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HospitalPharma.com today | 09 September 2010
Abbott, Now a Leading Pharmaceutical Company in India
Abbott has completed its acquisition of Piramal's Healthcare Solutions business, propelling it to market leadership in the Indian pharmaceutical market and further accelerating the company's growth in emerging markets.
Throughout the past decade, Abbott has established a leading presence in emerging markets – today, more than 20 percent of the company's total sales are generated in these growing economies.
"The acquisition of Piramal's Healthcare Solutions business further strengthens Abbott's growing presence in emerging markets," said Miles D. White, chairman and chief executive officer, Abbott. "Piramal's portfolio of well-known, trusted products has served patients in India for decades. Combined with existing product offerings, Abbott is uniquely positioned to meet the needs of one of the world's fastest-growing pharmaceutical markets."
India's rapid pharmaceutical market growth is being driven largely by branded generics. The market will generate nearly $8 billion in pharmaceutical sales this year, a number that is expected to more than double by 2015. Abbott expects its pharmaceutical sales in India to exceed $2.5 billion by 2020.
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