Medicine is considered to be one of the most important necessities for all of us. It is concerned with maintaining and restoring human health, and the role of a pharmacist is vital for the benefit of the patients. With the rapid growth of the pharmaceutical industry, the market players need to provide these lifesaving drugs at a fair financial value that is of the best quality as well.
A humanitarian belief is that everyone should be able to get the opportunity and access to necessities that include medicine and health-care as well. To provide these life-saving high-quality medicines, drugs, and prescription remedies at an affordable price is what StayHappi envision. StayHappi Pharmacy practices this right and serves these legitimate medicines at the right costs by providing them the authority to make this right choice. They offer High-Quality Generic medicines at 30- 90% lower MRP than the branded medicines and progressing towards making Healthcare more affordable.
Read more about StayHappi Company Profile, Founders, Business Model, Revenue, Growth, Pharma Industry etc.,
StayHappi - Company Highlights
| Startup Name | StayHappi |
|---|---|
| Headquarter | Delhi, India |
| Sector | Pharmacy |
| Founders | Ms. Arushi Jain |
| Founded | October 2017 |
| Parent Organization | SarvaGunAushdhi Private Limited |
| Website | stayhappi.in |
Pharmacy Industry
About StayHappi and How it Works
StayHappi - Product/Services
StayHappi - Founders and team
StayHappi - Make in India initiative
StayHappi - Name, Tagline, and Logo
StayHappi - Business Model and Revenue Model
StayHappi - User Acquisition and Growth
StayHappi - Startup Challenges
StayHappi - Future Plans
StayHappi - FAQs
StartupTalky
Pharmacy Industry
The pharmacy market in India is primarily governed by the branded drugs in terms of the methodology of how Indians buy their Medicines. But, now the trend is changing into a generic base but it is going to take a long time before it gets into the culture of the Indian population from the generic perspective.
About StayHappi and How it Works
StayHappi Pharmacy was incepted with a firm belief to serve humanity by providing High-Quality Generic Medicines at ‘Real and Affordable’ prices. It provides medicines with their molecule name and not by the brand name, where patients will have the power to choose the right medicine and make a smart choice.
Generic medicines are as good as branded medicines and have similar dosage, intended use, effects, and side effects, route of administration, risks, safety, and strength as the original drug. Their low prices offer High Value to the patients as the company aim to provide quality healthcare at affordable prices for everyone and everywhere.
StayHappi Pharmacy partners with retail outlets/sub-franchisee, manufacturers, and development partners for increased access to medicines for everyone. Their partners manufacture about 15% of the country’s total medicinal consumption and maintain the highest standards of quality. Their facilities are regularly audited and approved for manufacturing by regulating authorities like the US FDA, WHO GMP, USNSF, NABL, PICS, ISO 9001-2008, and ISO 14001-2015.
The company has a central warehouse and a robust supply chain with a distribution network across all states in the country. Thus it creates employment opportunities for thousands of pharmacists, doctors, and business opportunities for entrepreneurs.
StayHappi pharmacy is progressing towards the expansion of Retail Pharmacy Stores along with online Presence across India to make Healthcare more affordable.
StartupTalky
StayHappi - Product/Services
The company deals with products like Allopathic, Ayurvedic, Herbal medicines, Neutraceuticals, OTC, Consumables, Cosmetics, Surgical items and Medical Devices.
Stayhappi pharmacy provides high quality generic medicine, so that people get the best allopathic medicines at the least price possible. They offer a complete range of high quality allopathic medicines across all major therapeutic segments at affordable prices. The demand for Nutraceuticals is on a surge and StayHappi provides these products as well.
StayHappi Stores provide Ayurvedic Medicines as well, to complete the basket of healthcare and cater to people who have an affinity towards Ayurvedic and Herbal Medicines. Their Ayurvedic Product Range covers the following segments: Respiratory, Cough and Cold, Rejuvenating Agent, Liver Support, Memory Support, Anti-inflammatory, Arthritis Support, Laxative, Skin Health, Tonics, Digestive Aid, Circulation Support, Blood Sugar Support, etc.
Apart from this, medical consumables and cosmetics are also available at StayHappi Stores. It is the one-stop shop for customers’ healthcare and wellness needs. The wide range of products caters to all kinds of customers’ needs. It offers a variety of quality-certified and low-priced generic alternatives to all your essential healthcare and grooming products. So now, you can start saving a considerable amount on your monthly expenses.
StayHappi offers a range of quality-certified healthcare equipment that you can rely on. What’s more, they also help reduce your critical care bills substantially.
StayHappi - Founders and Team
StayHappi was founded by Arushi Jain who leads the company as an executive director.
Dr. Sujit Paul is Managing Director of StayHappi. He is a proven leader and part of Top Management with board-level experience, Dr. Sujit Paul, aged 42, has extensive exposure to multi-national as well as large and medium-sized organizations in various corporate culture and carries over 20 years of experience. He also received an award as a World’s Greatest Leader 2018-2019 Asia & GCC in Dubai.
Other than a thriving professional life, Sujit enjoys reading and travelling across the globe and works for stray animals. He is a believer in ground-level realities and possesses a strong team-building attitude.
StayHappi team has over 30 years of experience in the pharmaceutical industry from manufacturing, supply chain, distribution, and marketing. Since its inception, the company has hired experienced and erudite executives from pharmaceutical and retail industries who work towards ensuring that the company achieves what it aims towards the end consumers and patients.
StartupTalky
StayHappi - Make in India Initiative
In consonance with the Prime Minister's vision, StayHappi is a nationwide chain of retail pharmacies to support 'Make in India' drive with quality medicines and other healthcare products at realistic prices.
The current universe is dominated by brands where marketing companies expend exorbitant amounts of resources to drive demand of particular brands, and patients get these medicines at very high prices. StayHappi pharmacy will fulfill the government's aspiration to implement the Uniform Code of Pharmaceuticals Marketing Practices (UCPMP) without any efforts or legislative compulsion with respect to availability of high quality medicines.
StayHappi - Name, Tagline, and Logo
The mission of the startup is to ensure that everyone stays more healthy and happy, so ‘StayHappi’ and the logo depict the ‘happy human’. And hence, it has a connotation with the word StayHappi and a logo as what it is.
StayHappi - Business Model and Revenue Model
StayHappi Pharmacy is broadening its horizon to reach the customers via all the platforms. Thus, it is a combination of an offline and online segment, covering the wide market. Being available at all the platforms helps the brand to understand the pattern and how to mold its strategies to cater to the patients/customers. Its business model follows ethical trading medium with major onset on retail outlets. It also follow franchise and store-in-store model where a kiosk is set up in an existing outlet introducing customers to the medicines. By ordering medicines in bulk, the overall cost of the product is low. With StayHappi Pharmacy, customers can purchase high-quality generic medicines at prices that are 30%-90% less than the commonly retailed price of the same medicine in India.
The brand’s revenue model is definitely there, in terms of getting more and more retail stores and thereby when the medicines are handed over to the end consumers definitely revenue rotates on its own perspective. The similar revenue model also rotates when from the online platform a medicine reaches the household.
StartupTalky
StayHappi - User Acquisition and Growth
At every business level, the flexibility is scaled up through mantra and one who is flexible and reliable along with a thorough understanding of the market can lead to success. StayHappi Pharmacy is doing lots of marketing campaigns all across offline, online, ATL, and BTL to make consumers more aware of buying high-quality medicines at affordable prices and that’s how it happens.
"Getting the first customer was a little painful because Indians primarily believes in buying branded drugs or drugs that the clinicians have written in the prescription. So, it was a fight and the brand slowly started winning from 1 to 2 and 2 to 4 and 4 to thousands of users", says Arushi Jain, StayHappi founder.
People started believing that yes, StayHappi actually offers good high-quality medicines. So, it is the brand’s continuous endeavor to plant-in the ideals to the end consumers by saying that you have an option to actually and effectively save money in your bills which you can do by buying a good quality branded generic. This methodology is still working.
The brand opened its first store in May 2018 and in just one year, the brand has been able to open its stores 279 locations across 67 cities in 12 states including Delhi/NCR, Punjab, Uttar Pradesh, Bihar, Karnataka, Kerala, Tamil Nadu, Noida, Tiruchirappalli, Mumbai, Bhakal, Kolkata, Puducherry, Erode & Chennai.and more.
StayHappi - Startup Challenges
The challenge that StayHappi faced initially was clinicians writing branded drugs in the prescription. For many years, consumers and patients are under the impression that they will consume only what the clinicians write. So, to overcome that, the startup started to educate the common mass and once they understand the true value of it, then they are sticking to it. A few of the methods were advertisement in newspapers, radio along with organizing health camps.
The company also faces tough challenges especially in partnering with retailers. right from pitching, to convincing, to getting up the signage, and eventually ensuring product availability is really a tough challenge but the company has been successful in overcoming it.
StartupTalky
StayHappi - Future Plans
StayHappi plans to scale up and reach every nook and corner in the country and to make “Health for all” a reality. A combination of an offline and online platform at an affordable medicine segment with high quality will definitely be a beneficial combination to move ahead. So, the future plan of the brand is to build a robust mechanism of an online platform clubbed with an offline.
It plans to add 1,000 retail pharmacy stores by 2020 and will launch 1,000 products in a phased manner. Subsequently, the company will increase the product mix that would offer a comprehensive range of products covering all types of therapeutic form, dosage forms, consumables, and healthcare products.
StayHappi - FAQs
Who is the Founder of StayHappi?
StayHappi was founded by Arushi Jain who leads the company as an executive director.
What is StayHappi Phramacy Revenue?
Stayhappi generates around $4.6M in revenue
What does StayHappi Pharmacy offer?
It provides High-Quality Generic Medicines at ‘Real and Affordable’ prices
What is Generic Medicine?
Generic drugs are copies of brand-name drugs that have exactly the same dosage, intended use, effects, side effects, route of administration, risks, safety, and strength as the original drug
Is Generic Medicine safe to use?
Yes. Generic Drugs are regulated and go through a review process before they're approved. The FDA tests them to make sure they offer the same benefits as brand-name medications and that any different ingredients used in the generic drug are safe.
Author: Chayanika Goswami
Source : https://startuptalky.com/stayhappi-success-story/
Date : 2020-08-28T11:49:00.000Z