Traditional medicine manufacturer Hamdard is looking to further diversify its product offerings by entering into new consumer segments.
In a conversation with IANS, Hamdard Laboratories' Chairman Abdul Majeed confirmed the company's plans to bring out new offerings in the form of face washes, shampoos and oral hygiene products.
"We are currently working on new consumer products. Those products which are easily acceptable to the new generation of millennials," he said.
Besides, the company is working on products based on medicinal oils which are even safe to consume.
Also Read | Dakota Johnson to play first female superhero in universe of Marvel characters
"We are working on products based on medicinal oils. Currently, we make at least 28 different types of oils in Unani medicines which have therapeutic value. We are looking at five or six areas (products) based on these oils."
According to Majeed, Hamdard is evolving into a company which provides holistic healthcare solutions to consumers, be it in any format, for which it is necessary to enter into new segments.
"We have to prove the benefits of our Unani and herbal medicines in new formats, so that we can prove their efficacy."
At present, apart from Unani medicines, the company manufactures 'Chyawanprash' amongst other supplements.
"As the market progresses, you have to go with the trend. So, now we have spruced up our R&D for the same, we have got good consultants, who are helping us develop these products."
"We started with an R&D investment of at least 2 per cent of our turnover. In the next five years, it would cross five to six per cent on a year to year basis. it will be more than Rs 100 crore."
Furthermore, he pointed out that the pandemic has shown the strength of India's traditional medicines in boosting immunity.
"Both -- Ayurveda and Unani -- medicines have been a great help in boosting immunity during Covid. In a country like India the immunity element was led by traditional medicines, while the other part of the fight was led by vaccines and antivirals that were available."
Also Read | US, 8 other nations urge UNSC to condemn N.Korean missile test
"This pandemic has made everyone realise the importance of traditional medicine and how it can help in the fight against this virus. Pandemic has widened the scope of information available to the people about traditional supplements."
On the current wave of pandemic, he stated that subsequent phases are expected to be mild, however, safety protocols would still need to be followed.
