India is a primary market for growth: Pfizer India country president and MD
Pfizer India Ltd, a subsidiary of the American pharmaceutical major, is set to expand its operations despite the massive cost-cutting initiative by its parent, Meenakshi Nevatia, country president and managing director of Pfizer India said in an interview. “India is a priority market. And Pfizer will only expand in India.
So, next year continues to be an expansion, despite the global challenge. The intent right now is to look at how we can expand further and grow manufacturing. We are also looking to expand our sales, as we focus on driving this growth next year and making us commercially grow , too," Nevatia added.
The move assumes significance, as its parent, Pfizer Inc. is reportedly looking to cut jobs at its Sandwich, Kent site in the UK, as part of its $3.5 billion cost-cutting initiative. The drugmaker had reported a third-quarter loss of $2.4 billion, compared with $8.6 billion profit a year ago.
Its earnings took a hit with a $5.6 billion inventory write-down in covid-19 therapeutic Paxlovid and vaccine Comirnaty. Its Q3 revenue fell 42% from a year earlier to $13.2 billion. As part of its India plan, the company is looking to expand manufacturing at its facilities in Goa, Visakhapatnam and Ahmedabad, having a combined capacity of 4.5 billion units.
“We’re expanding in Goa and Vishakhapatnam. We’re looking to add manufacturing lines, to extend capacity. We also have a partnership with Zydus in Gujarat, which makes oncology products.
In fact, there we are bringing more and more products. We transferred some from other parts of the world to the Gujarat plant. One is happening as we speak.
Read more on livemint.com
