Alkem forms alliance with Haw Par to market Tiger Balm products in India

Alkem Labs Ltd has entered into an alliance with Singapore-based Haw Par Healthcare to exclusively market, sell and distribute Tiger Balm range of products in India. Tiger Balm products will be promoted by Alkem Healthcare, an over-the-counter (OTC) division of Alkem.

Tiger Balm range of products, which use herbal ingredients that are derived from an ancient Chinese source, are used as a remedy for headaches, upper respiratory congestions, rheumatic or arthritic pains and muscular sprains.

As per Euromonitor 2015, the size of OTC analgesic market in India is about Rs 2,000 crore and has grown at a CAGR of 9.9 percent through 2010 to 2015. Of this, topical OTC analgesic which includes ointment, creams, gels, sprays and patches accounts for more than 70 percent of the market with brands like Zandu Balm, Volini, Moov, Amrutanjan, Iodex, Emami, Tiger Balm, etc. Also, 90 percent of total OTC analgesic sales happens through chemist channel where Alkem has a strong reach. Tiger Balm features among the top ten brands in the topical OTC analgesic market in India.