Ranbaxy enters the field of herbal medicine
By New Delhi: | 22 Jan 2004
As part of its expansion in the over-the-counter (OTC) segment, the company has launched Olesan Oil for cold, Olesan cough syrup and Eat Ease, an appetite enhancer. Ranbaxy had forayed into the OTC market through a separate division - Ranbaxy Global Consumer Healthcare (RGCH) in October 2002 and is hoping to launch five to six products this year.
According to Mr Atul Malhotra, Head, RGCH and Regional Director Asia Pacific and Middle East, "The global market size for herbals is estimated to be at $20 billion growing at 10-15 per cent per annum while the Indian market is growing at 12 per cent per annum." The company sees huge opportunity in the cold and cough market as the size of the cold market is estimated to be at Rs 400 per cent and growing at a compounded annual growth rate (CAGR) of 6 per cent. Thesize of the cough market is estimated to be Rs 645 crore and growing at a CAGR of 8 per cent.
The
appetite enhancer market is a nascent one and the company
hopes to build this segment.
Dr
Brian W. Tempest, Joint Managing Director and CEO (designate)
Ranbaxy said, "Our OTC products have been a success
and
we have been able to meet all the targets. Some of the
assets within our portfolio are being repositioned."
Olesan, for instance, was a prescription drug that has
been made an OTC product.
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