Unbeknownst to many, this Pharmacy Chain is reportedly racking up annual savings of INR 300 crores for India - a fact that remains largely obscured.
In the heart of India's healthcare system, households are spending a significant portion of their health expenditures on medicines. According to recent reports, over half of household health spending goes towards purchasing medicines, with nearly 40% paid out-of-pocket in 2021-22. This is where Medkart, a drugstore chain based in Gujarat, comes into play, offering a solution that combines affordability, quality, and ease without compromising on any of these aspects.
Medkart's app and website include a price comparison engine that shows users how much they could save by switching to generics. This feature is particularly useful in a market undergoing rapid digital transformation, making models like Medkart highly scalable. The company, which is a part of the renowned Cipla, is leading a remarkable economic miracle by focusing on generic drugs with guaranteed high quality.
Medkart's impact is evident in the savings it provides. The company has cumulatively saved Indian families over INR 650 crore, with around INR 300 crore saved annually. This significant reduction in expenditure is due to the smart savings users can explore by visiting www.medkart.in or downloading the Medkart App. Here, users can compare prices, send a prescription via WhatsApp, and order Medkart Assured generics directly to their home.
However, concerns about quality, trust, and lack of transparent product information are the main reasons for preferring branded drugs. To alleviate these concerns, Medkart sources its products only from manufacturers compliant with Schedule-M, India's GMP standard. Moreover, the company's inventory system is built on predictive restocking to ensure critical medicines are always available.
A 2023 study on medicine perception in India revealed that a majority of patients still prefer branded drugs over generics. However, users of Medkart report savings between 50% and 85% depending on the medicine when they switch to Medkart's generic options. This shift in preference is a testament to the quality and trust that Medkart has built over time.
Unlike many other companies, Medkart hasn't pursued massive ad budgets or influencer campaigns. Instead, the company has focused on consumer trust, consistent pricing, and word-of-mouth advocacy. This approach has helped Medkart to serve more than 12 lakh families and has processed over XX lakh orders.
Medkart operates over 100 physical stores and offers delivery across 35,000+ pin codes. With its commitment to affordability, quality, and ease, Medkart is making a difference in the lives of Indian households, one prescription at a time.
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