Natrol Global FZ LLC, manufacturer of herbal products, will base its regional headquarters at the Dubai Biotechnology and Research Park (DuBiotech) to cater to the increasing demand for nutritional supplements in the Middle East and Africa regions.
The announcement was made by DuBiotech, a member of Tecom Investments.
Natrol Global is a sister company of Natrol Inc, US, and a subsidiary of Plethico Pharmaceuticals Ltd, a herbal/nutraceutical focus company that engages in the manufacturing, marketing and distribution of pharmaceutical and allied healthcare products.
Plethico Pharmaceuticals Ltd will also set up a manufacturing facility to manufacture lozenges, tablets for cough, cold and throat infection and various other dosage forms including tablets, capsules, and syrups. The facility being built with an initial investment of $35 million will cater to the GCC countries, Middle East, Africa, European Union, the US and the CIS.
Nutraceuticals are health food supplements that include products such as functional foods, vitamins, minerals, amino acids, sports nutrition, energy and wellness drinks.
Marwan Abdul Aziz, director of DuBiotech Park, said: “The addition of Natrol Global to our community is a testament to DuBiotech’s dedication to attracting global leaders to the region. It also validates Natrol’s foresight in identifying the potential of the Mena region. The biotechnology industry is increasingly acquiring greater significance in the region and DuBiotech is committed to catering to the needs of the regional life sciences industry.”
Chirag Patel, CEO, Plethico Pharmaceuticals Ltd., said: “The Middle East will serve as our ‘sunrise’ region, giving us an edge over our peers in quickly accessing not only the Middle East but also the CIS, South East Asia, Africa, and parts of Europe. Given the fact that Nutraceutical is profoundly consumer-oriented, we can react faster to changing economic scenarios as well as to shifting consumer preferences.”
M Imran, business head-Mena, Natrol Global, said: “According to our study, the regional market potential for nutraceuticals is worth more than $500 million and our target is to achieve more than a 15 per cent market share.”
Globally, the sale of nutraceutical products is poised to hit $187.4 billion by 2010 from $155.9 billion in 2007. Analysts say margins in nutraceuticals are more attractive than in drugs, as they are over-the-counter products.
Established in 1980, Natrol’s portfolio of brands includes Natrol, MRI, Prolab, BioSil, Laci Le Beau, Promensil, Trinovin, Nu Hair and Shen Min. The company also manufactures products on behalf of third parties. Natrol distributes products through more than 54,000 retailers in the US, as well as internationally in over 40 other countries through partners and subsidiaries in Europe and Asia. DuBiotech is set within a free zone.