 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.
Since its inception as an e-pharmacy company in 2014, 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. In a short span of just over two years post-launch, Medlife went on to create a customer base of one million unique customers.
Backed by promoters with credible experience in pharmaceutical and healthcare e-commerce businesses, Medlife is known for its best-in-class quality, 100% regulatory compliance and zero-delivery error. With a planned internal investment of $30 million to scale up operations, the company expects to earn a revenue of Rs 900-1000 crores by financial year 2019.