Delhi based Zeelab Pharmacy is revolutionising the Indian generic drug market scenario
India is the world’s biggest producer and exporter of generic drugs. Many players are investing in the generic drug market due to its dominant position and rapidly increasing presence globally. One such leader is Zeelab Pharmacy. Zeelab Pharmacy was established in April ’2019 with the aim of providing low-cost, high-quality medicines to everyone in India. Zeelab Pharmacy sells 30% to 90% lower MRP medicines by creating a vertically integrated sales platform from manufacturing to retail through (a) aggregation of existing pharmacies, (b) opening new franchisees (c) company-owned outlets, and (d) online. Zeelab is based on the idea recognising the increased price elasticity for pharmaceuticals as individuals (both patients and doctors) become more aware of the bioequivalence of generic medicines. Another inspiration was the governments’ inclination towards drug price control in India
Zeelab revolutionising India’s pharma scenario
In the light of the country’s pervasive poverty, having affordable, high-quality medicines available in the market would be beneficial to everyone. Zeelab Pharmacy was founded with this goal in mind, beginning with the selling of high-quality medicines through dedicated Zeelab Pharmacy locations across the country. It would help everyone by lowering every Indian citizen’s healthcare costs. The consumer benefits from the affordable pricing because they get an identical product with the same efficacy and quality, manufactured at the state-of-the-art plant where other drugs are produced at 30 to 90 percent lower prices. Zeelab Pharmacy sells over 1,000 medications, 300 cosmetic products, nutraceuticals, herbal medicines, over-the-counter (OTC), and surgical products, and will thus cater to nearly all of the buyer’s needs. There is also a provision for a ‘Customer Care Centre’ to assist in the resolution of customer requests on a daily basis.
“Zeelab is a purpose-driven business on a mission to eliminate unaffordability in India’s healthcare sector. Through 1500 pharmacies, and a dedicated team of 300 people, we have saved over One Thousand crore INR in patients’ drug prescription costs,” says Mr. Rohit Mukul, Founder, Zeelab Pharmacy. Rohit, a graduate of the London School of Economics, founded the company in 2019 at the age of 22. “We have sold 90% affordable drugs in two years, achieving 100 cr INR in revenue. The network is expanding rapidly with 1500+ stores pan India, 30 company-owned stores in Delhi, and aggressive online expansion,” he adds. Zeelab aims to open 10,000 franchise stores, 300 company-owned stores and deliver 1,000 daily online orders within the next year.
Spreading awareness on the use of generic medicines
In India, there is a lack of awareness about generic medicines. The Indian consumer generally relates good quality goods to higher price value, especially in the case of medication. Since generic medications are less costly, consumers are wary of purchasing them. Also, the general practice of physicians prescribing drugs by brand names rather than drug names causes consumers to be unable to turn to generics. Therefore, the Indian consumer must get adequate awareness about the effectiveness and efficacy of high-quality affordable medicines.
The pandemic has led to a significant increase in economic uncertainty. As a result, generic drugs are becoming more popular as a way to save money without sacrificing quality. The cost of COVID prescription drugs is skyrocketing, making them unaffordable to the average person. In these trying times, Zeelab’s mission was to offer free of cost medicines to contracted patients on the production of an RTPCR test report and a doctor’s prescription. Zeelab has acted as a front-line warrior in these pressing times with all its 300 team members working 80 hours a week in the last few months.
Zeelab has grown tremendously in just two years, with 1500+ products under the Zeelab brand name, 30000+ monthly orders, and a customer base of more than one crore people. They are truly revolutionising the way Indians think about generic drug consumption by providing high-quality medicines at the most affordable prices.