NEW DELHI: Drug agency AstraZeneca Pharma will exit manufacturing at its solely plant within the nation, primarily based in Bangalore, as a part of a ‘international strategic evaluate’. The corporate with revenues of over Rs 1,000 crore, feels that it might derive extra worth for its shareholders by transferring core manufacturing perform to a contract producer, sources instructed TOI.
When contacted, an organization spokesperson stated: “That is our solely manufacturing website in India and it primarily caters to major care merchandise for the home market.We’re dedicated to advance entry to revolutionary medicines in India, with a transparent ambition to be pioneers in science, lead in specialist illness areas, and rework affected person end result.’’ The corporate’s inventory closed over 1% larger at Rs 4654 on BSE on Thursday.
The transfer mirrors the pattern of MNCs feeling the warmth within the extremely aggressive home pharma market, which is dominated by Indian biggies. Over previous few months, home firms have grown almost double the speed of MNCs, with latter restructuring operations by both decreasing publicity and gross sales pressure, or promoting manufacturers within the nation. A few of them additionally exited analysis and growth within the nation.
AstraZeneca India will place the manufacturing website on the market in a totally operational method and start a seek for a purchaser, who also can act as a contract manufacturing organisation for firm’s merchandise presently manufactured or packaged at this website, topic to receipt of vital statutory approvals, it added.
The corporate plans to focus extra on R&D in Bangalore, and an IT and international functionality centre in Chennai.
When contacted, an organization spokesperson stated: “That is our solely manufacturing website in India and it primarily caters to major care merchandise for the home market.We’re dedicated to advance entry to revolutionary medicines in India, with a transparent ambition to be pioneers in science, lead in specialist illness areas, and rework affected person end result.’’ The corporate’s inventory closed over 1% larger at Rs 4654 on BSE on Thursday.
The transfer mirrors the pattern of MNCs feeling the warmth within the extremely aggressive home pharma market, which is dominated by Indian biggies. Over previous few months, home firms have grown almost double the speed of MNCs, with latter restructuring operations by both decreasing publicity and gross sales pressure, or promoting manufacturers within the nation. A few of them additionally exited analysis and growth within the nation.
AstraZeneca India will place the manufacturing website on the market in a totally operational method and start a seek for a purchaser, who also can act as a contract manufacturing organisation for firm’s merchandise presently manufactured or packaged at this website, topic to receipt of vital statutory approvals, it added.
The corporate plans to focus extra on R&D in Bangalore, and an IT and international functionality centre in Chennai.
