New Delhi: Hamdard Laboratories has rounded up an ambitious proliferation plan for its medicine division. It intends to clock over Rs 1,000 crore turnover from the vertical in the next five years, a top company administrator has said.
The Delhi-based firm, which nowadays creates earnings of around Rs 400 crore from the business vertical, has roped in international professional services organization EY to propose techniques to chart out its prospective policy procedure.
“We are 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 said in an interview.
The company, which amasses around 450 products — including patented ones, is reaping its house in order as it glances to broaden brand categories and enter smaller towns and rural areas, he added.
When inquired of how EY would assist the company, Majeed noted: “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”.
The international professional services organization will moreover turn up with the facts as in how the company can get on about the procedure of brand expansions, besides tutoring its incursion into lucrative markets in the country and abroad, he added.
Majeed asserted that based on EY findings and strategies, the necessary process is expected to arrive in the next 2-3 months, the company would administer resources for future development.
The company, a prominent builder of the Unani system of medicines in the country, can pump in around Rs 375 crore to develop a new facility to roll out products with universal principles, he noted.
“We are looking at Delhi/NCR, Haryana, Uttarakhand and Himachal Pradesh to set up this plant,” Majeed said.
The company’s medicine department presently rolls out commodities from three plants in Manesar (Haryana), Okhla (Delhi), and Ghaziabad (Uttar Pradesh).
It moreover has Unani medicine hospitals in several areas in Uttar Pradesh, Delhi, Telangana, and Karnataka.