Abbott Places New India Head To Drive Growth Plans; Expects To Grow Faster Than Industry
This article was originally published in PharmAsia News
With such diverse business operations, Abbott, India’s leading pharma company, needed a CEO-level position to envision growth strategies across divisions.
You may also be interested in...
Abbott Established Products Senior VP Michael Warmuth Stresses Diversified Portfolio In Emerging Markets: An Interview With PharmAsia News (Part 2 of 2)
Michael Warmuth, senior vice president, Established Products Division, Abbott Laboratories handles emerging markets, one of the most ambitious growth areas for his company. Amongst the EMs, India stands as a sharp focus market, demonstrated last year by its acquisition of Piramal Healthcare Ltd.'s prescriptions business for $3.72 billion. Warmuth says India is on top of his priority list and though critics may question the high price that Abbott paid for the Piramal business, there is a large potential to tap the "incredibly high unmet medical need."
A rising number of enforcement actions by major drug regulators like the U.S. FDA is slowly making investors cautious about the longer term repercussions on earnings of Indian drug makers.
In a bold move, little known Indian drug firm Lee Pharma has applied for a compulsory license for saxagliptin in India, contending that AstraZeneca sells the diabetes drug at an exorbitant local price and that it is not being made sufficiently available. Lee also says that the originator has not responded to calls to collaborate.