Global drug maker Abbott has announced to set up an innovation and development (I&D) centre in Mumbai. The centre aims to develop new drug formulations, new indications, dosing, packaging and other differentiated offerings to feed into its $3.7-billion generics business.
To fulfill local needs, the centre will act as a hub by shipping products to over 30 countries for further development.
âThe proposed investments will result in doubling of its local scientific manpower like packaging technologists, formulation development specialists and clinicians. The centre will also have a pilot scale plant,â said Mike Warmuth, Executive VP, Pharmaceuticals division of Abbott.
âWe are investing in innovation and scale and we are doing it in areas where people have needs. It is not about getting sales for the sake of getting bigger,â he added.
Although the company has I&D centres in Chile and Columbia, it is expected that the Indian I&D hub will become its one of the biggest centres.
Describing India as a âcornerstone of successâ and a âtalent exporterâ, Warmuth said that the country helped the pharma giant gain a scientific edge.
Being on of the aggressive investors in India, Abbott acquired commercial property in Mumbai last year at the cost of Rs 1,479 crore.