5. October 2011 12:07
Andrew Witty, GSK Chief Executive, has said the company is eyeing up new investments in the Indian pharmaceutical market.
In an interview with The Times, Mr Witty outlined plans to purchase assets of up to £2bn as it looks to increase its presence in one of the world’s largest emerging markets.
But Mr Witty ruled out any large-scale takeovers was as the company already has an “enviable” brand in the country.
Glaxo currently employs 5,000 people in India with a turnover in the country of more than £1bn.
The Indian pharmaceutical market in the country was recently reported to reach $55bn a year by 2020. In 2009, the market was worth around $12.9bn.
GSK is not the first company to invest in the Indian market. Sanofi recently announced a deal to acquire Universal Medicare’s over-the-counter unit in the country. India’s The Economic Times also reported that Takeda is in takeover talks with the generic drug manufacturers Cipla and Lupin which are based in the country.