Traditional medicine manufacturer Hamdard is looking to further diversify its product offerings by entering into new consumer segments.
In a conversation with IANS, Hamdard Laboratories' Chairman Abdul Majeed confirmed the company's plans to bring out new offerings in the form of face washes, shampoos and oral hygiene products.
"We are currently working on new consumer products. Those products which are easily acceptable to the new generation of millennials," he said.
Besides, the company is working on products based on medicinal oils which are even safe to consume.
"We are working on products based on medicinal oils. Currently, we make at least 28 different types of oils in Unani medicines which have therapeutic value. We are looking at five or six areas (products) based on these oils."
According to Majeed, Hamdard is evolving into a company which provides holistic healthcare solutions to consumers, be it in any format, for which it is necessary to enter into new segments.
"We have to prove the benefits of our Unani and herbal medicines in new formats, so that we can prove their efficacy."
At present, apart from Unani medicines, the company manufactures 'Chyawanprash' amongst other supplements.
"As the market progresses, you have to go with the trend. So, now we have spruced up our R&D for the same, we have got good consultants, who are helping us develop these products."
"We started with an R&D investment of at least 2 per cent of our turnover. In the next five years, it would cross five to six per cent on a year to year basis. it will be more than Rs 100 crore."
Furthermore, he pointed out that the pandemic has shown the strength of India's traditional medicines in boosting immunity.
"Both -- Ayurveda and Unani -- medicines have been a great help in boosting immunity during Covid. In a country like India the immunity element was led by traditional medicines, while the other part of the fight was led by vaccines and antivirals that were available."
"This pandemic has made everyone realise the importance of traditional medicine and how it can help in the fight against this virus. Pandemic has widened the scope of information available to the people about traditional supplements."
On the current wave of pandemic, he stated that subsequent phases are expected to be mild, however, safety protocols would still need to be followed.
(Rohit Vaid can be contacted at rohit.v@ians.in)
--IANS
rv/ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU