Abbott will increase its investment in research and development and expand its manufacturing plants in India to cater to domestic market and exports, the healthcare company announced today. It however did not disclose the sum.
"India is one of the most important places in the world for Abbott, and we are investing here accordingly," said Miles D White, chairman and CEO of US headquartered Abbott. "We intend to be a strong, committed, and contributing part of India's future," he added.
India is one of the fast growing markets for Abbott and the company is present in four business segments - medical devices, diagnostics, nutritional products and branded generic pharmaceuticals.
The company said it will increase its infrastructure, capabilities and staff at both its pharmaceutical and nutrition R&D facilities to drive innovations and new product introductions in India. It will also increase local sourcing for its nutritional products business and is supporting dairy farmers for the purpose.
Pharmaceutical development and manufacturing facilities in Mumbai and Baddi in Himachal Pradesh are being expanded to meet growing needs in India and also export branded generic pharmaceuticals to other emerging markets in Southeast Asia and Africa," the company said in a statement.