The company, a subsidiary of Abbott Laboratories, has an established pharmaceuticals range addressing gastroenterology, women’s health, metabolics, and the central nervous system.
It is however also set to beef up its multi-specialty portfolio which consists of vitamin D, micronutrients supplements for thyroid patients, and medicines for insomnia, it said in its FY2023-24 annual report published in mid-July.
The portfolio saw a revenue growth of 11.8 per cent in FY2023-24.
Of which, its vitamin D supplement brand Arachitol, medicine brand Zolfresh for insomnia, and Duvadilan for preterm labour were the key contributors to the business.
It is now aiming to grow these products into “big brands” for the company.
“We aim to grow our base brands and transform them into big brands for the company. We aim to strengthen our pipeline of new products to offer a more comprehensive portfolio across covered specialties.
“During the year, new product launches included Brufen power gel (musculoskeletal pain) and Arachitol Gummies 300 IU (calcium and vitamin D supplement),” the company said in the report.
Eight new products were launched last year. On top of Arachitol Gummies, Thyrowl Plus – a supplement containing selenium and the amino acid L-tyrosine to support thyroid function – was the other supplement launched.
Arachitol Gummies also adds to Arachitol’s existing range of vitamin D oral solution and drops products.
Public awareness programs and scientific initiatives are also key in strengthening the portfolio.
In this case, D Strong Active life was launched to improve awareness on vitamin D deficiency and diagnosis through a series of Q&A videos with healthcare practitioners. A study published in 2020 shows that 76.9 per cent of Indians experience vitamin D deficiency and insufficiency, with the highest prevalence in individuals aged 18 to 30.
Overall, Abbott India’s total revenue was up 9.4 per cent to 5,849 crores (US$698.5m), while profit after tax climbed 26.5 per cent to 1,201.22 crores (US$143.4m).
The company also had a change in leadership with Swati Dalal succeeding Vivek V Kamath as the managing director since April 1.
Dalal joined Abbott in 1995 as a product manager and was promoted to GM for Abbott India’s nutrition business in 2020 and later as the GM of established pharmaceutical division’s primary care business in May last year.
Evolution in retail scene
E-pharmacies and chain stores are emerging as significant players in India’s pharmacy retail space.
India currently has an estimated number of 600k licensed pharmacy outlets, mostly comprising of small, independent businesses.
Access to organised pharmacies is expected as e-commerce uptake continues to grow, said Abbott India.
“With evolving customer preferences and increased use of digital channels, e-commerce penetration is projected to reach 11 per cent by FY 2024-25.
“This trend is expected to enhance access to organised pharmacies nationwide, stimulating greater demand and encouraging healthy competition,” the company said.
On the other hand, India’s economy is expected to stay robust, with gross domestic product (GDP) forecasted to grow approximately 7.2 per cent in FY2024-25. Between FY2023-24, India’s GDP grew 8.2 per cent.
“The key reasons for this are a strong domestic market, enhanced infrastructure spending by the government, improvement in agri-output and prices, as well as a revival of private capex (capital expenditures).”
