Mumbai-based pharmaceuticals manufacturer Vaishali Pharma said it has entered the US market by launching its orthopaedic belts and similar products.
The company is among the smaller sized pharmaceutical manufacturers in India, with annual sales in the range of around Rs 40 cr.
Established in 1989, it manufactures and supplies bulk drugs, pharmaceutical ingredients, formulations, surgical products, veterinary
supplements and herbal & nutraceutical products to a various companies, including a “well-established brand known for its high quality products & services”.
Vaishali Pharma said it has received ‘excellent feedback’ on its ortho belt so far. Orthopaedic belts are used in treating orthopaedic conditions and injuries by creating better posture and helping to strengthen ligaments.
The global orthopaedic devices market has reached to $39.3 billion in 2020 and the market is then expected to grow at a CAGR of 5% and reach $63.6 billion in 2023.
Within this, North America, constitutes the highest sub-market, with a share of 44%.
“Almost 50 percent of people in the United States experience lower back
pain every year, leading lower back pain to be one of the most common explanation,” said the company.
The company exports products to 11 countries, including India, and has partnerships in nearly 28 countries with 150+ brands. Among these are Russia, Dubai, Nigeria, Kenya, Ukraine, Ethiopia, Costa Rica, Lebanon, DR Congo, Vietnam, Yemen and Jordan.
The company also claims to have over 150 formulation brands marketed in multiple countries.
It said it plans to double the product range in coming years and “is working in that direction with registration of products in various countries”.