Haridwar: In a bid to promote the use of generic drugs, Hyderabad-based retail pharmacy and diagnostics chain, MedPlus Health Services, has officially launched its 'Store Generics' initiative.
Under this initiative, the company will procure approximately 600 off-patent (generic) therapeutic and chronic medicines from its contract manufacturing partners and distribute them through its network of 4,200 retail pharmacies.
These medications will be priced significantly lower, with discounts ranging from 50-80 per cent compared to similar drugs offered by other providers. The range will include over-the-counter (OTC) and prescription drugs commonly used to treat conditions such as hypertension, diabetes, heart disease, kidney ailments, and more.
Gangadi Madhukar Reddy, managing director and chief executive officer of MedPlus Health Services, emphasised the partnership with reputable contract drug manufacturing organisations, ensuring that their generics adhere to the same stringent quality standards as higher-priced alternatives but are more affordably priced. This cost reduction is made possible by streamlining marketing and distribution expenses within the drug supply chain through its extensive retail network.
MedPlus recently announced partnerships with Akums India in Haridwar and Windlas Biotech, both complying with the good manufacturing practices of the European Union and World Health Organisation (WHO). The product portfolio is set to expand gradually to include over 800 products, aiming to meet approximately 90 per cent of the country's medicinal needs.
He also noted that the remaining 10 per cent will be covered by patented drugs, which neither MedPlus nor any other entity can replicate.
The initiative, initially piloted in Telangana last June and subsequently expanded to Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra, West Bengal, and Odisha, has already yielded significant savings for consumers.
Over 2.62 million customers have saved more than `139.7 crore in the past six months by opting for MedPlus generic brands. With a substantial presence in Madhya Pradesh, Chhattisgarh, and Kerala, MedPlus serves over one crore customers monthly.
Madhukar Reddy highlighted the increasing acceptance of generic drugs in India, drawing parallels with the popularity of generics in the US. Despite the growing recognition, he acknowledged consumer confusion due to the multitude of options available and the misconception that higher-priced medicines equate to better quality. The 'Store Generics' initiative aims to dispel such notions by offering quality healthcare solutions at affordable prices.
Established in 2006, MedPlus was the first organised pharmacy retailer in India to introduce a 20 per cent discount on all branded medicines and currently commands approximately 30% market share in the organised retail pharmacy industry.
