Iodex is the market leader in the pain-balm segment, with a market share of 70 per cent-plus. Iodex faces challenges from local brands like Amrutanjan, Tiger Balm (locally manufactured by Elder Pharma), Zandu Balm and Sensur of Glenmark.
Glaxo SmithKline India (GSK) has decided to transfer its Iodex range of products to SmithKline Beecham Consumer Healthcare (SKBCH), a GSK subsidiary. SKBCH has a strong marketing and distribution network in India, comprising over 1,600 wholesalers and direct coverage of over 4,00,000 retail outlets.
Last year, Glaxo India and SmithKline Beecham Pharmaceutical India had merged and it was announced that the focus of the merged entity, GSK, would give more focus on prescription drugs and vaccines rather than over-the-counter (OTC) products. The officials said with this transfer of the Iodex brand, the entire promotion, marketing and distribution will be carried out by SKBCH, a leading player in the OTC segment.
The Iodex brand was owned by SmithKline Beecham Plc, the British parent, and had been licensed to SmithKline Beecham Pharmaceuticals India. Iodex has a turnover of around Rs 100 crore, and analysts say it could be valued at Rs 300 crore. The pain-and-rub market in India is currently valued in the Rs 350-400 crore range.