Posted on: August 24, 2023 Posted by: Comments: 0

Mr. Sanjay Parekh and Mr. Hitesh Jain – Healing Pharma

Mumbai (Maharashtra) [India], August 24: The inspiring and enlivening success story of a start-up firm, Healing Pharma India Private Limited, has been justifying the vision of PMBJAK, an initiative started by Shri Narendra Modi (Hon’ble Prime Minister of India) – To bring down the Healthcare budget of every citizen through providing “Quality Generic Medicines at Affordable Prices”. 

Healing Pharma was launched under the visionary leadership of two young and dynamic mavericks Mr. Sanjay Parekh and Mr. Hitesh Jain. Within just 5 years of its establishment, Healing Pharma India Private Limited. has achieved a significant milestone of 100 Crores Revenue for the FY 2022 – 2023 in a relatively short period. Healing Pharma entered the market with 5 products and today has a vast range of 850+ trade generic products in almost all categories like – Diabetics, Cardiac, Chronic, and OTC segments. 

The Indian pharmaceutical industry has been growing steadily over the years, and generics have played a significant role in driving this growth. With a great response, this young pharma company is witnessing a wave of success, primarily due to the Indian generic pharmaceutical industry. 

Several factors have contributed to the success of a young pharma company like Healing Pharma in today’s fast-growing Indian generic pharmaceutical industry: 

Consumer awareness: To enhance consumer awareness, governments, healthcare providers, and pharmaceutical companies often conduct public awareness campaigns, disseminate information through various channels, and provide educational resources about generic medicines’ benefits and safety. 

Government Initiatives: Under the supervision of Prime Minister Narendra Modi, the government has been supportive of the generic pharmaceutical industry and has implemented various policies and initiatives to encourage growth and development by establishing 9,600 plus stores across India. 

Controlling Bribe and Gifting practices: Medical Councils’ interference in controlling bribes to doctors and physicians by mandating them to prescribe generic names of medicines legibly and preferably in capital letters is a potential approach to promote ethical medical practices and reduce corruption in the healthcare sector. 

Cost-Effectiveness: Generic medicines are usually more cost-effective than brand-name drugs, which can significantly reduce healthcare expenses for consumers. 

Trust in Efficacy and Quality: Understanding that generic medicines are bioequivalent to brand-name drugs helps consumers trust their effectiveness. Maintaining high-quality standards and complying with regulatory requirements is crucial for building a reputation for reliable and safe products. 

Increasing Distribution Network: Offering good business to retain channel partners and establishing a strong distribution network, ensuring that the products reach a wide range of customers even in rural areas efficiently. 

Patent Expiration: Exploiting patent expirations of popular drugs can open up opportunities for young pharma companies to enter the market with generic versions. 

“While approaching the middle class and lower-middle-class population, it’s very important to continue innovating, focusing on quality, and adapting to changing market dynamics to sustain its success in this rapidly growing Indian generic pharmaceutical industry.” Quoted the young directors Sanjay and Hitesh from Healing Pharma India Private Limited.

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