Corona Remedies ties up with Belgian firm for anti-obesity drug
A nutraceutical product, Rasva works as a natural fat binder without any side effects
 "Corona Remedies ties up with Belgian firm for anti-obesity drug")
As Nirav K Mehta, promoter and marketing director of Corona puts it, "We are a marketing focused company. We have a field force of around 740 people, and we would like to leverage our strengths in marketing to grow in the future. We are also looking at tying up with other European countries to market their products here in India."
Corona is in talks with KitoZyme for marketing a dermatological product (for cracked feet etc) here in India. Besides, the company is also all set to launch a paediatric rehydration formula in association with a Spanish company in July.
Further, Corona is also looking to tap the Rs 530 crore anti-obesity drug market in India, which comprises both prescription drugs as well as over the counter drugs like ayurvedic and herbal products. While Rasva is a nutraceutical product, Corona, however, has decided to initially take the prescription drug route to build credibility and acceptance of the product, after which the drug would automatically sell through the over-the-counter (OTC) route. The prescription based market for anti-obesity drugs in the country is around Rs 40-50 crore.
Rasva, developed from fungi (which is generated as a waste from the manufacturing of citric acid), does not get physiologically absorbed in the body and therefore does not have any impact on metabolism.
It acts as a natural fat binder which does not allow the body to absorb any more fat from the meals. Francois Luthers, director, KitoZyme claimed that Rasva has no side-effects and there is clinical data to support the claim.
The anti-obesity market in India is dominated by Orlistat, which was originally made by multinational drug firm Roche (brand name Xenical). However, post patent expiry of the drug in 2009, companies like Intas Pharma, Torrent Pharma, Troikaa and Ranbaxy now sell the generic version of the drug. The other two drugs, namely Rimonabant and Sibutramine have been banned in India.
Corona aims sales of Rasva to cross Rs 5 crore during the first year. As Luthers pointed out sales of Rasva has crossed Rs 15 crore within ten months of its launch in UK and Ireland, and that the nutraceutical product had great potential in the Indian market given its dietary culture and obesity issues.
The Ahmedabad-based company clocked a turnover of Rs 100 crore during 2012-13, growing by 67 per cent over previous year.
It has a manufacturing facility in Solan in Himachal Pradesh, where it has recently augmented the production capacity to two million tablets per day per shift and 60,000 bottles (200 ml) per day per shift.
It makes formulations like anti-biotics and hormones and markets them under the Corona brand.