Emerald Emerging Markets Case Studies

Anju Pharmaceuticals: riding the herbal wave

Rekha Attri,
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Rekha Attri, (2017) "Anju Pharmaceuticals: riding the herbal wave", Emerald Emerging Markets Case Studies, Vol. 7 Issue:
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 Anju Pharmaceuticals: riding the
herbal wave
Rekha Attri

Introduction Rekha Attri is Assistant

Professor at Department
In August 2016, Mr Mitesh Jha, the third-generation owner of Anju Pharamaceuticals, was of Marketing, Jaipuria
glancing through yet another article in the newspaper which discussed how Indian Institute of Management
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fast-moving consumer goods (FMCG) companies such as Patanjali, Dabur, Marico were Indore, Indore, India.
banking on ayurvedic and herbal components in their various key products such as
toothpaste, shampoo and hair oil to expand their market share and some of these Indian
companies seemed to be growing faster than bigger multinationals including Hindustan
Unilever and Procter & Gamble (Bhushan, 2016). For quite some time now, Mitesh was
continuously reading articles which discussed how there has been a positive shift in the
consumer preferences for products having herbal and ayurvedic ingredients. It was
observed that customers normally used the words ayurvedic and herbal interchangeably
and often Mitesh had to train his sales representatives on the difference between herbal,
natural and ayurvedic products so that they are able to make an effective sales pitch.
Herbal products made of plant extracts, plant roots, leaves etc. are very different from
ayurvedic products which are more medicinal in nature and their production includes the
use of herbs as well as heavy metals such as gold, silver, copper, tin, mercury, sulphur etc.
Natural products on the other hand are made from plants and minerals that occur in nature
and have not been produced in a laboratory and are not man made. Mitesh recalled how
his grandfather had started Anju Pharmaceuticals with the manufacturing of three products
in 1983 and today the company manufactures 29 ayurvedic products spanning seven
categories such as skin care, pain relief, general health, digestion and metabolism, oral
care, ear and throat care and hair care. Despite being more than three decades into this
business, the company had still not been able to make a mark in the market but with the
positive changes in consumer perception towards ayurvedic, natural and herbal products,
Mitesh was hopeful that if he could gear up his distribution it would result in improving the
bottom-line of the company. He was also very much aware that to improve his bottom-line
just relying on efficient distribution would not suffice and he would need to come up with
strategic alliances and newer ways of doing the business rather than just following what
had been the norm for the last few years. He wanted his company to ride the FMCG herbal
wave but how? and at what cost? were the big questions facing him. Disclaimer. This case is written
solely for educational
Fast-moving consumer goods herbal wave in India purposes and is not intended
to represent successful or
unsuccessful managerial
FMCG or consumer packaged goods are products that are sold quickly and at relatively decision-making. The author/s
low cost. Examples include non-durable goods such as soft drinks, toiletries, may have disguised names;
financial and other
over-the-counter (OTC) drugs, processed foods and many other consumables. As per the recognizable information to
reports published by India Brand Equity Foundation (IBEF), the Indian FMCG sector is protect confidentiality. Names
of employees mentioned in the
categorized into three broad categories of Household and Personal Care, Health Care and case have been changed to
Food and Beverages. The Household and Personal Care comprising of oral care, hair care, maintain confidentiality.

DOI 10.1108/EEMCS-01-2017-0008 VOL. 7 NO. 3 2017, pp. 1-26, © Emerald Publishing Limited, ISSN 2045-0621 EMERALD EMERGING MARKETS CASE STUDIES PAGE 1
 skin care, cosmetics/deodorants, perfumes, feminine hygiene and paper products, fabric
wash and household cleaners is the leading segment accounting for 50 per cent of the
market share. In total, 31 per cent of the FMCG market share was of health care products
which comprised OTC products and a range of pharma products termed as ethical. Finally,
19 per cent of the FMCG market share was for food and beverages which comprised health
beverages, staples/cereals, bakery products, snacks, chocolates, ice cream, tea/coffee/
soft drinks, processed fruits and vegetables, dairy products and branded flour. As per the
IBEF reports, the rural FMCG market was anticipated to increase at a CAGR of 17.7
per cent to reach US$100 bn during 2012-2025. The reports also stated that the favourable
demographics and the rise in income levels would give a boost to the Indian FMCG market
to grow at a CAGR of 20.6 per cent during 2016-2020 (Ibef.org, 2017; FMCG, 2017).
Consumers around the world are going organic and the Indian marketplace too has
witnessed a growing preference for products having natural ingredients. Baba Ramdev the
yoga guru who founded Patanjali (brand named after ancient Indian scholar who compiled
the yoga sutras) has turned out to be the most disruptive force in the last two decades for
the consumer goods industry. Patanjali started in 1997 as a small pharmacy in the holy
town of Haridwar in the state of Uttarakhand, India, making healthcare products and was
incorporated in 2006 as a company to sell personal care, food and beverage products
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through its own outlets (Malviya and Tyagi, 2016).

The Indian FMCG marketplace of over 2 lakh crores has seen a marked shift in consumer
preference. Baba Ramdev promoting Patanjali products on domestic or Swadeshi platform
with affordable pricing has broken into the bastion of multinational companies and has
achieved success in pushing Indian products to the households of the masses. The urban,
semi urban and rural customers have all accepted Patanjali products. India Infoline, a
brokerage firm, estimated Patanjali’s revenues to rise four fold by 2020 as compared to its
revenues recorded in the fiscal year 2015-2016 (Rangan, 2016).
With such an impressive growth curve, Patanjali has been able to attract the human
resource talent pool from companies such as Hindustan Unilever and Procter & Gamble
apart from domestic companies such as Himalaya, Bisleri and Emami (Vijayraghavan and
Bhushan, 2016). Dabur, an Indian consumer goods company manufacturing Vatika hair
care, Fem Bleach and Real Juices which had pioneered introducing ayurveda-based
health and personal care products, had spelled out its plans to develop health tonics for
women and children and sugar-free chyawanprash (a cooked mixture of sugar, honey,
ghee, gooseberry (amla) jam, sesame oil, berries, herbs and various spices as per the
instructions suggested in ayurvedic texts. Chyawanprash is widely sold and consumed in
India as a dietary supplement) (Bhushan, 2016).
According to the reports published by Euromonitor, the competition in natural and
ayurvedic space was expected to be intense not only within the mass sector but also in the
premium end of the market. In an attempt to cash on to the opportunity of rising popularity
of herbal products, the French cosmetics giant L’Oreal had announced its plans to launch
a hair care range made with natural ingredients under the name of Garnier Ultra Blends.
Hindustan Unilever too expressed its plans to relaunch its Ayush brand of hair oil (Malviya,
2016).
Herbal products account for 13-14 per cent of the market and this is the prime reason why
almost 80 years after Colgate entered the country and despite selling herbal variants of
toothpaste having neem and cloves, the company is set to launch an India-focused brand
of toothpaste with the name of Cibaca Vedshakti to counter the Dant Kanti brand of
toothpaste marketed by Patanjali (Malviya and Tyagi, 2016).
Sri Sri Ayurveda (SSA) was established in the year 2003 by a spiritual Guru Sri Sri Ravi
Shankar who has more than 37 crore followers. The product range by SSA includes
breakfast cereal, oil, spices, personal care, oral care, spices etc. and all are positioned on

PAGE 2 EMERALD EMERGING MARKETS CASE STUDIES VOL. 7 NO. 3 2017

 herbal platform. A report by Edelweiss Securities stated that the inclination of consumers
towards ayurvedic products would increase the acceptance of these products because the
ground work for the benefits of herbal products had been done by Baba Ramdev’s
Patanjali. Further, the companies did not have to spend much on branding and promotions
because these spiritual gurus were a brand in themselves. However unlike Patanjali, the
area that was weak for SSA was the existence of an efficient distribution network as there
were only 600 franchized outlets though plans were to open 2,500 outlets in India by 2017.
This was the pain area for other spiritual gurus as well like Sadhguru Jaggi Vasudev, Guru
Ram Rahim and Aurobindo Ashram who were planning cashing on the herbal proposition
(Vyas, 2016).
Dabur a prominent seller of honey; Agro Tech, the local unit of ConAgra Foods which sells
the Sundrop brand of edible sunflower oil and toothpaste maker Colgate lost more than a
fifth of their value from recent peak because of the penetration of Patanjali products in
various parts of the country (Rangan, 2016).
As per reports published by Nielsen product availability is the key to FMCG sales (33
per cent). The report also stated that about 30-40 per cent consumers changed their
preferences because of non-availability of their favourite brand. The market penetration of
FMCG giants such as HUL, Colgate and Nestle is way beyond (about twice as much)
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Patanjali outlets (Bhatt, 2016). To remove this bottleneck, Patanjali Ayurveda started
working extensively on penetrating deeper into the Indian market by strengthening its
distribution network so as to achieve its target of doubling its revenues to Rs.10,000 crores
by the end of March 2017. There were reports on the firm leasing 1.2 million sq ft. of modern
warehousing space across top 20 cities in the country and had plans to ramp this up to over
2 million sq ft. by setting up five to seven large distribution centres in key locations (Sharma,
2016). Besides having 1,200 Chikitsalayas (Clinics), 2,500 Arogya Kendras (Health
Centres), 7,000 Open Stores in villages and 5,600 marketing vehicles, the Patanjali team
was also reported to be working on launching 250 megastores in tier-1 and 2 cities.
Patanjali also entered into modern trade tie ups with Big Bazaar, Reliance Retail, Star
Bazaar (Tata Group), DMart, Spencer Retail, More (Aditya Birla Retail) and Apollo
Pharmacy, thus making its products available in over 4,500 stores across India (Baruah,
2016). Reports from these modern retail stores point out that products such as ghee,
honey, chyawanprash, juices, instant noodles and shampoo were the top selling brands in
their respective categories and owing to such an overwhelming consumer response these
retailers have put up standalone racks, counters or bays depending on the size of the store
to stock Patanjali’s grocery products (Bhushan and Mukherjee, 2016). The company also
has an online presence via e-commerce sites apps such as Amazon, Big Basket and
Grofers although research carried out by Nielsen India concluded that not more than 1
per cent of Indian consumers bought FMCG through e-commerce and traditional retail
outlets or kirana stores constituted 90 per cent of the FMCG business. According to
business analysts, the rise of Patanjali would pose a serious challenge to companies that
had dominated the consumer space for years. Shares of Nestle dropped about 29.5
per cent, Colgate-Palmolive declined 21.7 per cent, Emami had fallen 12.5 per cent while
Dabur lost 6.7 per cent in the financial year 2015-2016 (Baruah, 2016).

Ayurveda: the science of life

Composed of two Sanskrit roots Ayush meaning life and Vid meaning knowledge or
science, Ayurveda is a science of life which originated in India over 5,000 years ago.
Companies such as Dabur (launched 1884), Amrutanjan (launched 1893), Himalaya
(launched 1930), Baidyanath (launched 1917), Vicco (launched 1952) have been
household names for offering ayurvedic products in India.
Triggered by factors such as a stressful working culture and exhaustive lifestyle leading to
growing ailments, herbal products and ayurvedic medicines have gained a lot of

VOL. 7 NO. 3 2017 EMERALD EMERGING MARKETS CASE STUDIES PAGE 3

 acceptance among customers from all income brackets because the consumption of these
products and medicines does not have any side effects unlike the allopathic medicines.
The ayurvedic business prospects amounts to a $20-bn ready market, which is growing at
a very fast rate and would become a $5-tn market worldwide by 2050. The total size of the
Indian Ayurvedic market is INR 50 billion and it is growing substantially at a rate between
10 and15 per cent, with the same growth rate targeted for the next 10 years (Francorp,
2017).

Marketing of Anju pharmaceutical products

Anju Pharmaceuticals is an offshoot of Oriental Chemicals (estd. in 1929) that was started
in the year 1983 by the entrepreneur Mr Navin Jha. The products of Anju Pharmaceuticals
target specific areas such as skin care, gastric care, pain relief and women’s health
(Exhibits 1 and 2). The company comprised 27 employees headed by Mr Mitesh Jha. Ten
employees were in the production of the ayurvedic products, five looked after the office
administration and 12 were engaged in sales and network building activities for the
company. The products manufactured by Anju Pharmaceuticals were under seven
categories of skin care, pain relief, general health products, digestion and metabolism
products, oral care products, ear and throat care products and hair care products provide
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solution to a wide variety of problems faced by the customers as given below:

Skin care products

 Vama Cream (20 gm tube): effective for cracks, minor cuts, burns, fungal infection,
wounds and dry skin;
 Zalim X Ruz (15 gm tube): ointment for pimples, ulcers, cracks, ringworm, itches,
eczema, psoriasis, minor cuts, burns, boils, scratches;
 Zalim X Malam (14 gm): cure for ringworm, itches, scabies, eczema, fungal infections
between fingers and toes, corns, dermatitis, psoriasis; and
 Zalim X Lotion (10 ml bottle): liquid form to cure ringworm, itches, scabies, eczema,
fungal infection, dermatitis.

Pain-relief products
 Anju Balm (12 gm): head-ache, cough and cold, muscular pain, joint pain, swelling,
back-ache, rheumatic pain, arthritis, sciatica pain, sprain, frozen shoulder etc.;
 Mekado Pain Balm (10 gm): muscular and joint pain, common cold, headache;
 Pain Cure Ointment (15 gm tube): Quick relief from sprain, strain, shoulder pain, hip,
knee and muscular pain, cervical and lumbar spondylitis, sciatica and lumbago; and
 Pain Off Oil (10 ml roll on): effective cure for injury, muscular pains associated with
fevers, joint pain, nasal and chest congestion, back-ache, pain because of spondylitis,
lower back pain, rheumatic pain, arthritis, sciatica, insect bite, frozen shoulder,
shoulder pain, sprain, lumbago.

General health products

 Nari Rasayan (40 capsules): proven for osteoporosis, strengthens bones, generates
new blood cells;
 Saundrya Syrup: a unique tonic especially for women; and
 AP-31 Capsules: useful for treating continuous fatigue, emotional and metabolic stress,
anxiety, palpitation, quick ageing, depression, acute joint pain, blood pressure,
insomnia, low sex drive, frequent health issues in males.

PAGE 4 EMERALD EMERGING MARKETS CASE STUDIES VOL. 7 NO. 3 2017

 Digestion and metabolism products
 Punchsudha (100 Capsules): money saver pack for colic pain, sun-stroke, gas, acidity,
indigestion, common cold, cough etc.;
 Sugam Churna (30 gm): improves digestion process and relieves from constipation;
 Arshomrit Pills (30 pills): for piles and fistula; and
 Anju’s Alive Syrup: the ingredients of this syrup help protecting the liver by removing its
impurities and enhancing the efficiency.

Oral care products

 Anju Tooth Drop: besides providing relief for tooth ache, Anju Tooth Drop provides a
freshening feel to mouth and breath and also prevents the foul smell because of
decaying teeth;
 Gum Care: effective ointment for curing pyoria; and
 Maulshree Tooth Powder: tooth Powder for dental care.

Ear and throat products

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 Anju Cough Syrup (60 ml): effective cure for common cold, cough; and
 Karn Priya Tel: provides immediate relief from ear pain.

Hair care products

 Amar Hair Oil (100 ml pack): stops hair fall and ensures feeling of freshness, restores
long, thick and black hair.
As per the report published by the Institute of Traditional Medicine, the Indian ayurvedic
marketplace has been dominated by less than a dozen companies with Dabur, Baidyanath
and Zandu occupying the major Indian market share. Marico, Himani, Procter & Gamble,
Ayur Herbal, Charak Pharmaceuticals, Emami, Hamdard, Himalayan Drug Company and
Vicco Laboratories are some other companies offering ayurvedic products within the broad
category of FMCG involving food, beverages, toiletries etc. (Dharmananda, 2017). With the
plethora of ayurvedic and herbal products manufactured and marketed by Patanjali many
other companies also increased their focus on marketing their products manufactured on
herbal and ayurvedic platform. Mitesh was confident that because of a positive customer
perception towards these products, it would be easy for Anju Pharmaceutical products to
get acceptance from consumers unlike before when customers were more inclined to
purchasing FMCG products of multi-national corporations.
The ayurvedic products manufactured by Anju Pharmaceuticals were very competitively
priced. For instance 50 gm of Vama cream for healing minor cuts, wounds, cracked heels
etc. would cost Rs. 150 whereas Biotique Bio Costus foot cream was sold at Rs. 180 for 50
gm. Anju pharmaceuticals had appointed distributors to cover the markets of Indore,
Bhopal, Ujjain, Jhansi, Gwalior, Guna, Satna in Madhya Pradesh. The distributors were
given a margin of 20 per cent against a minimum lifting of products worth Rs. 10,000. The
distributors were required to place the products in various pharmaceutical and ayurvedic
stores. The lifting of products by the distributors however was a challenge for Mitesh
because they placed orders only on need basis and there was no uniform lifting schedule.
The 12 sales people of the company also could not effectively persuade the distributors
because they received replies from the distributors that there was a good stock of the
products at various outlets and there was no requirement from the pharmaceutical and
ayurvedic retailers. During one of brainstorming sessions with his sales team, an idea of
setting up kiosks at prominent stores and residential colonies was given so that awareness
about the products could be spread but such ideas till date had not reached the

VOL. 7 NO. 3 2017 EMERALD EMERGING MARKETS CASE STUDIES PAGE 5

 implementation stage. With limited sales force, Mitesh wanted to tap the urban and
semi-urban customer base in Madhya Pradesh but at the same time had dreams of
reaching out to a larger customer base in other states of the country. Making Anju
Pharmaceutical products available online was one suggestion which Mitesh would often
receive from family, friends and even his employees but he was sceptical of the same
because of not so good experience with online companies.

Online selling experience of Anju Pharmaceuticals

The organization was run more like a family business and being a small-sized company the
funds were limited for venturing into advertising and marketing communications using
mass media.
Mitesh instead used the website of the company and the social media platform of Facebook
to create awareness about his company. Google analytics helped him track the
performance of the company’s web pages and from the inputs received regarding the most
viewed product, the number of website hits per month etc., the website was continuously
upgraded. The website address was printed on the package of each product and the list
of all the products of Anju Pharmaceuticals was also inserted in the product packaging
along with the instructions leaflet with the two-fold objective of creating awareness of the
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company and showcasing all the products manufactured by the company which could lead
to upselling of products.
In 2014, Mitesh had his fingers burnt when he experimented with selling his products using
the e-commerce platform of e-bay, Snapdeal and Flipkart to catch up with the changing
consumer preferences for online shopping. In cases where the customer requested only
one pack of the product on e-bay, it turned out to be a big loss for Anju Pharmaceuticals
as the cost associated with selling online, sometimes turned out to be more than the market
retail price of the product. Then there was change in the government directives which
banned the sale of medical products online and hence all ayurvedic preparations even if
they were for non-medicinal use such as hair oil, skin cream etc. were prohibited from
selling online. Flipkart required a number of documents and certificates from the
proprietors to sell their products online. Arranging for the documents and certificates took
a backseat when Mitesh had another bitter experience with an e-commerce company by
the name of Sattviko.com. They had a couple of transactions worth 1,000 rupees but even
after six to seven months the margins from the e-commerce company had not been
disbursed.
It is not that ayurvedic and herbal products were not available online. Rather, there were
more than 150 ayurvedic and herbal brands available at amazon.in, snapdeal.com and
ayurvedmart.com. Companies dealing in ayurvedic and herbal products also had their own
websites where all the products were listed. Although Anju Pharmaceuticals too had its
website with detailed product information but nowhere in the website was a mention of the
price of the products. Even while placing an online order on website, a customer did not
come to know the price of the product and the order was sent to the manufacturer who later
got in touch with the customer. This was pointed out to Mitesh by few customers but no
action in this regard was taken to make the website more customer friendly. Mitesh was
more interested in building a network of distributors who could make the product available
at various geographies and because of a few not so good experiences with online retailing
Mitesh did not pay attention to catering to small ticket orders. Other websites for example
that of Maharishi Ayurveda had a detailed listing of their products on their own websites
and also a customer could search the relevant product by using search option based on
the symptoms of the ailment (Maharishi Ayurveda, 2017). Unlike Anju Pharmaceuticals,
various herbal and ayurvedic companies such as Roop Mantra, Ozone Ayurvedics, Himali
Ayurveda, Baidyanath, Zandu, Organic India etc. made sure that their products were

PAGE 6 EMERALD EMERGING MARKETS CASE STUDIES VOL. 7 NO. 3 2017

 available at multiple online platforms such as ayurvedmart.com, amazon.in, snapdeal.com
etc. besides being listed on the company website.
At other occasions, Mitesh had received ideas of making his products available on Grofers
and Big Basket but the viability of using this platform was still to be explored.

Dilemma in third-party manufacturing

Mitesh got the company listed in Tradeindia.com (Exhibit 3) and Indiamart.com (Exhibit 4) so that
he could connect to prospective clients. The advantage of listing the company in Tradeindia.com
and Indiamart.com was that Mitesh started receiving queries from interested clients to manufacture
and package the ayurvedic products under the desired brand name. Mitesh was aware of some
companies who were into third-party manufacturing of herbal products such as Shivalik Herbals in
the state of Haryana (Shivalikherbals.in, 2016), Venus Herbal Products in the state of
Gujarat (Venusherbalproducts.com, 2016), Altar Lifesciences in the state of Uttarakhand
(Altarlifesciences.in, 2016), Pukhraj Organic in the state of Punjab (Pukhrajorganicindia.com, 2016),
Sri Cure Herbs India Pvt. Ltd. in the state of Haryana (Sricureherbsindia.com, 2016), Trio Healthcare
Pvt. Ltd. in the state of Gujarat (Triohealthcare.in, 2016), Prakruti Products Pvt. Ltd. in the state of
Karnataka (Prakruti.com, 2016), etc.
The idea of becoming a third-party manufacturer somehow did not excite Mitesh because he
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felt that by going in for third-party manufacturing he would never be able to establish the brand
identity of Anju Pharmaceuticals. Mitesh was aware of the opportunity that there were just one
or two herbal products manufacturers in Madhya Pradesh and that was the reason why he was
approached for getting into third-party manufacturing alliances with some established clients
when he had registered in Indiamart and Tradeindia portals. Mitesh was sceptical in taking a
decision favouring third-party manufacturing as he would have to compromise on the margins
received in third-party manufacturing as compared to the margins realized by selling products
under the banner of Anju Pharmaceuticals. Further, Mitesh thought that by going in for
manufacturing for third party he would become dependent on the third party for orders.
Presently, his company was manufacturing around 29 ayurvedic products and Mitesh wished
to increase the product portfolio in the next five years.
The bottleneck at Anju Pharmaceuticals however was the lack of funds for going in for
advertising of products and till the time awareness was not created among the customers
for the various products of the company, sales volumes could not be attained. A lack of
market penetration resulted in a low sales volumes and this resulted in the factory not
functioning at 100 per cent capacity because of unsold inventory. Mitesh was also against
going in for any sort of debt for pumping in more funds in marketing communications and
expanding distribution network. He felt that the brand image of products manufactured by
Anju Pharmaceuticals would be diluted if he entered into third-party manufacturing
alliances.
Mitesh wanted his company to ride the FMCG herbal wave and see the bottom-line of his
company improve but how? and at what cost? were the big questions facing him.

Questions
Q1. What advantages and disadvantages for the client and the manufacturer do you see
in third-party manufacturing?
Q2. Are the apprehensions of Mitesh against going for third-party manufacturing justified?
Why/Why not?
Q3. Should Anju Pharmaceuticals reconsider selling its products using online e-commerce
platforms?
Q4. What other ways can Anju pharmaceuticals use to cash on to the positive customer
perception and attitude towards herbal products?

VOL. 7 NO. 3 2017 EMERALD EMERGING MARKETS CASE STUDIES PAGE 7

 References
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Francorp (2017), “Ayurveda: the next big opportunity in retail & franchising”, available at: www.
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Ibef.org (2017), “FMCG”, available at: www.ibef.org/download/FMCG-February-2017.pdf (accessed

12 February 2017).

Maharishi Ayurveda (2017), available at: www.maharishiayurvedaindia.com/onlineshop (accessed 12

February 2017).

Malviya, S. (2016), “L’Oreal to launch natural hair care products”, The Economic Times, Mumbai ed., 16
June, p. 5, available at: http://epaperbeta.timesofindia.com/index.aspx?eid⫽31816&dt⫽20160616&Ar⫽1
(accessed 7 July 2016).

Malviya, S. and Tyagi, N. (2016), “Patanjali injects a new dose of life into herbal market”, The Economic
Times, Bangalore ed., 23 February, p. 1, available at: http://epaperbeta.timesofindia.com/index.aspx?
eid⫽31815&dt⫽20160223&Ar⫽1 (accessed 5 June 2016).

Malviya, S. and Tyagi, N. (2016), “Colgate to take on Patanjali with herbal toothpaste”, The Economic
Times, Delhi ed., 1 August, p. 8, available at: http://epaperbeta.timesofindia.com/index.aspx?eid⫽
31817&dt⫽20160801&Ar⫽1 (accessed 2 August 2016.

Prakruti.com (2016), “Prakruti products Pvt. Ltd”, available at: www.prakruti.com/prakruti-ayush-2/

(accessed 12 August 2016).

Pukhrajorganicindia.com (2016), available at: http://pukhrajorganicindia.com/third-party-

manufacturer.html (accessed 12 August 2016).

Rangan, G. (2016), “The sceptic-FMCG disruption: Baba Ramdev, the Black Swan”, The Economic
Times, Bangalore ed., 19 February, p. 13, available at: http://epaperbeta.timesofindia.com/index.
aspx?eid⫽31815&dt⫽20160219&Ar⫽1 (accessed 7 June 2016).

Sharma, R. (2016), “Patanjali aims to double revenue to Rs. 10kcr. by March, gobbles up space”, The
Economic Times, Mumbai ed., 2 August, p. 5, available at: http://epaperbeta.timesofindia.com/index.
aspx?eid⫽31818&dt⫽20160802&Ar⫽1 (accessed 12 August 2016).

Shivalikherbals.in (2016), available at: www.shivalikherbals.in/info/contract-manufacturing (accessed

12 August 2016).
Keywords: Sricureherbsndia.com (2016), available at: www.sricureherbsindia.com/franchise-for-ayurvedic-
Marketing, medicines.html (accessed 12 August 2016).
Consumer behaviour,
Triohealthcare.in (2016), available at: http://triohealthcare.in/ (accessed 12 August 2016).
Business development,
Strategic management/ Venusherbalproducts.com (2016), available at: www.venusherbalproducts.com/third-party-
planning manufacturing-herbal-ayurvedic-product-2880968.html (accessed 12 August 2016).

PAGE 8 EMERALD EMERGING MARKETS CASE STUDIES VOL. 7 NO. 3 2017

 Vijayraghavan, K. and Bhushan, R. (2016), “Patanjali becomes magnet for FMCG executives”, The
Economic Times, Delhi ed., 13 February, p. 6, available at: http://epaperbeta.timesofindia.com/index.
aspx?eid⫽31815&dt⫽20160213&Ar⫽1 (accessed 2 June 2016).

Vyas, J. (2016), “After Patanjali comes Sri Sri,- FMCG companies will have to be on guard”, The
Economic Times, Bangalore ed., 17 March, p. 12, available at: http://epaperbeta.timesofindia.com/
index.aspx?eid⫽31815&dt⫽20160317&Ar⫽1 (accessed 2 June 2016).

Further reading
Anju Pharmaceuticals listed in Indiamart.com (2016), available at: www.indiamart.com/
anjupharmaceuticals (accessed 16 June 2016).
Anju Pharmaceuticals listed in tradeindia.com (2016), available at: www.tradeindia.com/Seller-1124283-
Anju-Pharmaceuticals/ (accessed 19 June 2016).

Exhibit 1

Figure E1 Products of Anju Pharmaceuticals

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 Exhibit 2

Figure E2 Products of Anju Pharmaceuticals

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PAGE 10 EMERALD EMERGING MARKETS CASE STUDIES VOL. 7 NO. 3 2017

 Exhibit 3

Figure E3 Anju Pharmaceuticals listed in tradeindia.com

Downloaded by Doctor Arun Bhattacharyya At 07:55 30 April 2018 (PT)

Exhibit 4

Figure E4 Anju Pharmaceuticals listed in Indiamart.com

VOL. 7 NO. 3 2017 EMERALD EMERGING MARKETS CASE STUDIES PAGE 11