Abbott to set up innovation hub in India

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Business News 07-Nov-2016

Global drug maker Abbott is setting up an innovation and development center (I&D) in Mumbai 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 centre will act as a “hub” and ship products to at least 30 countries that will further develop the products to suit local needs. Abbott officials did not divulge the amount it is planning to invest.

Speaking to ET, Mike Warmuth, Executive VP, Established Pharmaceuticals division of Abbott said the 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, he added. “We are investing in innovation and scale and we are doing it in areas where people…

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