CEBU, Philippines - Health care and fast moving consumer goods (FMCG) maker, International Pharmaceutical Inc. (IPI) is preparing itself to mount an aggressive marketing campaign next year, to get significant share in Luzon and export markets.
“IPI is very strong [already] in Visayas and Mindanao, our focus for now is to enter strongly in NCR [National Capital Region] and overseas markets,” said IPI chief operating officer (COO) Dennis B. Wong.
Despite the entry of herbal-base pharmaceutical products developed locally and abroad, Wong said IPI continues to dominate the Southern Philippine market, led by its four banner products—Casino Rubbing Alcohol, Omega Pain Killer, Efficascent Oil, and Bioderm soap.
These products registered a 70 percent growth this year, although other over 100 products developed by IPI are also getting good share in the highly competitive market.
In the last couple of years, IPI has been giving attention to market research in terms of expanding its penetration, Wong said in 2010 the company will conquer the most competitive NCR market, as well as some potential continents abroad.
IPI’s export trade has grown about 100 percent this year, this is a good indication that the company’s product has big potential abroad, specifically in Japan, Middle East, India, Australia, US and Europe.
“We are re-structuring our marketing efforts to expand our market scope,” Wong said in an interview.
Capital expenditure next year, will be poured more on the marketing efforts, establishing stronger brands in these two potential market (NCR and exports).
IPI, a Cebuano-owned company, which also maintains its manufacturing plant here, is ready to conquer the global market, as it is currently processing its application with the Food and Drug Administration (FDA) in the US, and similar requirement in the European Union (EU) member countries.
IPI’s products which are now marketed in the US is not directly export by the company. It goes through bulk buyers or middlemen that have stores in different states in the US, or Wong described as “consolidators.”
Once the FDA application will be approved, IPI is ready to export directly to United States, as it has big market potential, especially with the growing Filipinos now residing and working in there.
Initially, he said the Omega Pain Killer product, will soon be registered by the FDA in the next couple of months.
In Europe, similar efforts will be worked out by the company. Although, he said there are “trickling” orders from the European market.
Wong mentioned that the company is also looking at India to have a good market potential.
“India, is a promising market for us,” he said.
Although the market now in general in moving towards recognizing the efficacy of alternative medicine, herbal-based pharmaceutical companies in the Philippines do not really get enough support from the government.
IPI was founded in 1959 in Cebu, with only one product—Efficascent Oil. Now the company makes diversified range of pharmaceutical and health care products which include liniments, antiseptics, herbal food and beverages, as well as cosmetics, toiletries, and medical devices. It employs over 2,000 workers.