Jagsonpal has grown from a non-corporate entity in 1964 to a publicly traded multinational corporation with $37 million in sales revenues. The firm has demonstrated an impeccable track record of profitability and growth. This track record highlights the firm’s commitment to aggressive growth to realize its mission – to spread health and healing in the world.
The firm has a multi pronged growth strategy that is comprised of the following dimensions:
1) Market penetration
The firm is committed to increasing its market share in existing market segments. This is to be accomplished by a “push” strategy where the current sales and distribution organization will be utilized to push its existing products to more pharmacy counters and doctors in India.
2) Market expansion/New Product Development
The firm plans to grow by launching a series of new products that are being developed by its Research and Development Division. These products will be marketed to its existing customers through Jagsonpal’s well-established distribution channels.
3) International expansion
A key part of the firm’s growth strategy is to grow internationally. This international growth is to be accomplished by setting up operations abroad and by forming joint ventures and strategic alliances with foreign companies. The firm plans to market its existing products abroad. Also the firm is looking to partner with foreign firms with good pharmaceutical products and technology that Jagsonpal can market in India.