Drug firm Elder Pharmaceuticals plans to launch eight new products in the country in various therapeutic areas, including gynaecology and pain management, in the remaining half of the current fiscal.
"We have already launched seven new products in the current financial year, including three in the just-concluded second quarter. A total of 15 products are targeted [to be launched] this fiscal," Elder Pharmaceuticals Joint Managing Director Alok Saxena told PTI.
He said the firm will launch the remaining eight new products in the gynaecology, pain management, personal healthcare and nutraceuticals areas during the remainder of this fiscal.
The three products introduced during the second quarter include Elfecol tablets for the treatment of cold, rhinitis, sinusitis; D-360, containing high-dose Vitamin D in granules; and Carnisure A, a metabolic energiser indicated for neuropathy and CNS disorders, Saxena added.
The company is targeting segments such as women's healthcare, osteoporosis, dermatology, cardiology, wound care and vitamin supplements, pain management, anti-infectives, lifestyle disease and nutraceuticals, he added.
"Some of these segments are growing at an average of 18-20% annually. The products being launched consist of a combination of in-licenced and own products, although the larger focus will be on self-researched products," he said.
The Mumbai-based firm also plans to invest up to Rs 55 crore in the next two years on increasing its manpower, mainly the sales force, updating its research and development facilities and brand-building.
The company recently announced plans to increase the strength of its sales and marketing force in the next two years.
Saxena said the firm is also looking to enhance its presence in the functional foods market by leveraging its acquisition of UK-based NutraHealth Care, a company specialising in neutraceutical products, last year.
"The Indian [functional foods] market is estimated to be of Rs 4,400 crore. Elder already has a range of products for women care and we are identifying opportunities where we can fulfill all daily nutritional and medical needs for women," Saxena said.
The company reported net sales of Rs 331.08 crore for the second quarter ended September 30, 2011, and its net profit in the same period stood at Rs 19.23 crore.