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Abbott acquires Indian generics’ maker Piramal Healthcare Posted 18/06/2010

The US-based company, Abbott, agreed to buy the domestic unit of Piramal Healthcare, one of India’s biggest generics makers, for US$3.7 billion.

Piramal’s comprehensive portfolio of market-leading branded generics spans multiple therapeutic areas, including antibiotics, respiratory, cardiovascular, pain and neuroscience. The combined sales force will propel Abbott into the leading market position in India, with annual sales growth approaching 20%, and expected to exceed US$2.5 billion in sales by 2020.

India is one of the world’s most attractive and rapidly growing markets, generating nearly US$8 billion in pharmaceutical sales this year, and expected to more than double by 2015.

Pharmaceutical sales in emerging markets, like India’s, are expected to grow at three times the rate of developed markets and to account for 70% of pharmaceutical growth over the next years. This explosive growth is a result of demographics, rising incomes, modernisation of healthcare systems and an increase in the treatment of chronic disease, all of which create greater demand for medicines.

India’s fast growth in the pharmaceuticals market has attracted much interest lately, spawning buyouts such as Daiichi Sankyo’s US$5.4 billion acquisition of Ranbaxy Laboratories. Big Pharma is also showing interest in the country with Merck’s vaccines unit, Bayer and sanofi-aventis all increasing their presence.

Reference:

Abbott Press Release, Abbott to Become No. 1 Pharmaceutical Company in India with Acquisition of Piramal’s Healthcare Solutions Business, May 21, 2010

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