Bal Pharma’s subsidiary Lifezen Healthcare has made an entry into India’s Rs.4,000 crore over-the counter (OTC) market with a novel ophthalmic drops Eye Spa. The product is developed using a well-established molecule sodium carboxymethylcellulose (CMC). The company is gearing up to increase its manpower from the current 15 to 100 before the end of this fiscal because of more innovative OTC products on the anvil.
“This is the first ophthalmic product in the OTC market which was never ethically promoted via the prescription route. Lifezen will only focus on the OTC segment in India which is expected to touch Rs.20,000 crore in 5 years. The key drivers of this market are consumer awareness, demand for convenience and accessibility,” Shailesh D Siroya, managing director, Bal Pharma told Pharmabiz.
Eye Spa underwent a year of research to ensure it provided relief to the modern-day lifestyle related conditions of dry, itchy and tired eyes caused by computer screens, air-conditioned environment and pollution exposure.
“As a branded formulation and an active ingredient manufacturer, we had the science and know-how to enter the OTC market which is all about risk taking. The Indian OTC market brims with consumers who are ready to experiment after an in-depth understanding of an eye condition and the drug options for treatment to make an appropriate decision,” he added.
Eye Spa made its maiden entry on the OTC shelves of pharmacy outlets in Bengaluru and would soon enter markets of Hyderabad, Chennai, Mumbai, New Delhi and NCR.
The Bengaluru-based company has now adopted above-the-line (ATL) and below-the-line (BTL) marketing communications and advertising platforms. This includes a 30 seconds animated film in all multiplexes, supported by print and electronic communication platforms in addition to product promotions at all information technology and corporate offices, besides malls.
The marketing concepts for OTC drugs focus on consumer appeal, convenience and a reputed brand name. The Indian ophthalmic market for dry-strained eye condition is valued at Rs.400 crore. The company envisages Eye Spa to be a Rs.50 crore brand in a couple of years going by its importance in the current contest of modern lifestyle of work and travel.
Currently, Eye Spa priced at Rs.95 per pack is competing with only prescription brands of Allergan, Sun Pharma to name a few. These include Refresh Tears, Tear Plus and Optrex. But the key differentiator for Eye Spa is that all the ophthalmic preparations for this specific condition is prescribed first at some point of time by only an ophthalmologist before consumers went on to re-purchase it via OTC, said Siroya.