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Cash crunch: Firms offer costly drugs, devices on EMIs

Finding it tough to buy expensive medicines and medical devices due to the cash crunch? Worry not, help is at hand. Leading drug and medical device makers have found ways around the problem.

business Updated: Nov 21, 2016 11:01 IST
Himani Chandna
Leading drug and medical device makers have found ways around the problem.
Leading drug and medical device makers have found ways around the problem. (Shutterstock)

Finding it tough to buy expensive medicines and medical devices due to the cash crunch? Worry not, help is at hand. Leading drug and medical device makers have found ways around the problem.

In January 2016, Mumbai-based drug maker Glenmark introduced easy monthly instalment (EMI) schemes on two of its cancer drugs, which treat prostrate and breast cancer. With the ongoing demonetisation drive, the company is offering two more top-selling cancer drugs under the EMI scheme and may extend it to other drugs too.

“The new products on offer under the EMI scheme are breast cancer drug Fulviglen and prostate cancer drug Procabazi. The products range from ₹4,000 - ₹25,000,” said Sujesh Vasudevan, head, India formulations and Africa region, Glenmark Pharmaceuticals. “Going forward, we aim to bring the entire range of oncology products under this scheme.”

Patients can opt to pay for these drugs within three, six and nine months. Moreover, the company claims they will pay the processing fee of 2.3% on credit card transactions.

Another leading healthcare company, Medtronic, which manufactures medical devices is offering loans to the consumer. Patients can get a device by paying 15% of the cost. They can pay the rest through EMIs that start from ₹1,000 per month.

“The duration of loans varies from six months to three years. Moreover, the loan is disbursed within two to three days of getting sanctioned,” said the Medtronic spokesperson.