Sources have reported that in a first for any online pharmacy, healthcare startup and Omni channel pharmacy Medlife.com is planning to launch its private label of generic drugs. Presently the company claims that its launch of generic drugs is in keeping with the government’s recent efforts to encourage the use of affordable generic drugs, instead of expensive brand-named alternatives.
Meanwhile the Bengaluru based health technology company expects revenue of Rs 100 crore from the private label offering. Accordingly Medlife claims that is will be the first Indian company to use DMF-grade material for its pure generic medicines, keeping the pricing economical. Furthermore Medlife has a unique customer base of one million. With a planned internal investment of $30 million to scale up operations, the company expects to earn a revenue of Rs 900 to 1000 crore by financial year 2019.
Moreover according to a statement from the company, India is the largest
provider of generic drugs globally, with the Indian generics accounting for 20%
of global exports in terms of volume. Sources have added that by 2020, the
Indian pharmaceutical sector is expected to grow to US$ 55 billion, thereby
emerging as the sixth largest pharmaceutical market globally.
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