Global pharmaceutical and life sciences company Bayer is eyeing the growing market for over-the-counter (OTC) products in India. The consumer health division of Bayer in India, that recently launched the new product Saridon Advance for severe headaches, is planning to launch another product in July under the nutrition category, the company told BT.
Currently consumer health division of Bayer in India is present in four major consumer health categories of pain treatment, nutrition, dermatology, and allergy and offer 10 brands in these spaces.
“We will strengthen and energise our existing brands as well as offer new line extensions across the four categories that we are currently present in. We are making our brands more relevant to the current times, and parallelly we are also working on a strong innovation calendar which will cater to the unmet needs of the Indian consumers,” said Sandeep Verma, Country Head for Bayer’s Consumer Health Division in India.
“By 2026, we plan to use our global knowledge to develop many new products and formats in all the four categories. We also intend to significantly enhance access to our products across both urban and rural markets by doubling our distribution imprint,” added Verma.
The consumer healthcare industry in India is worth over Rs 27,000 crore (or approximately $3.5 billion), according to Euromonitor Research. It is one of India’s fastest-growing sectors, with a compound annual growth rate (CAGR) of 10 to 11 per cent. Bringing in the notion of “made in India,” Bayer says that its target in consumer health products is clear from the standpoint of a lucrative revenue generation opportunity.
“While this market has been around for several years globally, in India, the segment is still relatively young and small, but India is still among the top ten markets worldwide and expected to become a top four market in the next 7-8 years,” said Verma.
Verma is of the opinion that despite the low penetration numbers for consumer health categories, India still has the potential to provide greater opportunity in this sector purely on the strength of its large and digitally literate consumers.
“That is a huge advantage over many of the other more well-developed nations,” he underscored.
Bayer in 2021 relaunched its two major brands — Saridon and Supradyn. In this year alone, the company launched an NPD on Saridon Advance and has now relaunched its global skincare brand Canesten in India, with products designed specifically for the Indian consumers.
“Currently, India’s OTC market is still in its developing stage and penetration across all categories is still minimal. So, our main goal will be to increase the size of the OTC market in the categories where we are active and increase consumer adoption of these categories so that they may proactively manage their own health as well the health of their families,” said Verma.
Covid-19 pandemic has heightened the attention on health and nutrition, especially ensuring adequate immunity and energy levels to address current health concerns. Public health experts claim that the pandemic has transformed the way people seek medical help, with people increasingly opting for self-care options to take control of their health.
“Over the next five years, the division plans to reach 100 million Indian households with all our products across India. Our brands currently reach around 40 million people, so the goal is to more than double that number and provide access to urban and rural consumers,” said Verma.
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