Herbal healthcare major Himalaya Drug Company (HDC) is planning to foray into new export markets in Europe, Russia, Far East and South America for their personal care and consumer health products. The company is looking at a 50 per cent growth in exports in the coming years with the new plans. Currently, HDC is present in over 50 countries with their therapeutic products.
Speaking to FE, Himalaya Drug Company, CEO Ravi Prasad said that Himalaya would enter marketing joint ventures in the respective regions for marketing the products in these countries.‘‘We have already identified partners in these countries and all other spade work is being done currently,’’ he said.
Mr Prasad added that for European markets a specific strategy was being worked out, with improved packaging and labelling in other languages.
Other than the marketing JVs, Himalaya also has plans to enter into outsourced manufacturing alliances in several countries. According to Mr Prasad, the company is looking at such alliances —- where Himalaya would supply raw materials to a partner who would manufacture finished goods for the region —- in Syria, Mexico and Bangladesh, to support its export markets.‘‘ This kind of an arrangement would bring the benefits of economies of scale in some cases and will help avail a more favourable regulatory environment, which would help us in reaching out to these markets,’’ Mr Prasad said.
He said that while currently only pharma products were being manufactured over an outsourced arrangement, other products may be included later. Initially, Personal Care and Consumer Health product would go as finished goods and depending on the performance of these products in the export markets, the company would look at outsourced manufacturing mode for these products too.‘‘We will test waters with finished products. As we move up the learning curve, we may look at outsourced manufacturing for these (personal care and consumer health) products also,’’ Mr Prasad said.