OyeCare, a pharma clinics company crosses USD 1 million in valuation
New Delhi [India] October 22 (ANI/SRV Media): With an aim to build a fairer marketplace for pharmacy owners and customers, Mr A R Anand started a pharma clinics company called OyeCare. Through OyeCare, the 19-year-old young entrepreneur aims to provide high quality affordable generic medicines with world standard primary care as well as provide single pharmacy stores with the opportunity to compete with big pharma malls and online pharmacies. Set up with initial funding of Rs. 17 lakhs, OyeCare has crossed $1 million in value and has been backed by eminent personalities, business tycoons and investors.
A R Anand, Founder, OyeCare said, "After speaking to the single pharmacy store owner, they said to us that almost all medicines are branded medicines, on which the retailer only gets a profit margin of 10-15% along with the increase of pharma malls and online pharmacies day by day. This proves to be an issue for both the patients and the single pharmacies which leads to a lot of competition. As a result, many single pharmacies stores are going to close. It is happening in reality and really you tell me from where we can give cheap medicines by giving huge discounts in this condition."
According to research conducted by the OyeCare team, they found that 60% of the Indian population is facing the issue of exorbitant medicine prices, which at times leads to delayed treatments and fatalities. Additionally, as part of the research, the team also found that about 1 million single pharmacy stores are facing high competition from larger chains and e-pharmacies leading to less revenue generation. The team observed that 85-90% of the medicines in India are generic medicines, which are further sold by companies; 'branding and marketing' them as expensive medicines and calling them branded medicines. This emerged as one of the main reasons why single pharmacy stores make low-profit margins.
The OyeCare team further spoke to government approved and WHO-GMP certified pharma manufacturing companies, post which they discovered that the actual price of medicines is lower than the market rate. OyeCare was introduced into the franchise system by explaining the model to single pharmacy stores and providing them with the OyeCare brand and franchise facilities by charging an initial franchise fee. In return, the pharmacies would get high-quality affordable generic medicines. As a result of this, customers could avail cheap medicines at a huge discount of up to 80% and the single pharmacy store owners also observed profit margins of up to 40%.
Despite OyeCare flourishing at the grassroots level, Anand noticed another issue that arose due to the lack of standard primary care - a lot of Indians were practising self-medication. To counteract this, the team developed clinics that functioned along with the pharmacies resulting in proper, world standard primary care for patients and a further increase in revenue for the franchise owners.
Today, A R Anand is inspiring the youth of India through his mission, vision and principles. Despite the initial struggles and challenges at a young age, he has been able to help thousands of people in need through his initiatives. #ARAnand
#OyeCare #Pharma #Clinics
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