 "Sun Pharma relaunches sunscreen brand to grow OTC business")
Sun Pharmaceutical Industries is ramping up its over the counter business (OTC) with a focus on dermatology segment. On Wednesday India's largest drug maker relaunched its sunscreen brand 'Suncros' as an over the counter product. The product is currently sold as a prescription product and now will be sold through both prescription and OTC mode.
Company executives also said dermatology will be the fourth growth engine for its OTC business after dietary supplements, analgesics and antacids.
The market size of sunscreen creams is estimated at around Rs 380 crore and growing at around 25% a year. Nearly two-thirds of it is in OTC segment and with this strategy Sun Pharma wants to expand the sales of its product.
"Our foray into the dermatology category is an indicator of the focus and importance Sun Pharma assigns to grow the consumer healthcare business," said Subodh Marwah, business head, global consumer healthcare, Sun Pharma
Abhay Gandhi, CEO-India business, Sun Pharma, said the company is aiming for a 30% market share for Suncros in the segment over the next few years.
"We believe that our unique first-time co-promoting strategy to market Suncros across both prescription and consumer channels will ensure that the brand continues to receive traction amongst its legacy customers as well as ensure addition of new consumers through the OTC business to drive desired growth for the brand," he added.