Health and FitnessGeneric Medicine: How is It Helping Patients in the Digital Age?

AyushiChoudharyNovember 2, 20203910 min

Generic medication has become increasingly popular with the advent of digital healthcare services. While branded drugs are often too costly and unaffordable for many, generic drugs provide similar benefits at a fraction of the price. Patients who were previously unable to afford specific medicines can now do so, thanks to the availability of generic medicine. The availability of such medicines is also revolutionising the digital healthcare space.

However, before proceeding to learn more about the effect of such generic drugs on patients, one must know in detail about generic drugs.

What are generic medicines?

Generic medicine refers to any drugs which are not sold under a particular brand or marketed by a specific medicine manufacturing company. Therefore, no one owns the patent to a particular generic medicine formula, which is why any pharmaceutical company can produce and market them to consumers.

In most cases, generic drugs originate from a formula, which was previously owned by a brand manufacturer. However, after the expiry of the formula’s patent, it is no longer owned by one company or brand. In essence, generic drugs have the same chemical composition as their branded counterparts.

However, due to an already existing formula and limited cost of production, generic drugs are much cheaper, ensuring affordability for all. It is one of the major benefits of such medications as opposed to branded drugs.

Challenges faced by generic medicines in India

One of the primary issues with generic medicine in India was their lack of availability. Most mainstream pharmacies did not stock such products, opting instead only to store the branded ones.

However, today, with the advent of several e-commerce sites primarily selling medicines and other pharmacological items, generic medicines are within grasp for most patients.

Some of these sites also highlight the difference in prices between a generic drug and its branded counterpart. It helps to illustrate the benefits of opting for a generic drug instead of the more expensive version. Due to the immense difference in prices, patients on generic drugs are more likely to complete the course of a particular drug than those relying on branded drugs.

Patients can simply log in to one of these e-commerce websites, upload a copy of their doctor’s prescription and order the required generic medicine. However, failure to find such low-priced medicines may force you to purchase branded drugs.

In such cases, a smart way of financing these purchases is to avail funding tools like the Bajaj Finserv Digital Health EMI Network Card to meet such expenses. It is a wise move, especially since it delays any immediate financial liability on your part.

What is a digital health card?

A health card is a financial tool which comes equipped with a pre-approved limit. Cardholders can freely spend on medical and healthcare services with cards like the Bajaj Finserv Digital Health EMI Network Card. They will need to repay this sum within a stipulated period extending up to 24 months, using equated monthly instalments. Therefore, card owners can utilise it to convert their immediate medical liabilities into manageable EMIs.

As the name of this product suggests, the health card is digital in nature. Therefore, users do not need to wait for a physical card to arrive at their residence by mail. Instead, upon approval, cardholders can begin utilising the benefits of this card through the Bajaj Finserv Wallet application. Also, existing customers can receive immediate approval of the card against a nominal payment of Rs.707.

Who are eligible for the health card?

One needs to meet the following criteria to avail such a health card –

  • Applicants must carry a stable income.
  • Applicants should age between 18 and 65 years at the time of application.

Additionally, only the existing customers of Bajaj Finserv can apply for this card online. Moreover, these individuals are not required to submit any documents at the time of application since the NBFC already possesses all relevant details.

New joiners to the Bajaj Finserv family can only apply offline for this health card via a partner outlet and complete relevant formalities there. They will also need to provide the necessary documents, including KYC and NACH mandate.

Features of the health card

Besides the EMI facility, card users can take advantage of the following benefits –

  • Significant pre-approved limits

If you intend to undergo telemedicine sessions, you will be happy to know that this health card comes with sufficient limits to finance such pursuits and more. Eligible applicants can avail pre-approved health card limits of up to Rs.4 lakh. You can calculate your pre-approved offer if you are an existing Bajaj Finserv EMI network member.

  • One card for the whole family

You do not need to avail a separate health card for each member of the family. Instead, one card covers all your family members’ medical expenses. From your spouse to your parents as well as children and siblings, everyone can use this tool to finance their treatments.

Users only need to pay the nominal fee the first time when availing the card, while all subsequent transactions are free. Once available, the card can be used for more than 800 treatments with payment facility available at 5,500+ network healthcare centres spread across more than 1,000 Indian cities. You can thus find a partner facility in your vicinity to avail medical care and pay for it with the digital health card.


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