Bangalore, May 20 (IANS) Leading pharma and nutraceutical export player Sami Labs Monday unveiled a holistic strategy to increase its market share in India to 10 percent in the near future from two percent currently.
“We are expanding and diversifying our client base across the country to sell a range of bulk actives and supply finished products for increasing our market share in India by five times,” Sami Labs managing director Muhammed Majeed said here Monday.
The two decades old firm, which has a major research and development (R&D) centre in Bangalore, manufactures, supplies and exports a range of herbal extracts and cosmecuticals to global markets, including in the US, Europe, Africa and the Gulf region.
The privately-held company’s sales increased 29 percent last fiscal 2012-13 to Rs.219 crore from Rs.169 crore in previous fiscal (2011-12), with about 90 percent of revenue generated through exports.
“We have set a target of achieving 25 percent sales in the Indian market from 10 percent as we see increasing acceptance of our products based on the ancient Indian ayurvedic tradition,” Majeed said in a statement here.
With about 80 patents to its credit and tie-ups with major pharma and FMCG (fast moving consumer goods) firms such as Abbott, Ranbaxy, Hindustan Unilever and Godrej, Sami Labs also has a manufacturing facility Sabinsa Corporation at New Jersey in the US to produce and supply plying a host of nutracetical and cosmeceutical products for the Americas and Europe.
“We are also strengthening our sales and distribution network to consolidate our presence in local markets across the country,” Majeed said.
The company plans to soon open a regional office in New Delhi to market its products & services in the northern states as in the western states by its regional office in Mumbai.
“An increasingly sedentary lifestyle and a rise in the socio-economic profile of Indian consumers have been fuelling our growth across the country, as complimentary medicine is inclined towards nutritional and wellness products as they (consumers) want to be fit, feel good and reduce risks of lifestyle or hereditary disorders,” chief executive V.G. Nair said in the statement.
The company currently markets about 250 of its products overseas, especially in Australia, European Union, Japan, Southeast Asia and the US.
“Though we will continue with our B2B (business-to-business) model worldwide, we are moving up the value chain through our new subsidiary (Sami Direct), which connects our offerings to the fitness-savvy consumer base in India,” Sami Direct chief executive Rajesh Kumar said in the statement.