The products will be sold OTC, through the firm's new consumer healthcare division, set up in October 2002. This marked the company's entry to the booming herbals trade.
Global consumer trends and market potential in the herbals business is 'immense', according to Ranbaxy, driven both by traditional use of herbal remedies and the trend towards self-medication and natural products.
In India, the market for herbal medicine is estimated to be worth around US$1 billion and growing at 12 per cent. The global market is worth around US$50 billion with a 10-15 per cent expansion rate.
The new products are based on olesan oil and cough syrups for adults and children and Eat Ease, an appetite enhancer, for children, developed in-house. The products will be promoted through doctors and mass communication. Ranbaxy said it is hoping to leverage further support from the medical community.
Ranbaxy Laboratories also makes branded generic pharmaceuticals (it is the fifth largest generics supplier to France) and active ingredients for pharmaceuticals. Net sales for the year ended 2003 are expected to be in excess of US$950 million.
Recent press reports suggest that India is planning to increase cooperation with China in a bid to boost its position in the world's herbals trade.