Company Watch

Bal Pharma gets approval from UAE for Ashwamedh

Our News Bureau - Mumbai

Bal Vedics, the herbal arm of Bal Pharma, has received approval from the Drugs Control Department, Ministry of Health, United Arab Emirates (UAE), for its ayurvedic drug, Ashwamedh, a re-vitaliser for male libido, to promote in the UAE region. With this approval, Bal Vedics is all set to enter the vibrant market for herbal drugs in the Middle East. UAE boasts a huge market for herbal drugs and this approval to enter the ethical route will now see Ashwamedh gain a major foothold in the Middle East region.

Commenting on the approval, Shailesh Siroya, Managing Director, Bal Pharma, said, "In tune with our global marketing strategy, Bal Pharma is in process to register its ayurvedic products in international market. There is a huge demand for herbal drugs worldwide and the market is estimated to be around $60 billion with a growth rate of seven percent annually. Bal Pharma is eyeing an establishment under this segment after tasting the success in modern medicine. The clearance from UAE gives us confidence to market the product in global arena."

Besides UAE, Bal Pharma is also in the process of getting approval for its herbal drugs in Sudan and Sri Lanka. "NOC from MCC, South Africa and now consent from UAE will give us the much needed exposure in world market. The pharma industry is on high growth and Bal Pharma foresees itself as a prominent player in the market," Siroya added. Efforts are also on to tap Korea and Germany, who are keen on Indian alternate system of medicine and supplements.

Bal Vedic's ayurvedic products are well known in the domestic market and are in process of gaining popularity in world market. The company is looking at products for kidney stones and arthritis control after Ashwamedh enters the Middle East market. Bal Vedics, which has a range of 15 products, shall be marketing its products abroad under the herbal segment.

The 15 products under the division are well known for segments in the gynaecology and urology. Going by the performance so far, Bal Vedics is looking at a turnover of Rs 25 crore by 2011. The 2006 market size for pharma and drug industry in the UAE is estimated at $448 million with an expected annual increase of 12 percent each year due to huge domestic demand.