There is no bigger joy than saving a human life: Arjun Deshpande
It all started at the tender age of 16 for Thane’s Arjun Deshpande when he came up with a groundbreaking idea of supplying medicines at discounted rates. An alumnus of DAV Public School, when Arjun, like many friends, was enjoying vacations after his 10th standard exam, he struck gold upon visiting a nearby pharmacy to get medicine.
Arjun recalls, “I saw an elderly gentleman at the pharmacy who wanted cancer medicine. The cost of the requisite medicine was a whopping ₹15,000, which the man could not afford. The man walked off disappointed, as he did not have the money to pay for the medicine. I took this incident back home and sat at my computer to search for the manufacturing price of that medicine. To my utter disbelief, it was just ₹3000. That moment, I sensed a yawning gap between the cost and selling prices of medicines and thus a scope to bridge it.”
With no business background as such, it would have been perhaps shooting in the dark for Arjun, but true to his name, he had his eyes on the goal of providing medicines at affordable prices. He shares, “We all know that India is a manufacturing and exporting hub of pharmaceuticals. Despite this, it was hard for me to fathom why the prices of medicines were exorbitant.”
The answer to this question was in the search he had performed to know the medicine’s manufacturing price. Arjun decided to connect the manufacturers and distributors without any intermediaries, who are infamous for gobbling up the more significant chunk of the pie.
He began meeting budding entrepreneurs who were interested in starting their pharmacies. Arjun explains, “I knew those already in business would be difficult to mould. So, I decided to tap the upcoming entrepreneurs who would consider buying into my idea of generic rather than branded medicines. Getting my first client took me about two months and 100 rejections. I knew it would take time since age was not on my side, and I had no goodwill in the market. However, I had tremendous patience and was ready to wait because I knew my idea was good.”
In the first year, Generic Aadhar clocked in 50 franchises, and today, after six years in business, it has a presence in over 2500 retail stores spread across every nook and corner of India, making it the biggest retail pharmacy chain in the country. With 400+ doctors setting up the Generic Aadhar stores, it is a testimony to their trust in these medicines.
Generic Aadhar has been a boon, especially for brick-and-mortar pharmacies, which have taken a hit due to the online sale of medicines. “There are close to 10 lakh medical stores in India, and most are not doing well because of online sales of medicines and entry barriers in the malls. With Generic Aadhar medicines, these medical stores can attract customers to their stores as the prices they offer are very competitive and sometimes even lower than those of the online players,” elucidates Arjun.
Having created a strong base, it was time for expansion, and Arjun could not have asked for any better businessman than Mr Ratan Tata himself to invest in his venture. Arjun reminisces, “Mr Ratan Tata had watched my TED Talk titled ‘Generic vs Branded Medicine’, one of the most watched videos according to the official counts. He was mighty impressed with my work and wanted to meet me personally. I received an invite from his office for a 20-minute meeting. To my surprise, our meeting lasted for two and a half hours. He found a lot of potential in my idea and decided to invest in it.”
Arjun was also appreciated by Hon. President of India Droupadi Murmu for his exemplary work and became the first entrepreneur under the age of 20 to be recognised at this level. Arjun avers, “The President of India was in awe of my idea and showered praise. She also discussed how Generic Aadhar and state governments can collaborate to spread awareness about these medicines. Months after meeting her, she remembered me during the Balasore train tragedy. With no hesitation whatsoever, I extended help and provided free medicines.” He added, “During COVID-19, too, we distributed over 1000 free Remdesivir. There is no bigger joy for me than saving a human life.”
Having started from Thane, Generic Aadhar has spread its wings to different parts of the country. In states such as Odisha, Jharkhand, Bihar, and Uttar Pradesh, homemakers are instilled with micro-entrepreneurship and encouraged to start pharmacies. The awareness about generic medicines is rising as people have begun asking for medicines by their molecular names instead of brands.
Apart from providing affordable medicines, Generic Aadhar contributes to increasing people’s standard of living. Arjun posits, “There are two ways to increase your standard of living: increase your income and reduce your expenses. Through Generic Aadhar, I am helping people to reduce their expenses.”
Before signing off, Arjun, who aims to grow to 10,000 franchises and generate approximately 40,000 jobs, shares a valuable message for all budding entrepreneurs – For any businessman, patience is paramount. If you don’t trust your idea, how will your customers? Don’t switch from one business to the other if you do not get success in the first year. Keep working hard towards your goal because you will see the results one day.”