Piramal Healthcare, a part of Piramal Enterprises, is expecting to grow its over-the-counter (OTC) business aggressively, and expects it to be among the top three such businesses in India.
Addressing a press conference to launch its premium anti-ageing cream, Lacto Calamine Reneu, Ajay Piramal, Chairman, Piramal Enterprise, said Piramals OTC business grew at 30 per cent last year, twice the rate of the Indian OTC market.
When we ventured into the OTC business, we were ranked 48, and are now at number 7. We are investing in the OTC business in terms of new products, brands and our reach, he said.
Besides Lacto Calamine, the companys OTC product portfolio include, among others, Saridon, nutrition supplement Supractive Complete, i-pill emergency contraceptive kit and antacid Polycrol.
Skin firmness
The product launched on Thursday has patented ULMAe (ultra low molecular Aminoglycan extract) technology which helps maintain the skins elasticity and firmness, and is priced at Rs. 799 for a 50 gram jar.
Kedar Rajadnye, President & COO, Consumer Products Division, Piramal Healthcare, said the anti-ageing segment of the skin-care market was growing at 25-30 per cent. We aim to make Lacto Calamine a Rs. 100-crore brand soon. Mr. Rajadyne said.
Under the ULMA platform, the company was looking to develop several other products such as under-eye cream.
Expressing disappointment at the slowdown in innovation and R&D in India, Mr. Piramal said, due to the new rules, getting approval to conduct clinical trials here is a big problem. In the last three years, we have moved three of our clinical trials from India to the USA.
There is no R&D by multi-national companies taking place here and we would have thought they would come here but they chose China or Singapore.
On whether the company was looking at acquiring brands, Mr. Piramal said it depended on the valuation. We will look at personal care products but valuations are so rich and difficult to justify, he said.
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