 "Alkem forms alliance with Haw Par to market Tiger Balm products in India")
Alkem Labs Ltd has entered into an alliance with Singapore-based Haw Par Healthcare to exclusively market, sell and distribute Tiger Balm range of products in India. Tiger Balm products will be promoted by Alkem Healthcare, an over-the-counter (OTC) division of Alkem.
Tiger Balm range of products, which use herbal ingredients that are derived from an ancient Chinese source, are used as a remedy for headaches, upper respiratory congestions, rheumatic or arthritic pains and muscular sprains.
As per Euromonitor 2015, the size of OTC analgesic market in India is about Rs 2,000 crore and has grown at a CAGR of 9.9 percent through 2010 to 2015. Of this, topical OTC analgesic which includes ointment, creams, gels, sprays and patches accounts for more than 70 percent of the market with brands like Zandu Balm, Volini, Moov, Amrutanjan, Iodex, Emami, Tiger Balm, etc. Also, 90 percent of total OTC analgesic sales happens through chemist channel where Alkem has a strong reach. Tiger Balm features among the top ten brands in the topical OTC analgesic market in India.
“Herbal ingredients based Tiger Balm is a very well-known OTC analgesic brand worldwide with a high consumer recall. Combined with Alkem’s strong sales and distribution infrastructure and robust executional capabilities in India, we believe it is a befitting alliance which can not only grow Tiger Balm's franchise in India but can also add significant thrust to Alkem's OTC business," said Prabhat Agrawal, CEO, Alkem.
A K Han, executive director, Haw Par, added, "The Indian market is very important and potentially large one for us. This strategic alliance will be mutually beneficial with the sales and distribution strength and reach of Alkem and the proven success of Tiger Balm products."
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