Jan 15: Mumbai-based pharma major Lupin Ltd on Monday said that it has made a foray into the over-the-counter (OTC) segment under the ‘Lupin Life Consumer Healthcare’ umbrella with the pan-India launch of ‘Softovac’ brand.
“Softovac is a bowel regulator made with 100 percent natural actives like Isabgol, Sonamukhi, Harad, Mulethi, Gulab dal (ingredient), Amaltas, and Saunf, all of which are time-tested ingredients known to provide effective relief from constipation and irregular bowel habits,” according to the company.
Pegged at over $ 2.7 billion (Rs 18,862 crore) as on 2016 as per Nicholas Hall 2017 report , the Indian OTC market is expected to grow at a CAGR of 9 percent to cross the $ 6.5 billion (Rs 44,115 crore) mark by 2026.
As part of the launch, the brand has also launched a 360-degree communications campaign based on the insight of ‘incomplete evacuation creates a deep sense of dissatisfaction amongst consumers’. Further, the brand has signed actor Anil Kapoor as a brand ambassador for Softovac who features in the TV campaign currently on air.
Speaking on the development, Nilesh Gupta – Managing Director, Lupin said, “the OTC segment is one of the fastest growing segments in the Indian pharmaceutical market. This, combined with our capabilities and expertise in this space, makes it a lucrative business opportunity for Lupin. Our long term strategy is to have a portfolio of new products as well as offerings like Softovac, all of it aimed at addressing the unmet needs of patients and contributing towards their well-being.”
Softovac is available as a pack of 100 grams with two variants, regular and sugar-free.
Lupin shares were trading at Rs 919.90, up 0.08% from the previous closing of Rs 919.95, on BSE at 1.56 pm today.