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.