How has Generex Pharmassist (Generex) created a name for itself in India’s nutraceutical sector?

Generex was founded around 2005 and has been marketing world-renowned, patented, proprietary nutraceutical ingredients to the industry for nearly 20 years now. We have around 15 very innovative ingredients that are extensively clinically-backed. Unlike generic nutraceutical companies that market their products based on having a slightly stronger potency or competitive prices, Generex has a laser sharp focus on bringing ‘First time in India’ concepts. As a value added service, we also forward integrate and develop customised finished formulations on contract basis for our customers, thereby reducing the go-to market time drastically. When selecting which products to bring to market, we look at clinical efficacy and the nuances of the Indian market. People here have different dietary habits, different metabolisms, and there are several other variables at play in the lifestyle and climate that make it more important than just looking at globally accepted products.

In what ways is public perception towards nutraceuticals undergoing a transition today?

In many ways, the Indian nutraceutical industry is dominated by the pharma industry. Unlike in the West where most consumers understand the difference between a company like Pfizer and a company like Nature’s Way or GNC, in India the space is very amalgamated, and it is actually pharma companies driving the growth of the nutraceutical industry. Here, the perception is anything that comes in a pill or a capsule is a drug. Additionally, Indian consumers are not as self-educating and instead rely on instructions from their doctors, even on which multivitamin to take. If I want to buy a nutraceutical product from a pharmacy, I do not need a prescription to do so because it is not regulated in the same way, yet 90% of sales are driven by a doctor’s prescription or by word of mouth.

With Covid-19, we are seeing a preventative mindset setting in. Looking ahead, Gen Z has a great role to play in taking the nutraceutical industry forward, and I anticipate a generational shift within the next decade. This population prefers to do research themselves on what is best for their health. This all feeds into the ambition of the nutraceutical industry, which is to have its own footing without having to piggyback on the pharma sector to make its presence felt.

How can nutraceutical companies accelerate this shift?

Nutraceutical manufacturing companies have the responsibility to make standardized, potent, and efficacious products to win the trust of the patient. The challenge is in standardizing active ingredients from plant extracts because there can be significant batch variation. Second, we have to educate consumers on the efficacy of these products. The current mindset around nutraceuticals is that much of it is a marketing gimmick – people don’t believe that a plant will cure their pain, for example.

Why do you advocate for higher stringency in the regulation of the nutraceutical sector?

While the pharmaceutical sector is highly regulated, the regulation in the nutraceutical sector has also started to gain good momentum in the past few years. The downside of this is that sometimes you may find people selling products that are ineffective, and this erodes the trust of consumers towards the industry more broadly. Generex has taken this onus head-on by introducing branded clinically backed products into India. Some of our products have more than 10 published human trials, meaning we are setting the bar extremely high. To their credit, the FSSAI has evolved drastically. Back in 2005, there were no regulations whatsoever, and since then, the regulatory body has collaborated closely with industry members like us to bring the sector forward.

What will continue to drive growth for Generex in the years ahead?

Generex experienced a robust growth in 2022. In the future, our focus will continue to be on bringing niche patented or proprietary, clinically backed nutraceuticals to the Indian market. Our current pipeline of opportunities for first-to-market products is very exciting and will drive the growth moving ahead. We feel the sector is on the cusp of tremendous growth, and we will definitely be a part of this success story.