P&G Health to expand VMS portfolio
Procter & Gamble Health Ltd, a subsidiary of the multinational consumer goods firm Procter & Gamble, is preparing to expand its portfolio of vitamins, minerals, and supplements (VMS), especially neurotrophic vitamins, under a five-year plan, Milind Thatte, managing director, said.
The company has a portfolio comprising 90% of VMS products, with nasal decongestant Nasivion accounting for the remainder. “We are constantly upgrading our portfolio offerings and have launched four different products in the last three to four years. And so, we will continue to launch more and more products in the market as upgrades of currently available formulations and others as additional offerings. The expansion plans come as part of our five-year vision that we have for our portfolio.”
The company has set aside funds to continue innovating and elevating its growth trajectory in India, Thatte said, without disclosing the exact amount. The firm has a strong position in various subcategories of VMS and a market share of around 80% in vitamin E supplements. It is a pioneer in big complex therapies, and in marketing neurotrophic vitamin. Its portfolio also includes well-established brands such as Livogen, Evion, Neurobion Polybion, and Seven Seas.
“When we talk about neurotrophic vitamins, the role of B1, B6, and B12 is powerful with a lot of clinical data points, and medical prevalence telling us
B12 deficiency is widespread among diabetes patients, and 50% diabetes patients end up with neuropathy,” he said.
“This happens because the predominant drug for treating diabetes prevents absorption of vitamin B12, creating a deficiency.” The firm is spreading awareness about this through campaigns like Neuropathy Awareness Week, he added.
According to a 2021 report by Mintel Analysis, a Londonbased market researcher, 37% of the Indian population consumes VMS, with 58% being females. The vitamins and minerals market in India is projected to hit $15.36 million in 2024, and grow at a compounded annual growth rate of 9.07%, to reach $23.71 million by 2029, according to global data and business intelligence platform Statista.
The company seeks to grow its volumes of injectables to earlier levels through contract development and manufacturing organization (CDMO). It had earlier announced that it would stop the manufacturing injectables at its Goa plant and do it with CDMOs. “The polybion injection, which we were manufacturing at our facility, is being done through a CDMO company to elevate the quality of the product,” Thatte added. “Now, we want to steadily take the formula to the same level of volumes we sold earlier.”
The company had reported sales of ₹304 crore in the quarter ended December 2023, remaining almost flat from the year-ago period, due to overall slowdown in VMS category.
P&G Health’s net profit for the quarter stood at ₹72 crore, down 6% year-on-year.