Drug major Lupin said it has forayed into over-the-counter (OTC) segment in the country with plans to touch Rs 300 crore turnover in the vertical over the 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 the vertical has been steadily growing over the years in the country. Over a horizon of five years we are looking at a turnover of Rs 300 crore from the business,” Lupin Head Â– OTC Business Anil Kaushal said.
For over 30 years, Softovac has been a product of choice for many patients who suffer from constipation and considering the widespread prevalence of this condition, the shift from prescription to OTC has made it more accessible to those who need it the most, he added.
Softovac’s shift to OTC was piloted in West Bengal during which the brand witnessed a growth in sales of over 25 per cent, and post the success, a pan-India rollout was initiated.
Lupin, one of the top five pharma companies in the country, plans to launch a variety of products across various categories like vitamins/minerals and lifestyle OTC products going ahead, Kaushal said.
“In the next 12-18 months there will be regular product launches every 3-4 months. We plan to be present across all the major OTC product categories,” Kaushal said.
According to industry sources, the Indian consumer healthcare business is pegged at around $2.7 billion (over Rs 18,800 crore) and is expected to touch $6 billion mark (over Rs 40,000 crore) by around 2026.
In order to reach out to target customers, the company has roped in veteran Bollywood actor Anil Kapoor as the brand ambassador for Softovac.