Watsons Personal Care Stores Philippines Inc. (Watsons) is targeting P80 million in sales this year as it introduced on Thursday more company-labeled generic products.
Danilo Chiong, head of the Health Business Unit of Watsons Philippines, said they are optimistic that they could hit their sales target for 2014.
“We are very optimistic that we will reach our P80 million target for this year,” Chiong told The Manila Times after the launch of Watsons Generics.
In order to achieve the target, Chiong said the company introduced in the Philippine market, for the first time, its generic medicines for multi-vitamins and supplements.
“We try to offer as many options as possible to our consumers based on their lifestyle and income,” he said.
He also expressed the belief that Filipino consumers will patronize Watsons Generics because of the competitive price and quality of their products.
Watsons Generics, Chiong added, is up to 80 percent more affordable than branded medicines without sacrificing quality.
“Watsons Generics passed the equivalence test, which is the process of comparing the efficacy of the generic molecule versus a reference standard,” he said.
In addition, Chiong said the company ensures that the products undergo the necessary global and local compliance measures before they are sold in their stores.
“In addition, the Food and Drugs Administration constantly monitors our products to ensure that the medicines are consistently safe and effective,” he said.
Chiong lamented that only five percent of medicines available in the local market are generic drugs considering that many Filipinos could not still afford to avail of branded drugs.
“What we plan is to offer over-the-counter vitamins and maintenance medicines.
We will constantly see more molecules to introduce in the market,” he added.
Watsons Generics is Watsons brand’s own line of high quality and affordable generic medicines.
Chiong said Watsons Generics adds to the company’s own branded beauty products that it has offered for many years in the country.
“We felt that it was time to launch our own brand in the health sector and go back to the roots of our history of being a pharmacy,” Chiong said.
He said the company is considering introducing more generic medicines in the market.
“We continue to study what other products the Filipino people may need and how we can address these needs in the future,” he said.
A.S. Watson Group is the largest health and beauty retail chain in Asia, operating over 2,500 stores across 37 countries including the Philippines.
In 2002, A.S. Watson Group partnered with SM Prime Holdings Inc., the Philippines’ leading shopping mall developer.