Hamdard Looks To Chart Out New Growth Strategies For Medicine Vertical
Hamdard Laboratories has lined up an ambitious expansion plan for its medicine division as it aims to clock over Rs 1,000 crore turnover from the vertical in the next five years, a top company official has said.
The Delhi-based firm, which currently generates revenues of around Rs 400 crore from the business vertical, has roped in global professional services organisation EY to formulate strategies to chart out its future course of action.
“We’re market leaders in the categories where we currently operate so what we are now trying to do is that we have brought in EY to revamp our go to the market strategy,” Hamdard Laboratories (Medicine Division) Chairman Abdul Majeed told PTI in an interview.
The company, which has around 450 products—including patented ones—is getting its house in order as it looks to expand brand categories and enter smaller towns and rural areas, he added.
When asked how EY would help the company, Majeed said: “The EY is helping us formulate a go-to-the market strategy which will propel us from a current turnover of around Rs 400 crore to over Rs 1,000 crore in the next five years.”
EY will also come out with the details on how the company can go about the process of brand extensions, besides guiding its foray into lucrative markets in the country as well as abroad, he said.
Based on EY findings and strategies, the basic blueprint is expected to come in the next 2-3 months, the company would allocate resources for future growth.
The company, a leading producer of Unani system of medicines in the country, can pump in around Rs 375 crore to come up with a new facility to roll out products with global standards, he said.
“We’re looking at Delhi/NCR, Haryana, Uttarakhand and Himachal Pradesh to set up this plant,” Majeed said.
The company's medicine division currently rolls out products from three plants in Manesar (Haryana), Okhla (Delhi) and Ghaziabad (Uttar Pradesh).
It also has Unani medicine clinics at various places in Uttar Pradesh, Delhi, Telangana, Karnataka, among others.
Some of the well-known brands of the company include Safi and Joshina.