Kolkata-based FMCG Emami is planning to foray into the neutraceutical business, besides expanding its pharmacy chain in the rest of the country.
The Rs 3,500-crore group is modeling its expansion similar to UK-based Boots retail chain which sells medicines online and provides services like home delivery and free consultation to patients. The company currently runs around 70 pharmacies under the ‘Frank Ross’ brand in Kolkata.
“We are formulating strategies on how we should enter the neutraceutical market and are evaluating what produts we should bring in,” said R S Agarwal Chairman, Emami Group of Companies.
The Indian neutraceuticals market is estimated to be valued at around USD one billion in 2010, growing at a rate of 7 percent per annum, as per a joint study by FICCI and Ernst & Young. Neutraceuticals are products that offer both health and medicinal benefits.
Earlier the company had said one of the focused categories for future growth would be the healthcare products category and has also been scouting for acquisitions both in the domestic and overseas as part of their strategy.
“We see a lot of opportunities in the neutraceuticals market. We feel that the sector is growing. Only the general Over-The-Counter segment in India is around Rs 600-700 crore,” said Harsh Agarwal, Director Emami.