In a recent session of Medicircle's Healthcare Pharma series, Dr. Sujit Paul, Group CEO of Zota Healthcare (Davaindia), engaged in a conversation with Smita Kumar, co-founder of Medicircle, shedding light on the healthcare and pharmaceutical industry, specifically focusing on the unique aspects of Davaindia
Ms. Smita Kumar commenced the discussion by emphasizing the growing traction of generic drugs in the Indian market. Generic drugs, containing the same components as their branded counterparts but offered at a more affordable price, are gaining popularity. Dr. Paul pointed out that the generic division of pharma companies now enjoys a significant share of the Indian pharmaceutical market, growing around 500 basis points more than its branded counterparts.
Davaindia's Mission and Offerings
When asked about Davaindia, Dr. Paul shared that it is a chain of retail generic pharmacies with a core mission to provide high-quality affordable medicines and health and wellness products in both rural and urban India. He highlighted the pressing need to address the high cost of medications faced by Indian consumers, especially considering the rise in chronic diseases.
Distinguishing Factors of Davaindia
Dr. Paul elucidated the factors that set Davaindia apart from other retail pharmacies. Unlike many branded stores with high medication costs, Davaindia operates as a 100% generic pharmacy chain, ensuring affordability. Moreover, all products at Davaindia are private labels, providing consistency in quality. The pharmacy aims to cater to the masses, particularly those in regions with financial constraints.
Tackling Quality Concerns and Shifting Mindsets
Addressing concerns over the quality and effectiveness of generic medicines, Dr. Paul acknowledged that change takes time. Davaindia is actively working to change mindsets through various activities, including roadshows, awareness campaigns in rural and urban areas, and educational initiatives in schools and colleges. He emphasized the importance of creating awareness about the benefits of generic pharmacies.
Role of Media Platforms in Spreading Awareness
Dr. Paul underlined the significance of media platforms like Medicircle in spreading awareness about affordable healthcare solutions. He noted the essential role such platforms play in promoting products, especially in regions where availability and affordability are major concerns. He highlighted the challenge of people discontinuing medications due to affordability issues.
Overcoming Cultural Challenges in the Pharma Industry
Dr. Paul shared his experience in overcoming cultural challenges, particularly in scaling the organization of Zota Healthcare. He stressed the importance of building a true value culture throughout the organization. He ensures that the value system is implemented at every level, benefiting end customers and contributing to India's role as a leading exporter of generic medicines.
Future Expansion Plans of Davaindia
Regarding plans, Dr. Paul mentioned that Davaindia is expanding rapidly across the country with its franchise stores. The company aims to develop a multimodal business in pharma retail to penetrate and reach every Indian with affordable medicines. He emphasized the need for good quality stores and pharmacists in the current stage before moving towards experiential centres.
In conclusion, Dr. Sujit Paul provided valuable insights into Davaindia's mission, the challenges faced in the pharmaceutical industry, and the importance of media platforms in spreading awareness. The conversation highlighted Davaindia's commitment to providing affordable healthcare solutions and its significant role in the larger landscape of India's pharmaceutical market.