India is the largest provider of generic drugs in the world, satisfying over 50% of the global demand for such drugs. Unfortunately, the Indian market is dominated by branded medicines only, with only a few individuals choosing to acquire such generic drug, even though the latter is a cheaper and effective option.
At times when healthcare expenses show no signs of declining, one must know how spending on generic drugs can help save them on the overall cost of medical care. However, before proceeding further, one must first gain a comprehensive understanding of what is a generic medicine and the reason for its low price.
Generic medicine: What are they?
The key to understanding what is generic medicine is to know that these drugs are composed of the same chemical formula as that of their branded counterparts. A major difference, however, is that generic drugs are not marketed under a branded pharmaceutical manufacturer.
The formulas used to create such drugs are originally developed by specific pharmaceutical companies. However, after the expiry of their patents, other manufacturers choose such formulas to synthesise the medications and market them.
Why are generic drugs cheaper?
With this understanding of what is a generic medicine, an individual also needs to know why such versions are much cheaper than the branded drugs available readily in the market. Listed below are some of the top reasons for such a difference in price –
- Generic medicine manufacturers do not need to spend years and monetary resources on developing an effective medication of a medicine as done by their branded counterparts. Instead, they can simply acquire a formula with expired patent and use it as a guide for the manufacture of medicines. A pharmaceutical company, on the other hand, needs to develop these formulas with precision and years of research.
- Generic drug manufacturers are often equipped for small-scale production, unlike the various renowned pharmaceutical brands. Thus, the cost of operation is limited in the case of the former. Due to the minimal investment involved, generic drug manufacturers can sell such medicines at just a fraction of the cost at which large-scale enterprises sell their medications.
Individuals who rely on medicines daily for prescription treatment or overall wellness can opt for such generic drugs instead of going down the branded medicine route as affording branded medicine in the long run, along with the best healthcare, can be difficult.
A Bajaj Finserv Digital Health EMI Network Card can, however, ensure affordability when it comes to essential medication, branded or generic, as well as treatment requirements of individuals.
What is a digital health card?
Now that you understand what generic medicine comprises, knowing about a digital health card is also essential for overall healthcare protection. Such a card comes with a pre-approved limit, exclusively provided to deal with medical expenses. With it, you can handle treatment costs, doctor consultation fees, and several other related charges. This health card also allows one to convert medical liabilities into easy monthly installments, ensuring greater convenience in payments.
Benefits of owning the health card
Cardholders can look forward to the following facilities and features after acquiring the health card –
- Substantial card limit
Although the financing limit on a card depends on several factors; eligible applicants can avail pre-approved limits of up to Rs.4 lakh. The high-value funding allows you to seek essential medical care across treatments, consultations, and medications.
- Flexible terms of repayment
Depending on one’s repayment ability, he/she can choose the most suitable repayment tenure. Such terms can range from 3 months to 24 months, providing individuals with sufficient flexibility to service medical liabilities affordably.
- Partner facilities across India
Cardholders can utilize its benefits only by seeking treatment at network multispeciality hospitals, clinics, and nursing homes. At these places, individuals can just pay with this card, avoiding cash transactions altogether. Fortunately, you can choose from more than 5,500 such network outlets spread across 1,000 plus cities across the country.
- One card supports medical liabilities for the family
Each member in your family does not need to opt for a separate health card for suitable financing of medical care. If you own a card, your parents, children, siblings, and spouse can also use it at hospitals or clinics for medical expenses.
- Benefits over and above health insurance coverage
One of the drawbacks of health insurance plans is that such policies only cover the cost of select treatments and procedures. Policyholders thus need to pay for all other medical expenses from their pocket even with such medical coverage in place. Conversely, a health card supports over 800 essential and non-essential procedures, including surgeries, fertility treatments, and dental care appointments, many of which are essentially excluded from insurance coverage.
- Attractive discounts at select stores
When you pay for healthcare using such a card at select partner facilities, you are liable to receive additional discounts and cashback offers, enabling card users to save sizeably. These offers tend to update after every few days. Cardholders should thus keep an eye on the card provider’s official website to check about the offers that are currently available.
- Pay only a nominal joining fee
Depending on the activation type you desire, joining fee for the card can differ. Individuals who are looking for a card with instant activation need to pay a fee of Rs.707. On the other hand, non-insta cards are available for even less, at just Rs.589.
Ensure you apply for this health card online in advance to keep financing readily available when in need of healthcare funding. In case of emergencies, one can opt for the insta card variant, thus availing the funding and utilizing benefits as soon as they apply.