Financial Daily from THE HINDU group of publications
Thursday, Feb 23, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 23, 2006 |
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Corporate
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Research & Development Novartis sets up OTC research centre at Thane Our Bureau
Mumbai , Feb. 22 SWISS drug-major Novartis has set up a global research centre at Thane to support its over-the-counter (OTC) pipeline in markets such as the US and Europe. Under the aegis of its wholly-owned subsidiary Novartis Consumer Health Inc (NCH), the facility has already hired 35 personnel, company officials said without divulging financials. Mr Jorge Insuasty, NCH's Senior Vice-President (Global Research Development), said the centre would work on products in the analgesics, cough and cold, gastro-intestinal and dermatology segments, besides developing innovative dosage and delivery systems. The talent and skills in the Indian market worked in favour of bringing the research centre to India, he said. "We needed to be there," he added, indicating that India was an important emerging market. OTC accounts for about 10 per cent of Novartis' total $32.2-billion sales, a company official said. Mr Ranjit Shahani, Country President of Novartis India, said that establishing an OTC research centre in India was significant, though India was yet to have a regulation on OTC. An increased presence in the OTC business would trigger change in terms of its visibility, he added. The domestic OTC market grew at about 5.2 per cent, while globally growth was pegged at 3.7 per cent, a company official said.
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