Every company, irrespective of its size or leadership position in the industry, has its own set of external and internal challenges. The external challenges include tackling a dynamic market environment, changes in regulatory policies and pricing mechanisms and effectively countering competition. Internal challenges include attracting the right people to the organization, aligning the various divisions to the vision, mission and strategic initiatives, and getting the quality-price combination right.
Pharma industry in India is in a consolidative phase. BDD and M & As are expected to happen in more and more numbers in the near future. The Nutraceutical industry is at an infant stage in India – consolidation among existing players and entry to India by MNCs is expected to pick up pace.
India is among the fastest growing destinations globally for high quality healthcare at competitive prices in comparison to healthcare in many developed markets. Therefore MNCs in Pharmaceutical and Nutraceutical industry are actively considering India as among the top 5 potential markets for many of their existing products and future formulations in specialty segments.
As most of the organizations are focusing on quantum growth, they perform at the cost of health of their organization. This weakens competency and leadership of the organization which over a period of time, affects business performance. As on today not more than 1% of total revenue is spent on learning and development of people. This needs to be increased for better balance of Business Performance and Business Health.
As value from domestic markets is increasing due to induction of robust regulatory system and available consumers in India national and international Nutraceutical and food companies are looking at India as its destination to launch brands under their brand names or private label brands of Indian companies. This is a right time to enter and create first mover advantage in branding space.
As value from domestic markets is increasing due to induction of robust regulatory system and available consumers in India national and international Nutraceutical and food companies are looking at India as its destination to launch their products and market those in India. Technology is adding value through digital marketing to the entire portfolio of marketing.
The Nutraceutical industry is currently at a nascent stage in India, with tremendous potential for growth in the future. Buoyed by the promising prospects, companies of all sizes are entering the market. However, many multinational nutraceutical companies do not have sufficient knowledge about the dynamics of Indian market. They are on the lookout for consultancy advise on the right go-to-market strategy.
India is among the fastest growing destinations globally for high quality healthcare at competitive prices in comparison to healthcare in many developed markets. Therefore MNCs in Pharmaceutical and Nutraceutical industry are actively considering India as among the top 5 potential markets for many of their existing products and future formulations in specialty segments.
Wellness is an ill-defined term in terms of business hence there are many opportunities in each mode of wellness systems right from wellness programs-products-services. It is a new evolving field and will catch up at corresponding business level over the period of 4-5 years. As Interlink got advantage as first movers in Nutraceuticals, properly worked space is wellness to be first in this business. Today awareness of wellness is at the level of fitness hence products, wellness centers, detox centers, meditation centers, etc. are being proliferative. There is a big opportunity to consolidate and grow with right product, service and practice mix.