Ranbaxy Laboratories Ltd, the country's biggest drug maker by revenues, has announced aggressive growth plans for the domestic market. It has increased its sales teams in specific areas like cardiovascular, diabetics and dermatology and plans to introduce over 100 new products by the year-end.
Over the last four months, Ranbaxy has recruited over 1,500 medical representatives to increase its sales force to 4,300 and intends to expand its market presence in a big way.
Atul Sobti, chief executive officer and managing director of Ranbaxy, said the company's India specific growth plans, termed Viraat, were all about "new products, new people and custom marketing strategies".
Ranbaxy, with about 20 percent of its revenues from India, intends to grow it to 2530 per cent by 2012. The 3040 per cent jump in product launches, compared to 60- 70 product launches annually in the previous years, is also central to its growth strategy.
"While cardiovascular, diabetics and dermatology products will be targeted in the metros and bigger cities, mass products or medicines such as pain relievers will be aggressively marketed in the smaller towns," Yugal Sikri, country head India region, said.
Ranbaxy aims to become the biggest player in domestic sales with a six per cent market share in the next three years.
India has been a top priority for Ranbaxy ever since Japanese drug major Daiichi Sankyo acquired a majority stake in the company two years ago.
Ranbaxy is among the growing list of companies, both domestic and foreign multinational drug firms, that seek a pie of India's growing drug business.
Global consultancy firm PriceWaterhouseCoopers (PWC) estimates India's drug market to touch $50 billion by 2020, a 163 percent increase in the next 10 years, to become one of the world's 10 largest pharmaceutical markets.
