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Mankind Pharma to invest Rs 150 crore in Paonta Sahib plant
MUMBAI: Mankind Pharma today said it has invested Rs 150 crore in its plant at Paonta Sahib and expects to roll out 35 products by the end of 2016.
"... we are concentrating on the production of nutraceuticals, food supplements and beverages. We have invested Rs 150 crore in our plant in Paonta Sahib and are expecting to launch 35 products by the end 2016," Mankind Pharma MD Sheetal Arora said in a statement.
With a strategic approach on formulations, the company has been focusing on the manufacturing of nutraceuticals with a growth rate of 35 per cent.
Currently, the company's 80 per cent of niche molecules have been concentrated in the production of nutraceuticals and it has recently introduced 24 products under the segment, as more people are becoming health conscious, Arora added.
The growth of nutraceuticals market in India accounts for around 1.5 per cent of the global market which is currently estimated at $4,182 billion.
The domestic nutraceuticals market is growing at a compounded annual growth rate (CAGR) of 17 per cent.
From current size of $2.8 billion, the industry is estimated to touch $6.1 billion by 2020, according to an Assocham report.
Mankind Pharma is also planning to push its products in tier II and III cities, the statement added.
"... we are concentrating on the production of nutraceuticals, food supplements and beverages. We have invested Rs 150 crore in our plant in Paonta Sahib and are expecting to launch 35 products by the end 2016," Mankind Pharma MD Sheetal Arora said in a statement.
With a strategic approach on formulations, the company has been focusing on the manufacturing of nutraceuticals with a growth rate of 35 per cent.
Currently, the company's 80 per cent of niche molecules have been concentrated in the production of nutraceuticals and it has recently introduced 24 products under the segment, as more people are becoming health conscious, Arora added.
The growth of nutraceuticals market in India accounts for around 1.5 per cent of the global market which is currently estimated at $4,182 billion.
The domestic nutraceuticals market is growing at a compounded annual growth rate (CAGR) of 17 per cent.
From current size of $2.8 billion, the industry is estimated to touch $6.1 billion by 2020, according to an Assocham report.
Mankind Pharma is also planning to push its products in tier II and III cities, the statement added.
Meghna A Singhania is the founder and Editor-in-Chief at Medical Dialogues. An Economics graduate from Delhi University and a post graduate from London School of Economics and Political Science, her key research interest lies in health economics, and policy making in health and medical sector in the country. She is a member of the Association of Healthcare Journalists. She can be contacted at meghna@medicaldialogues.in. Contact no. 011-43720751
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