Chennai based Mano Pharmaceuticals which is into niche marketing in the neuropsychiatry, cardiovascular and anti diabetic segments will be setting up a new division for the nutraceuticals segment. Speaking to Pharmabiz.com, Y.Jagan Mohan, Managing Director, maintained that the setting up of the new division was in line with the plans of the company which had respective division looking after the segments the company was in.
"With the domestic nutraceutical market showing huge growth rate over the last few years, a separate division would be helpful to get the much needed focus. We have just forayed into this segment and the division could help us consolidate further," Jagan Mohan maintained.
The company has launched 30 soft gelatin products. Fourteen more products are in the pipeline to be launched. One of the products launched in the segment, Methylcobalamin, the second form of Vitamin B12, has been launched for the first time in the country. The product has been introduced both in the softgel and injection forms, and the company plans to introduce the same in liquid form too.
"The nutraceutical segment in the country is growing at a rate of 35 per cent. The products already launched is sure to help the company get a good share of the market in the coming years," Jagan Mohan said. The company expects to rake in only Rs. 5 crore in the current financial year from the nutraceutical products and the turnover is expected to leapfrog in the coming years.
The company expects to record a total turnover of Rs.50 crore, excluding exports, in the current fiscal. The company expects the products in the neuro-psychiatry, anti-diabetic and cardio-vascular segment to contribute Rs.15 crore each to the total turnover.
The company has also for the first time in the country launched two new products for diabetic neuropathy. The products, Biocobal and Diacobal, with the same strength of 500mcg, are in the injectable form.
Meanwhile, the company has just made a beginning in exports with firm orders from Sri Lanka. The company plans to enter the markets in Peru, South Africa and Myanmar in the coming months. According to Jagan, the company has been able to register its products in these countries. He said that the exports would be a major contributor to the company's topline as well as bottomline from the next financial year. In the current financial year, exports would contribute Rs.5 crore.
The company to further its exports has set up a 50:50 joint venture company in association with a local partner. The joint venture company would be looking after the exports.