Novartis plans ayurveda debut
â€œMost of the top brands in the Indian OTC market are ayurvedic brands. The Indian consumer clearly has preferred the use of traditional medicine systems and brands while managing healthcare issues. Novartis India will evaluate both allopathic and ayurvedic segments based on key consumer needs for future brand launchesâ€, Ranjit Shahani, vice-chairman and managing director, Novartis India, said.
Since OTC as a term is not defined under Indian drug laws, industry experts broadly consider all medicines that do not need a doctorâ€™s prescription and all health supplements or neutraceuticals as OTC. â€œMajority of the leading OTC products, be it Amrutanjan or Vicks Vaporub, are ayurveda-based products. The current market size (of the OTC segment) is over Rs 5,000 crore ($1.1 Billion) and is showing healthy growthâ€, Ranjit Kapadia, vice-president, Institutional Research, HDFC Securities said.
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