India’s Mankind Pharma MNKI.NS may raise condom prices if the Middle East conflict drags on further and keeps oil prices elevated, its chief executive told Reuters on Thursday. The company, which makes Manforce condoms and is the market leader with a share of about 30%, has enough stock to last for a few months if the war persists, CEO Sheetal Arora said, but warned that Mankind may have to pass some of the higher costs to customers if oil prices remain elevated. He did not specify a timeline for a potential price increase.
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Tensions in the Middle East have rattled global markets, with supply disruptions lifting oil prices LCOc1 by about 50% to above $100 a barrel since the war began in late February.
Oil is a key cost for condom makers as they rely on petroleum-linked raw materials such as chemicals, lubricants and packaging, although the base is natural latex.
Malaysia’s Karex KARE.KL, the world’s largest condom maker, also plans to raise prices by 20% to 30% as the war drives up the cost of raw materials and shipping. Mankind’s fourth-quarter results showed raw material costs were broadly flat, rising less than 0.5% both quarter-on-quarter and from a year earlier.
Manforce condoms typically sell for about 100 rupees ($1.04) to 150 rupees ($1.56) for a 10-pack – among the cheapest in India.
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Separately, Arora said Mankind was betting on its generic semaglutide weight-loss injection and was looking to expand into tier-2 and tier-3 cities. The company launched the injection in the first week of April amid intensifying competition in India’s fast-growing weight-loss drug market, where therapies range from low-cost generic semaglutide at about 1,300 rupees to premium options, such as tirzepatide, priced up to 27,000 rupees.
(With Inputs From Reuters)
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