New Delhi: Pfizer India Ltd, a subsidiary of the U. S. pharmaceutical giant, is poised to expand its operations despite its parent company’s major cost-cutting initiative, Meenakshi Nevatia, national president and managing director of Pfizer India, said in an interview.
“India is a priority market. And Pfizer will only expand in India. Therefore, next year will continue to be a year of expansion, despite the global challenge. The goal now is to see how we can continue to expand and expand the production sector. We are also going to increase our sales, focusing on this expansion next year and also on expanding our business,” Nevatia added.
The move is significant because its parent company, Pfizer Inc. , will reportedly cut jobs at its Sandwich plant in Kent, U. K. , as part of its $3. 5 billion cost-cutting initiative. The pharmaceutical maker reported a loss of $2. 4 billion in the third quarter. quarter, compared to $8. 6 billion in profits a year ago. Its profits were hit by a $5. 6 billion writedown on inventories of Paxlovid, a Covid-19 treatment, and the Comirnaty vaccine. Its cash in the third quarter fell 42% year-over-year. -Throughout the year up to 13. 2 billion dollars.
As part of its plan in India, the company will expand production at its facilities in Goa, Visakhapatnam and Ahmedabad, with a combined capacity of 4. 5 billion units.
“We are expanding to Goa and Vishakhapatnam. We are going to go up production lines to expand capacity. We also have a partnership with Zydus in Gujarat, which manufactures oncology products. In fact, we’re bringing more and more products there. We have transferred some from other parts of the world to the factory in Gujarat. One of them is falling as we speak. Overall, we’re going to expand our business footprint. “
Nevatia, however, revealed the amount of investment for the expansion of its capacity. “We have set aside the figures as such. But of course, investment lines (capital expenditures) have safe objectives. »
The company will also hire other people for research and development. “Similarly, in the field of R&D, we are continuously hiring more and more people. Our R&D center is founded in Chennai. “
Pfizer’s largest research and development center outside the U. S. is located at IIT Madras Research Park, where it employs more than 3,000 people. 70% of Pfizer’s drug sales in India are produced locally, and the Goa plant contributes around 50% of its production. sales.
The company also plans to move its other small molecule pharmaceutical science sites to Chennai from Connecticut in the United States. With this decision, he hopes regulators will simplify the procedure of introducing and launching more in India.
Similar projects by corporations are expected to help the government meet its goal of quadrupling the pharmaceutical industry to $200 billion by 2030. The sector is expected to achieve this purpose through commercial, educational and production-related incentives announced for commercial studies and development, Arunish Chawla, secretary of the Department of Pharmaceuticals, said earlier.
According to a report by EY Parthenon and the Pharmaceutical Producers Organization of India, the Indian pharmaceutical industry has the potential to grow up to $450 billion by 2047.
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