Wondering how an impactful idea proves to be apt to change the fate of the nation? Well, revolutions happen when such ideas are coupled with structured execution. Today, both established organisations and entrepreneurs are determined to emerge as change-makers, propagating meaningful ideas not only to add value to the lives of each individual but also to contribute to the growth of the nation.
With a similar pretext, Truemeds, a Maharashtra based e-pharmacy & telehealth platform has managed to serve more than 1 million patients, across the length and breadth of the country. The core proposition for its target audience, mainly chronic patients (suffering from chronic ailments like Diabetes, Hypertension, Cardiac issues, Asthma & similar) unlike any other e-pharmacy is substantial healthcare bill savings.
The convenience, accessibility and privacy offered by online medicine services have fuelled a remarkable surge in their popularity worldwide. India accounts for about 5% of the 60M people who have placed orders on e-pharmacies, opting to buy medicine online for countless advantages- the wide selection offered by virtual stores, confidentiality with sensitive health conditions and 24/7 availability. The healthtech sector is set to grow at a CAGR of 41% between 2022-2025. This shift in consumer preferences signifies the growing trust and acceptance of online platforms for accessing healthcare essentials and services. With large conglomerates like Tata & Reliance having established new brands in the e-pharmacy space, how did the Founders of Truemeds, Akshat Nayyar and Dr. Kunal Wani unlock this massive opportunity & milestone?
Irrespective of whether they order medicines online or offline, the majority of Indians pay their medical bills for drugs directly out of their pockets. According to the National Sample Survey Office (NSSO) 76th round survey, there are an estimated 103.5 million chronic patients in India. Of these, 77.2 million (74%) require medication every month. For Indians suffering from chronic illnesses like diabetes, asthma, high cholesterol and hypertension, medical bills can account for 20%-30% of their monthly expenses, depending on the stage of chronic disease in consideration.
This figure is likely to lean towards the higher side with lack of awareness in the consumer’s minds when choosing between branded drugs and affordable medicine options (substitutes, off-patented/ generic drugs). While patients trust their Doctor’s prescriptions for treatment, Truemeds’ Founders sought to educate masses about the availability of substitute medicines (generic) with exact same composition and effectiveness at affordable prices against the branded counterparts. These substitute medicines have the exact same therapeutic effect as branded medicines.
What started as a Maharashtra-focused online medicine delivery service soon realised PAN India potential. While talking about the initial challenges faced by the Founder duo, Akshat Nayyar said, “Kunal & I have together experienced the end to end customer journey of most significant offline & online pharmacies in the country, not just in Mumbai, but across different cities in the country. Based on the surveys, price points, availability of substitute medicines, and conversations with the local pharmacists, we realised most people were completely unaware of the efficacy of such medicines. So, the most important challenge that we saw over any other technical or logistical challenges was to generate awareness & to break the stigma around substitute medicines. This became our ultimate goal to chase.”
The team placed heavy emphasis on the quality of drugs and established partnerships with pharmaceutical suppliers that strictly adhere to regulatory standards. Dr. Kunal Wani explains, “We have always assumed that common correlation between price and quality is mostly directly proportional to each other, however it is not the case when it comes to medicines. However, quality control & quality assurance is of key importance when you are solving for over 1.4M people in the country, unilaterally. Therefore we decided to procure products from only the top 1% pharmaceutical manufacturers, adding stringent QA protocols at all our warehousing facilities.”
Keeping the needs of rational Indian middle-class consumers in mind, Akshat and Kunal soon realised the importance of building trust with their target audience. Akshat and Kunal have successfully started a second wave of e-pharmacy in India, and as they say, they have only scratched the surface. The team continues to search for innovative solutions to bring the highest quality drugs to Indian patients without compromising on costs and benefits. For Indian patients who spend enormously on healthcare, Truemeds can truly change how they access and afford medical drugs. For those looking to ease their medical expenses, the Truemeds App is just a click away!
Disclaimer: No Business Standard Journalist was involved in creation of this content