Source: Pharmabiz
The Indian pharmaceutical industry is eyeing the seamless applicability of its expertise into nutraceutical research and manufacture which is underscored by the shared regulatory frameworks and quality standards of the two sectors.
Indian pharmaceutical companies, which are now considering a foray into nutraceutical market, have recognised there is an untapped potential. This transformative movement from traditional pharmaceuticals to proactive healthcare solutions could prove to be a game-changer, said Arvind Jain, co-founder and director, AS-IT-IS Nutrition.
Of late, the global nutraceutical industry has seen a substantial surge. The shift in consumer preferences towards natural alternatives, focusing on prevention and well-being has created a lucrative market for nutraceuticals, prompting pharmaceutical companies to rethink their business models, he added.
A significant advantage that Indian pharma companies bring to this expansion is their extensive knowledge and expertise in research, manufacturing, and quality control. Leveraging their established manufacturing facilities and distribution networks, Indian pharma companies can efficiently produce and distribute nutraceutical products, minimizing initial investment and gaining a faster time-to-market advantage, noted Jain.
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This paradigm shift is driven by changing consumer preferences, particularly the increasing health consciousness and demand for preventive care among Indian consumers, especially the informed and financially empowered millennial, said Jain.
Government regulations on phytopharmaceuticals, emphasizing scientific data and quality control, provide a much-needed framework for herbal products to gain wider acceptance. This regulatory clarity has opened avenues for Indian pharma companies to diversify their product portfolios, meeting consumer demand for natural alternatives while adhering to stringent quality standards, he said.
However, the nutraceutical market is fiercely competitive. To thrive in this landscape, Indian pharma companies must commit to developing innovative products, invest in robust marketing, brand building, and establish strong distribution channels. Success in this realm hinges on strategic foresight, regulatory compliance, and a steadfast commitment to scientific rigor, he said.
The expansion into nutraceuticals is not merely a trend for Indian pharma but it signifies a transformative movement reshaping the future of healthcare. As we transition towards a future where health is approached proactively, the role of nutraceuticals becomes paramount. With a blend of strategic vision, regulatory adherence, and scientific rigor, Indian pharma has the potential to pave the path to a nutraceutical future, offering not just financial gains but more importantly, a healthier future for generations to come. This strategic shift heralds a new era where Indian pharmaceutical companies play a pivotal role in steering the healthcare industry towards holistic and preventive solutions, said Jain.
