Gufic Biosciences, the Indian biotech company, is to expand into the herbal medicine business with the planned launch of a range of over-the-counter products.
According to a report in the Indian newspaper The Financial Express, the company plans to launch a series of herbal products over the next few months in the cardiovascular, diabetics and cough and cold segments.
Gufic is increasing its research on plant-based biotechnology, which includes tissue culture, natural dyes and research on medicinal plants and vegetables. It will also be launching a range of natural sweeteners and a herbal stress reliever, the report said.
Gufic posted sales of Rs400 million (€8.1m) last year, of which almost 50 per cent comes from the herbal, OTC and personal care products, the rest coming from the export of bulk drugs and herbal formulations. The company told the paper that sales in the domestic market were expected to increase with the launch of the herbal and other OTC products.
The company's owners are also in the process of selling around 7-10 per cent of their 82 per cent stake in Gufic, the proceeds of which will be used for research and development, upgrading herbal product manufacturing facilities to meet medicine control agency standards and developing new brands.