Pharma major Lupin has made a foray into the over-the-counter (OTC) segment under the 'Lupin Life Consumer Healthcare' umbrella with the pan-India launch of Softovac. A 34-year old legacy brand, Softovac has been trusted by millions of consumers who suffer from constipation and irregular bowel habits.
Pegged at over USD 2.7 billion (INR 18862 crores) as on 2016 as per Nicholas Hall 2017 report , the Indian OTC market is expected to grow at a CAGR of 9 percent to cross the USD 6.5 billion (INR 44115 crores) mark by 2026. Softovac's shift to OTC was piloted in West Bengal during which the brand witnessed a growth in sales of over 25 percent, and post the success of the pilot, a pan-India roll-out was initiated.
Softovac is a bowel regulator made with 100 percent natural actives like Isabgol, Sonamukhi, Harad, Mulethi, Gulab dal (ingredient), Amaltas, and Saunf, all of which are time-tested ingredients known to provide effective relief from constipation and irregular bowel habits.
As part of the launch, the brand has also launched a 360-degree communications campaign based on the insight of 'incomplete evacuation creates a deep sense of dissatisfaction amongst consumers'. The brand has signed actor Anil Kapoor as a brand ambassador for Softovac who features in the TV campaign currently on air. This is also supplemented by print and digital campaigns, below-the-line and point-of-sale activations, as well as outreach with key stakeholders in the healthcare industry.
Nilesh Gupta, Managing Director, Lupin said, ''The OTC segment is one of the fastest growing segments in the Indian pharmaceutical market. This, combined with our capabilities and expertise in this space, makes it a lucrative business opportunity for Lupin. Our long term strategy is to have a portfolio of new products as well as offerings like Softovac, all of it aimed at addressing the unmet needs of patients and contributing towards their well-being.''
''Constipation is considered a topic not worth talking for a lot of Indians. While many do not consider it a 'serious' problem and tend to ignore it, studies report that one out of four Indians feel constipated, which affects their daily routine and productivity,'' said Anil Kaushal, Head, Consumer Healthcare Business, Lupin. He further added, ''For over 30 years, Softovac has been a product of choice for many patients who suffer from constipation. Considering the widespread prevalence of this condition, the shift from prescription to OTC has made it more accessible to those who need it the most.''
Softovac is available as a pack of 100 grams with two variants, regular and sugar-free. The product is available at leading chemists and pharmacies across India.
Shares of the company declined Rs 6.85, or 0.74%, to trade at Rs 914.00. The total volume of shares traded was 166,301 at the BSE (3.20 p.m., Monday).
