New Delhi, Jan 15 (PTI) Drug major Lupin today said ithas forayed into over-the-counter (OTC) segment in the countrywith plans to touch Rs 300 crore turnover in the vertical overthe next five years.
The Mumbai-based firm has introduced its legacy product'Softovac' across the country as an OTC medicine.
"It was imperative for us to enter the OTC segment as thevertical has been steadily growing over the years in thecountry. Over a horizon of five years we are looking at aturnover of Rs 300 crore from the business," Lupin Head – OTCBusiness Anil Kaushal told PTI.
For over 30 years, Softovac has been a product of choicefor many patients who suffer from constipation and consideringthe widespread prevalence of this condition, the shift fromprescription to OTC has made it more accessible to those whoneed it the most, he added.
Softovac's shift to OTC was piloted in West Bengal duringwhich the brand witnessed a growth in sales of over 25 percent, and post the success, a pan-India rollout was initiated.
Lupin, one of the top five pharma companies in thecountry, plans to launch a variety of products across variouscategories like vitamins/minerals and lifestyle OTC productsgoing ahead, Kaushal said.
"In the next 12-18 months there will be regular productlaunches every 3-4 months. We plan to be present across allthe major OTC product categories," Kaushal said.
According to industry sources, the Indian consumerhealthcare business is pegged at around USD 2.7 billion (overRs 18,800 crore) and is expected to touch USD 6 billion mark(over Rs 40,000 crore) by around 2026.
In order to reach out to target customers, the companyhas roped in veteran Bollywood actor Anil Kapoor as the brandambassador for Softovac.
Lupin Managing Director Nilesh Gupta said: "The OTCsegment is one of the fastest growing segments in the Indianpharmaceutical market. This, combined with our capabilitiesand expertise in this space, makes it a lucrative businessopportunity for Lupin."The company's long-term strategy is to have a portfolioof new products as well as offerings like Softovac, all of itaimed at addressing the unmet needs of patients, he added.
Lupin shares were trading 0.13 per cent down at Rs 917.95on BSE. PTI MSSANU.
This is unedited, unformatted feed from the Press Trust of India wire.
