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Maharishi Ayurveda Products Pvt Ltd (MAPL) will invest close to Rs 50 crore to set up another manufacturing facility in Noida this year. The company, which currently has a production unit in Faridabad, is also planning to introduce 600 new ayurvedic products in the market.
Speaking to Business Line, Mr Anand Shirvastava, CMD, Maharishi Ayurveda, on Tuesday, said, “We are planning a total investment of Rs 70-80 crore this year including for a new manufacturing facility. We are also investing in awareness programmes and conducting clinical trials.”
MAPL has about 600 products in the market currently which is expected to go up to 1,200 products over the next two years. The new products will include goods for children and women patients.
Though the company did not reveal its current market share in the Rs 5,000-crore ayurvedic drugs market, Mr Srivastava said that MAPL wants to get at least 2 per cent of the market in the next few years.
The company exports 80 per cent of its products to around 40 countries and is planning to increase its footprint to 7 new countries this year.
In India it has launched a franchisee scheme to reach out to more cities and doctors whereby it is targeting to open 800 outlets across the country in the next three years.
“The basic problem is lack of awareness among patients and doctors about the effectiveness of ayurvedic medicine. These franchisees will act as centres where patients can know more about our products,” Mr Srivastava said.
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