The global hair formulation market is valued at $ 7 billion while the skin care industry is estimated to be $ 50 billion.
Time and again global brands are finding ways to enter the Indian market, eyeing to have a piece of pie from the huge market that India is.
One of the reasons, why people trust global brands is for their clinics and laboratories use new technologically innovated machines and gadgets, where Indian machines fail to deliver accuracy.
The global hair formulation market is valued at $ 7 billion while the skin care industry is estimated to be $ 50 billion. The key growth drivers for the industry are changing consumer lifestyle, increasing awareness on aesthetic beauty and rising disposable income. Multinational players with international brands have a strong presence in the Indian formulation segment.
However, the competition with the west has proven beneficial in many ways such as focusing on new age developments to meet the customer requirements.
What’s Being Done
A recently published report states that the Drug Controller General of India (DCGI) have given approval to a chain of dermatology and plastic surgery centers— The Esthetic Clinics, for conducting clinical trials and drug development for skin, hair and other plastic surgery medications, cosmetology and cosmetic surgery devices in India.
The initiative is said to help in the faster launch of newer, more innovative, cosmetic, dermatology & plastic surgery products, while reducing the cost involved in product testing.
It is going to benefit Indian pharmaceutical companies by granting them access to quality research facilities, clinicians and laboratories in India, without having to go overseas, to conduct the trials.
In Search of Better Solutions
Dr.Debraj Shome, renowned Facial Plastic surgeon & Director, The Esthetic Clinics, said, “Caring for skin and hair is a business where unmet needs still abound and people around the world are waiting for newer and better solutions. Considering India now has the clinical acumen and have the ratification of the DCGI & CDSCO to conduct clinical trials for top quality cosmetic needs, far more newer products and technology will be hitting the Indian market than before. MNCs as well as homegrown companies can easily enter the Indian market at much lower costs, keeping in mind local needs.”
Dr.Rinky Kapoor, top cosmetic Dermatologist& Director, The Esthetic Clinics, said “Many products in cosmetology and aesthetics are launched in India based on clinical trials conducted overseas on Caucasians or black population and not on the Indian population. Indian skin is different and therefore it's response to medicines is different. Hence, it becomes important to do clinical trials in our particular population where the product is going to be launched, instead of performing the same in a completely diverse population.”