Category — Pharmaceuticals
In an interview with the Economic Times’ Healthworld, Dr. Richard M. Eglen, vice president and general manager of Corning Life Sciences, discussed the company’s business growth in India.
On Corning Life Science’s business in India
Eglen: India is one of our fastest growing markets in the Asia Pacific region. As a market, India has shown great potential and continues to grow significantly and drive growth for Corning Life Sciences outside of the U.S. With India’s population slated to reach 1.4 billion by 2022 (per the 2015 UN Report on World Population), this growing population demands not only large-scale production of vaccines, but also research for newer vaccines relevant to India.
Corning’s bioprocess products provide a full range of tools to successfully perform vaccine scale-up and production. Our cell culture products are of great interest to Indian pharmaceutical companies.
On Corning’s India’s revenue share
Eglen: The total sale of Asia represents over 50% of Corning’s total sales of US $ 9.1 billion worldwide in 2015. We can also tell you that we have more than doubled our revenues in India since 2009. 2015 was our strongest performance in Corning Life Science India history and we have kept the momentum going in 2016.
On future plans for the Indian market
Eglen: The Indian pharmaceutical market is currently at $25 billion and is expected to continue to grow at a CAGR of 12% till 2020. India is 3rd largest pharmaceutical market in the world by incremental growth and 7th largest by volume which gives Corning Life Sciences an immense growth opportunity. We have opened a warehouse for life sciences products for Indian customers in Mumbai which shows our commitment to be a reliable supplier for our customers in India.
December 29, 2016 No Comments
The Economic Times reports that in a survey of drug making companies in India’s $17 billion pharmaceutical industry the top 20 of them are changing their conservative ways of marketing for newer technology ranging from scientific detailing to doctors to using newer algorithms for better insights into issues like patient compliance.
Mobile apps and social media will play a bigger role in this growth, the study that is part of a larger report on global digital marketing trends found. Marketing spends through digital platforms is estimated to shoot up nearly 50% in the next two years to touch $33 million, Bangalore-based market research firm Indegene‘s study shows.
Sun Pharma launched a mobile app called RespiTrack earlier this year to ensure patients with asthma adhere to treatment regimens; GlaxoSmithKline’s local unit says that at least 20%-30% of its customers are already in the digital world; and Abbott Healthcare has introduced several tools like Knowledge Genie, a heart and liver app, and another one for vertigo exercises. Some of these build on augmented and virtual reality to engage with both doctors and patients.
November 15, 2016 No Comments
Chicago, Illinois-based Abbott will set up an innovation and development center in Mumbai, India aimed at developing new drug formulations, new indications, dosing, packaging and other differentiated offerings to feed into its global branded generics business that clocked sales of $3.7 billion last year. The center will act as a “hub” and ship products to at least 30 countries that will further develop the products to suit local needs, reports the Economic Times.
Without divulging the amount the company will invest, Michael Warmuth, Executive VP, Established Pharmaceuticals division of Abbott said the proposed investments will double the company’s local scientific manpower. He described India as a “cornerstone of success” making specific reference as a “talent exporter” and how it helped Abbott gain a scientific edge in its other countries of operations.
Commenting on the overall regulatory and economic environment in India, Warmuth said the regulators are trying to do the right things but he maintained it would be good to see the environment a little more stable when making investment decisions. “Overall that does not really change our view on the market itself,” he added.
November 10, 2016 No Comments
The Singapore and India-based private equity firm Everstone Capital invested $33 million in contract research and drug delivery company Rubicon Research, in a bid to diversify its portfolio. Rubicon has a USFDA-approved manufacturing plant in Mumbai, and it provides solutions for bioavailability enhancement, gastric retention, taste masking, and customizing the release profiles of drugs. It also offers life cycle management services for pharmaceutical products.
“We welcome this partnership with Everstone and believe, with their deep managerial and operational expertise, capital infusion, and global connectivity, we will be able to significantly accelerate our growth,” said Pratibha Pilgaonkar, chief executive, Rubicon Research.
Founded by former Goldman Sachs executives, Sameer Sain and Atul Kapoor in 2006, the private equity firm has stepped up its deal making pace this calendar year, reports the Economic Times. Brooks Entwistle is a partner and Chief Executive Officer of The Everstone Group.
November 4, 2016 No Comments
BioSpectrum reports that the government of India has approved the establishment of a regional center for biotechnology in the National Capital Region. Under the auspices of United Nations Educational, Scientific and Cultural Organization (UNESCO) , the center will be an institution of national importance which will provide teaching and research facilities in biotechnology and related fields, facilitate transfer of technology and knowledge in the SAARC region and Asia, and create a hub of biotechnology expertise, and promoting cooperation at the international level.
The country’s Union Minister of Science & Technology and Earth Sciences, Dr. Harshvardhan said the Indian biotech sector had grown threefold and that the country had immense potential in terms of research and development facilities, knowledge, skills, and cost effectiveness to emerge as a global player. “This institution will help us train professionals from the whole country, and will serve as a mentor institution helping all bio-technology institutions in the country,” he added.
August 7, 2016 No Comments