Drug firm Alkem Laboratories has signed a pact with Singapore's Haw Par Healthcare to market and distribute Tiger Balm range of products in India.
"The Mumbai-based company has entered into an alliance with Haw Par India, a wholly-owned subsidiary of Singapore's Haw Par Healthcare, to exclusively market and distribute Tiger Balm range of products in the country," Alkem Labs said in a regulatory filing.
Tiger Balm is used for headaches, upper respiratory congestions, arthritic pains and muscular sprains.
"Combined with Alkem's strong sales and distribution infrastructure and robust executional capabilities in India, we believe it is a befitting alliance which cannot only grow Tiger Balm's franchise in India but can also add significant thrust to Alkem's OTC business," Alkem CEO Prabhat Agrawal said.
As per Euromonitor 2015, the size of OTC analgesic market in India is about Rs 20 billion and has grown at a CAGR of 9.9 per cent through 2010 to 2015.
Tiger balm features amongst the top 10 brands in the topical OTC analgesic market in India.
Alkem shares were trading 0.45 per cent down at Rs 1,805.6 on the BSE.