NEW DELHI : Procter & Gamble Health Ltd, a subsidiary of the multinational consumer goods firm Procter & Gamble, is preparing to expand its portfolio of vitamins, minerals, and supplements (VMS), especially neurotrophic vitamins, under its five-year plan, Milind Thatte, MD of the company, said.
The company has a portfolio that comprises 90% of VMS products, with nasal decongestant Nasivision accounting for the remainder. “We are constantly upgrading our portfolio offerings and have launched four different products in the last three to four years. And so, we will continue to launch more and more products in the market as upgrades of the currently available formulations and others as additional offerings. These expansion plans come as part of our five-year vision that we have for our portfolio,” Thatte told Mint.
The company has set aside funds to continue innovating and elevating its growth trajectory in the country, Thatte said, without disclosing the exact amount. The company said it currently holds a strong position in various subcategories of VMS. It says it has a market share of around 80% in vitamin E supplements, is a pioneer in big complex therapies, and in marketing neurotrophic vitamins.
The company’s portfolio includes well-established brands like Livogen, Evion, Neurobion Polybion, and Seven Seas.
“When we talk about neurotrophic vitamins, the role of B1, B6, and B12 is powerful with a lot of clinical data points and medical prevalence telling us that B12 deficiency is widespread amongst diabetes patients, as 50% of diabetes patients end up with neuropathy,” he added. “This happens because the predominant drug for the treatment of diabetes prevents absorption of vitamin B12, creating a deficiency.”
The company has also been trying to spread awareness about the same through campaigns like Neuropathy Awareness Week.
According to a 2021 report by Mintel Analysis, a London-based market research firm, 37% of the Indian population consumes VMS, with 58% of them being females. According to Statista, a global data and business intelligence platform, vitamins & minerals market in India is projected to reach $15.36 million in 2024, and is expected to grow at a compounded annual growth rate (CAGR 2024-2029) of 9.07%, leading to a market size of $23.71 million by 2029.
The company is seeking to grow its volumes of injectables to earlier levels through contract development and manufacturing organization (CDMO). The company had earlier announced that it would stop the manufacture of injectables at its Goa plant and rather do it through CDMO. “The polybion injection, which we were manufacturing at our earlier facility, is now being done through a CDMO company to elevate the quality of the product,” Thatte added. “Now, we want to slowly and steadily take the new formula to the same level of volumes that we were selling earlier.”
The company had reported sales of ₹304 crore for the quarter ended December 2023, nearly unchanged year-on-year, due to an overall slowdown in the VMS category. Its net profit for the quarter was ₹72 crore, down 6% year-on-year.
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Published: 18 Mar 2024, 05:22 PM IST