Arjun Deshpande launched a business in 2018 when he was just 16 years old that sold medications at a lower cost than what was often found on the market.
Deshpande is currently the CEO of Generic Aadhaar, a startup that offers generic medications through a network of franchisees at a savings of 80% to 90%, at the age of 21.
Deshpande's Generic Aadhaar offers up to 80-90% discounts on WHO-GMP authorised medications, compared to the highest discounts most large pharma companies can offer, which is 10% to 15%.
Ratan Tata has financed the business from Mumbai, which is now valued at an enormous Rs 500 crore. To dramatically reduce prices, Generic Aadhaar cut out the middlemen like marketers, distributors, and stockists.
For instance, the anti-allergen Levocetirizine, which often retails for Rs 55 per strip, is accessible for less than Rs 6 per strip through Generic Aadhaar, in contrast to the diabetic medicine Glimepiride, which typically retails for Rs 110 per strip, as per CNBCTV18.
How did Ratan Tata come to invest in Arjun Deshpande's Generic Aadhaar?
Generic Aadhaar quickly grew across cities in its first several years and earned Deshpande his first TED talk, which went viral and attracted Ratan Tata's attention. The industrialist made an offer to invest in the business after being impressed by the company's cutting-edge model.
Ratan Tata has since assisted Generic Aadhaar in completing its final leg across the nation. Currently, the startup employs close to 10,000 people in over 2,000 stores around the nation. The business is currently seeking to grow to Bangladesh, Nepal, Bhutan, Sri Lanka, the United Arab Emirates, and Myanmar.
Along with expanding into the veterinary industry, the corporation wants to have 3,000 outlets. Deshpande, 21, thinks that making animal medications affordable will ease the farmers' financial strain.
How did Generic Aadhaar assist in Odisha train accident:
He appealed for assistance at this trying time and instructed his team of more than 50 chemists from Odisha to assist the populace and offer all essential assistance, including free medications.
According to the firm website, CEO Deshpande has been invited to a number of national and international forums, including CPhI, MSM, DPU, Blackbook Germany, and IIT Mumbai and Delhi. He has also received five TEDx invitations.