The recent statistics indicate that the Indian pharmaceutical market is currently valued at USD25 billion and is expected to further grow at a CAGR of 12 per cent till 2020. India is the third largest pharmaceutical market in the world by incremental growth and seventh largest by volume, which gives a plethora of opportunities for many life sciences companies. With India’s population expected to reach 1.4 billion in 2022 (as 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 and immunotherapy. In order to meet the growing demands of the denizens of the country, Corning Life Sciences, one of the leaders in developing, manufacturing and global supplier of scientific laboratory products for over 100 years, has rolled its sleeves to achieve its goal. Outside of US, India and China are two of the biggest markets for Corning Life Sciences (CLS). In a recent conversation with BioSpectrum, Dr. Richard M. Eglen, Vice President and General Manager, Corning Life Sciences (CLS), and President, Corning International Emerging Market, revealed the expansion plans of CLS and how the company is gearing up to achieve its goal.
How does Corning Life Sciences see the Asian pharmaceutical market as one of the prominent domains to carry out its business operations?
One of the major reasons why we have entered the Asian market is the rapid growth in the pharmaceutical market; that, coupled with the rate at which the population is growing, which is higher than any other continent. This rapid growth in population is creating a great demand for new types of medicines and also allowing us to bring a wide range of our products in this lucrative market. Another reason that brought us here is the booming market; if you compare the growth in Asia to USA’s market, it is almost twice of America.
As we develop new products in life sciences, we felt that these are also perfectly carved to address the needs of the Asian market. Currently, our major focus is on India and we our planning to surge our vaccine production which is in great demand.
Do you consider India as one of your major platform to boost your business?
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