Hyderabad-based SMS Pharmaceuticals Ltd is planning to enter the nutraceuticals sector in a big way. The company is also planning to centralize and upgrade its research and development facility in the city with focus on production of consumer healthcare products, according to P Ramesh Babu, managing director of the company.
Though there is growing awareness about consumer healthcare products as people have become health conscious, this sector has not been exploited so far in India. “We feel there is great potential for nutraceutical products and we have launched a fibre dietary supplement for diabetics. We are carrying out research on 13 other products,” Ramesh Babu said.
He said it was too early to predict returns. But the market response to the company's products had been good. “ We are expecting a growth of at least 20 per cent this financial year. There is a very good market for diet supplements abroad, particularly herbal products. We are planning to capitalize on this,” Ramesh Babu said.
The company is planning to upgrade its R&D facilities. Currently, they are located separately at its manufacturing units at Kazipally, Bolarum and Jeedimetla. Now the company is planning to set up an exclusive R&D unit at the Jeedimetla plant with an investment of Rs 4.5 crore.
Though the company has a statewide presence, about 70per cent of the company's products are exported. A major share of the exports go to Latin American countries. The company is also eyeing Bangladesh as a major export market.
Ramesh Babu said the company was also planning to set up a new production unit in the proposed Pharma City near Visakhapatnam with an investment of Rs 25 crore.