Mankind Pharma forays into OTC mkt, eyes Rs 1,100cr turnover by '10

New Delhi, Mar 29 (UNI) Eyeing a turnover of Rs 1,100 crore by 2010, formulation drug maker Mankind Pharma today forayed into over-the-counter (OTC) segment through a new division.

''We are expecting 60 per cent growth in our turnover to Rs 550 crore by end of this fiscal and aim to reach Rs 1,100 crore mark by 2010,'' Mankind Pharma Managing Director R C Juneja told reporters here.

The domestic OTC market is worth Rs 5,500 crore and is growing at 20-25 per cent.

''With the government giving impetus on AIDS and healthcare awareness, the market has tremendous potential,'' Mr Juneja said.

The company will invest Rs 15 crore into the new division -- Special Mankind -- during 2007-08.

Special Mankind would focus on the OTC healthcare segment and its initial product range would comprise of condoms, emergency contraceptives and home pregnancy kits, the Managing Director said.

The company launched Manforce Condoms, Unwanted 72 - Emergency contraceptives and Unwanted Home pregnancy kits today.

''Within the next 2-3 months, we will increase our product portfolio by introducing sanitary napkins, medicated dressings, diapers, medicated shampoo, energy drinks, cosmetics,'' Mr Juneja said.

Mr Juneja said, ''Initially, the products will be outsourced from the other companies. Gradually we will produce some of the manufacture in our facilities.'' Special Mankind will reach Rs 125 crore turnover target by 2010, as OTC healthcare segment is expected to grow by 30 per cent annually, he added.

''The products will initially be available in North India and later on across the country,'' he said.

The company plans to expand its reach to Jammu and Kashmir, Punjab, Haryana, Himachal Pradesh, Madhya Pradesh, Gujarat, Rajasthan, Bihar, Jharkhand, Chhattisgarh and Uttaranchal within one year.

Mr Juneja also added that the company would increase its headcount by 1,000 to up to 4,500 within the next one year.

Mankind Pharma is setting up a manufacturing plant at Ponta Sahib, Himachal Pradesh with an investment of Rs 50 crore, which would go on stream by April this year.

The capacity of Poanta Sahib plant will be 60 million ampoules and 30 million vials.

Mr Juneja said the unit will set up the ground for the company to enter the exports market such as CIS, African and South Asian countries.

Mankind Pharma has three divisions -- Mankind Pharma, Discovery Mankind and Lifestyle.

UNI