Age-old practices of detailing to doctors will fade away to give way to more innovative, multi-pronged approaches to the customer’s mindset : Pulin Shroff – Charak MD
Pulin Shroff, MD, Charak Pharmma Ltd in conversation with Satya Brahma, Chairman & Editor-In-Chief of Pharmaleaders Group
Mumbai: 29h November 2010 : India’s potential in Ayurveda space is huge. It has 15 Agroclimatic zones andhave about 45,000 plant species.Currently, the Indian herbal market size is estimated at Rs.7000 crore. The country is exporting Rs.3600 croreworth of herbal raw materials and medicines. There are authentic Ayurveda hospitals and resorts, some of them figuring in top 10 medical tourism destinations of the world. Indian wellness industry is forecast to grow at CAGR of 20-25%. Its spa industry, with over 2,300 spas, generates revenues around US$ 400 million annually.
AYUSH Industry includes Ayurveda, Sidha, Unani and Homeopathy (ASU&H) units & there are roughly Units of 9228 ( mostly Micro and small) with a Total turnover Rs. 8800 Cr & Total Exports to the tune of Rs. 1000 Cr 9 including medicinal plants & extracts) mostly in around 26 clusters pan India with over 20,000 Ayurvedic proprietary formulations and 1000 classical formulations World over natural and traditional approaches being welcomed & Increased scope for innovation and change in approach for AYUSH therapies . Estimated global market size is said to be to the tune of US$ 65 bn & nutraceuticals: Global market size is estimated at Rs. 5148 bn and Indian share 0.9%. Ayurveda coupled with medical and experiential tourism stands a tall potential for 1bn tourists annually. Exports of medicinal plants 3500 out of 45,000 species are of medicinal value with a Strong thrust on promotion of the sector by Government Initiatives.
Looking at the robust growth opportunities & some innovative product line in the pipeline, Pulin says that “the customer of today is already a highly knowledgeable and smart professional. He/she cannot be easily swayed by subtle or tongue-in-cheek arguments. Proven track record of a product or service is going to be the sheet-anchor of product promotion. So only the truly meritorious ones will survive and the rest will fall by the wayside. I see that handling the field force and HR issues are a big challenge for the entire industry. Attracting good people and retaining them will be the key challenge going ahead”
On asked about how the the 2020 will be he said “Given the exponential increase, both qualitative and quantitative, in the healthcare products and services that the last decade has witnessed, it is but inevitable that by the time we touch 2020, it will be a mind bogglingly new world in every sense of the term. Many of the concepts and practices that are relevant now will become obsolete even before we cross the midpoint of the decade, so let’s roll up our sleeves, pull up our socks and get ready for fast paced action. The biggest promoter of this advancement is technology. Technology will change the way we do things so people will behave differently and act differently, he added
He went on to say that “another factory which is going to help the change in the next decade is the awareness among people about healthcare. People are smarter and better read than before and companies marketing healthcare will have to take care of this while making their strategic plans for the future”.
You can see the full interview in the December Issue of Pharmaleaders Magazine or at www.pharmaleaders.co.in
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