Mumbai, Nov. 25: Pfizer India has drawn up ambitious plans to beef up its presence in the Rs 900-crore animal health market. The company plans to widen its product portfolio by introducing three to four new products every year. Moreover, further alliances akin to that of Bayer are not being ruled out.
Pfizer expects the new products in the animal health portfolio to contribute almost 50 per cent to the company’s sales in two years.
The product portfolio will be strengthened by Pfizer Inc’s pipeline and that of Pharmacia. The acquisition of Pharmacia has made Pfizer Inc the largest animal health company in the world. This coupled with the recent marketing alliance with Bayer is set to witness the arrival of new products that are synergistic with Pfizer India's existing range.
Analysts aver that the introduction of new products could improve the company's margins as some products have undergone price erosion due to tough competition from generics.
Speaking to The Telegraph, S. Madhok, senior director (animal health) explained that Pfizer India is constantly on the lookout for growth drivers that includes following an “incremental approach” to the business. This would even include firming up alliances akin to that with Bayer as the company evaluates various business development opportunities.
Pfizer has strengthened its field force to 140 from 90. The emphasis is on better productivity through training and development and an electronic reporting system, Madhok said. “We have a set of Pfizer values that shows the way to do business,” he added.
The cattle segment (50 per cent) and poultry (45 per cent) currently dominate the animal health market in India. However, the companion animal segment also has huge potential.
In the companion animal category, stress on portfolio expansion will reflect in the projected jump in growth rate to over 200 per cent from the existing annual growth rate of around 8 per cent. “We will have a complete range with Bayer in companion animals category. These will include vaccines and de-wormers,” Madhok said.
Last week, Pfizer India had joined hands with Bayer for marketing its international range of livestock products and companion animal health products. Under the alliance, a range of products in the livestock, poultry and companion animal segments will be introduced from the Bayer stable.