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.