Meet Arjun Deshpande, founder and CEO of Generic Aadhaar which is one of the fastest-growing pharmacy companies in India that provides quality generic medicines at less than half the cost of branded medicines.
The 21-year-old young entrepreneur from Thane, Maharashtra aims to provide Indian citizens with what they deserve, i.e. high-quality generic medicines clear of any possible injustice that might occur in the market.
Generic medicine contains the same active ingredients as any branded medicine does, works the exact same, and is comparatively cheaper. It is said that 90% of the medicine available in the market is generic, but certain brands deliberately sell it for higher rates in the name of the ‘brand image’ and for a huge profit margin. This leads to the unjust treatment of consumers— especially senior citizens who are in desperate need of medication.
Arjun Deshpande, through his Generic Aadhaar pharmacy stores, is trying to make generic drugs available to people at lower costs than branded medicines.
Generic Aadhaar Startup Story
When Arjun was 16 years old, he came across a 70-year-old man in a medical store who was unable to afford pricey medicine for his wife who was diagnosed with cancer. He had no choice but to skip a month of medication. Seeing this, Arjun couldn’t help but notice the injustice.
After a quick research session, he was shocked to see that there was a massive gap between the manufactured price of the medicine (Rs. 3,000) and the market price (which came to be Rs. 15,000).
“I saw how a common man was burdened with paying bills for necessities like medicines. This made me determined to bring about a new era in the world of pharma,” he says.
It is fascinating to know that a 16-year-old had this incredible trace of empathy which eventually ended up acting as a driving force in creating such a powerful startup.
Although he had zero prior entrepreneurial experience, he visited over 100 stores, and after a good amount of exertion and excellent convincing skills, he finally signed an agreement with a medicine store with zero prior experience. This store gained immense success and the demand for more such stores was seen, especially by senior citizens.
Availing of medicine for significantly cheaper rates, especially for senior citizens makes a positive impact on Arjun’s life. “When senior citizens come up to me and say that they now pay Rs 2,000 for the medicine they would’ve paid Rs 10,000 before, I think, as a 21-year-old, this is one of the most important pillars that we all youngsters should work on,” he says.
Along with this, he’s also helping small-scale medical stores by collaborating with them and allowing them to have their very own franchise; he’s also provided students with job opportunities at these stores.
Success Story of Arjun Deshpande
Born in 2002 in Thane, Arjun took his 12th board exams and entirely shifted his focus to the business, and has not looked back since. Arjun firmly believes that formal education doesn’t correspond with how successful you will be and we have him as our living proof. Real-life experiences are something no formal institution can provide.
The sole fact that a 16-year-old mastermind could ideate and execute an entire brand on his own is more than impressive. Due to his significant contribution to the pharmaceutical world and to the health of Indian citizens, he has been invited 5 times to speak at TEDx talks, and also at various national as well as international platforms such as IIT Mumbai, IIT Delhi, Blackbook Germany, etc.
In 2018, Ratan Tata invested in Generic Aadhaar, which is a huge milestone for such a young entrepreneur like Arjun. Today, Generic Aadhaar is one of the fastest-growing pharmacy companies in India and Arjun’s entrepreneurial journey is an inspiration for many young entrepreneurs.
