[Exclusive Interview] Born During Covid, This Online Pharma Startup Offers Super Speciality Medicines At Massive Discount

Recently, we interacted with Mr. Devashish Singh, Co-founder and CEO, MrMed, which is India’s one of the most preferred online super speciality pharmacies with speciality medicines for Cancer, HIV/AIDS, Kidney Care & more.

Here are the interview highlights:

• What is MrMed and the journey behind the platform?

MrMed is India’s leading online pharmacy that specializes in delivering super-specialty medicines. Our primary objective is to provide affordable and reliable medications for these critical illnesses to patients across the country.

During the initial COVID-19 lockdown, Saurab and I were discussing the situation, and we realized that although there was a rise in the sale of common medicines, the sales of super speciality medicine had gone down rapidly. This decline was mainly due to limited access to these medicines.

As we went deeper into this problem, we realized that there was a big gap in the supply and demand of these medicines, and also, due to the limited supply of these medicines, there was a rise in the prices of these medicines due to which many people couldn’t afford speciality medicines. To eradicate these issues, we created MrMed, an online pharmacy that aimed to ensure availability, affordability, and reliability in procuring super-speciality medicines. Our platform also provided the convenience of door-to-door delivery and flexible payment methods.

• How has your previous experience helped you to build MrMed?

After completing my studies, I worked at Deloitte Consulting. I have had the opportunity to travel across the USA working on financial planning, budgeting and forecasting strategies at mostly healthcare providers and pharmaceutical clients. My first two projects were managing a major M&A at one of the largest pharmaceutical companies in the world and strategizing an effective budgeting process for two of the top ten hospitals in the world. Hence, I have had many different experiences in the healthcare sector, which guided me in the process of building MrMed.

Also, Saurab, my friend, whenever we would meet, we would discuss the pharmaceutical supply chain, which is Saurab and his family’s area of expertise. Hence, we both brought our different expertise together to build MrMed.

• What are the major problems that MrMed has solved for the buyers of speciality medicines? 

During COVID-19, while discussing the situation of that time, we discovered that there were supply-demand problems and marketing challenges with these medicines, which led to inefficiencies in pricing. Hence, MrMed solved this problem by providing timely delivery of these medicines at much affordable rates to its buyers, and the Patient Assistance Program helped them to know more about how they can gain the best offers.

There was also a shortage of availability of speciality medicine, so by collaborating with pharmaceutical manufacturers and suppliers of super speciality medicine, we ensured consistent availability of speciality medicines, and hence, we are able to provide a wide range of medications for diverse medical needs to our customers.

• How do you think that MrMed will revolutionize the specialty-medicine industry in the next 5 years?

We are continuously aiming to improve and diversify our product portfolio by adding new and more speciality medicines to provide our customers with any and every medicine that they are looking for. Also, our aim is to ensure we provide super affordable medicines so that every human being, irrespective of their economic conditions, can afford super speciality medicines.

Additionally, we aim to spread our wings and be available in each and every part of the country, especially in the rural areas of our country where people are not able to easily procure these speciality medicines.

• How is MrMed different from other online pharmaceutical companies?

MrMed provides a varied range of super speciality medicines that are often difficult to access at an affordable rate to make these medicines more accessible to people of all backgrounds.

Another thing that sets MrMed apart from its competitors is that we implement strict quality control measures to ensure that only safe and authentic medicine is delivered to our customers.

We also provide dedicated customer support service with trained team members to assist customers with their queries.

MrMed also provides information on Patient Assistance Programs (PAPs), which is a program aimed at providing financial assistance to help patients access drugs for little to no cost. This reduces the financial burden and overall therapy cost of the eligible patients.

• Challenges solved by MrMed and how it will revolutionize the specialty-medicine industry in the next 5 years?

As I mentioned, MrMed has stayed committed to delivering timely, safely and to each possible corner and with time, we want to make this commitment stronger and slide into places still left -untouched.  In the next five years, we want to be the first name to pop up when one thinks of speciality medicine. 

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• Can you explain in more detail how MrMed’s Patient Assistance Programs work and how they benefit patients in need of expensive medications?

Patient Assistance Programs (PAPs) are aimed at providing financial assistance to help patients access drugs for little to no cost. This transparently lets the buyer know how they can cut the cost of their medicines or clearly have the benefits of the hidden offers. This allows the customer to be able to cut their overall cost of the treatment, even the slightest price cut benefits the buyer in the longer run.

• Lastly, could you provide some advice or words of wisdom for aspiring entrepreneurs looking to make a positive impact in the healthcare sector, particularly in the area of specialty medicines?
  
  
  My only advice to aspiring entrepreneurs would be to do it if it feels right to you. But whatever you decide, do it with all your heart. Have a clear idea of the economics of the business so that you don’t incur just loss and aim at building a profitable business. Focus on why you started this journey and let it grow.