With its entire range of herbal products, Bal Vedics, the herbal arm of the Bangalore-based Bal Pharma, is now gearing up to enter Bangladesh market.
"We have ascertained from customers that there is huge demand for herbal products, as these can be prescribed by the ayurveda and unani physicians. The division is now in the process of understanding the market in terms of the psyche of the customers and the doctors. Being close to India, Bangladesh is open to the alternate medicine. It will be able to enter Bangladesh in mid 2009, said, Archana Dubey Mitra, associated vice president, Bal Vedics.
Bal Vedics is expected to market its entire range of 15 products in Bangla, including the products in the niche segments where modern medicine is yet to find a solution.
The company disclosed that to meet the demand for syrups over capsules, it has introduced syrup for Menoleap, a medicine for pre and post menopause conditions and also prescribed for dysmenorrheal and menorrhagia symptoms. The market for this product is expected to be huge in Bangladesh. Besides, the company would be launching its liver syrup in the region by April 2008.
Bangladesh region for ayurveda drugs is viewed as a destination with promising prospects, said, Mitra. However, the market requires a detailed documentation of the products.
Although the region is only receptive to active pharma ingredients and intermediates for allopathic products, in the herbal segment finished products are being opted with positive responsive. The factors that will drive the success of herbal products in the region will be quality, efficacy and pricing.
In the allopathic segment, the parent company Bal Pharma still has a significant presence in the region. The leading exports to the region are oral hypoglycaemic bulk drugs where Gliclazide is showing a growing demand over Glipizide. The other bulk drugs include Topiramate for epileptic disorders, Tolterodine used to relieve urinary difficulties and Letrozole for cancer.
It entered the market a decade ago and is now adept on the demands and competition in the region. Since the region calls for a physical presence, Bal Pharma has a business development manager stationed at Kolkatta to manage the operations and constantly tap opportunities.
Also, to augment its reach in the region by increasing customer base, Bal Pharma is in touch with agents and has been understanding the requirements of the country.
So long, Bal Vedics has been focusing only on the national markets. In order to capitalise on the opportunities and make the best of its efficacious products, it has looked at South Africa and UAE region recently. The company has bagged the clearance from MCC, South Africa and is now in the last lap of approvals from UAE & Sudan. These three approvals are expected to provide the much needed fillip for the company.