Eli Lilly to expand India ops
US drug major Eli Lilly & Co has decided to expand its business in India beyond R&D initiatives. The $15.7-billion company is looking to reinforce its position in the Indian drug market with plans to expedite the launch of new drugs in line with their US commercialisation.
For starters, Eli Lilly plans to launch at least 5-6 new revolutionary drugs in India in the short term. These would be in areas like diabetes, oncology, critical care and women's healthcare. The company may also expand contract manufacturing out of India. It expects such strategic initiatives will more than double its Indian turnover of $40 million in five years.
Eli Lilly will cut down on the lead time for new drug launches in India. The company's latest anti-diabetes drug 'exenatide' was launched in India last week after nearly two years of its launch in the US.
Fortis plans USD 498.48 million investment and 40 hospitals by 2011
The Delhi-based INR 512 cr (USD 128m) company had already established a toehold in the western and southern parts of the country.
Fortis Healthcare Ltd, an INR 512 cr company plans to invest US$500 million (INR 1,970 cr) to achieve its target of 40 hospitals by 2010-11, focusing on improving its presence in the West and South to get a pan-India presence.
They will fund half of the money from internal resources, including proceeds from an initial public offering of shares, as well as debt. But they haven't ruled out a second public offer or infusion of additional funds through private equity.
The Delhi-based company had already established a toehold in the West and South