COMPANY INCREASES ITS INVESTMENTS IN INDIA ACROSS R&D, MANUFACTURING, PEOPLE AND COMMUNITY PROGRAMS- ABBOTT INVESTS IN NEW MUMBAI CORPORATE OFFICE IN THE BANDRA KURLA COMPLEX
COMPANY INCREASES ITS INVESTMENTS IN INDIA ACROSS R&D, MANUFACTURING, PEOPLE AND COMMUNITY PROGRAMSNew Delhi, October 2, 2015 – Abbott, the largest health care product company in India, is deepening its commitment to India through several new initiatives, building on the Rs 25,600 crore ($4 billion USD) the company has invested in India over the last five years. The company today announced plans to invest in a new Mumbai corporate office in the Godrej BKC building in the Bandra Kurla Complex that will allow it to consolidate existing offices and operations in Mumbai into a single location. These topics were a focus at a meeting of the company’s Board of Directors held in India in mid-September, demonstrating the importance of the country to Abbott.
Abbott also intends to expand manufacturing capacity and R&D capability, employee development and community programs in India.
“India is one of the most important places in the world for Abbott, and we’re investing here accordingly,” said Abbott Chairman and CEO Miles D. White. “We intend to be a strong, committed, and contributing part of India’s future.”
Abbott has been a part of India for more than 100 years and today has 14,000 employees, a portfolio of branded generic pharmaceuticals, nutritionals, medical devices and diagnostics, and sales of more than $1 billion USD in the country. India is among the top three countries in sales for the company, which has invested in three manufacturing facilities (Goa and Baddi for pharmaceuticals, and Jhagadia for nutrition) and two R&D facilities (Mumbai for pharmaceuticals and Bangalore for nutrition).
Investments in India
Abbott is set to further deepen its commitment in India. As immediate steps, Abbott is:
- Investing in a new Mumbai office headquarters for employees: Abbott will occupy more than 400,000 sq. ft. of office space at the Godrej BKC building in Mumbai’s Bandra Kurla Complex, housing more than 1,500 employees. The consolidation of existing offices and operations will bring together all of Abbott’s businesses in Mumbai into one location. Abbott anticipates occupying the building starting in 2016. The company is investing in a leadership pipeline and skill-building and development of its employees.
- Building R&D capability : Abbott will increase its infrastructure, capabilities and staff at both its pharmaceutical and nutrition R&D facilities to drive innovations and new product introductions in India. The Mumbai pharmaceutical development facility will also expand its development of new solutions for people across the rest of the world.
- Extending ‘Make in India, for India’ to ‘Make in India, for the World’ : Through expansion of capacity at the pharmaceutical manufacturing plant in Baddi, Abbott is working to meet growing needs in India and also export branded generic pharmaceuticals to other emerging markets in Southeast Asia and Africa.
- Committed to sourcing locally : Abbott is providing 1,500 small and rural dairy farmers with the support and infrastructure needed to increase their incomes and expand the supply of high-quality milk, with the aim of sourcing up to 80 percent of Abbott’s nutrition product ingredients locally. Working with nonprofit partners, Abbott will provide training on business skills and animal care, and building new milk chillers in 10 villages to help with efficient transport and storage.
- Supporting local sanitation, ‘Swacch Bharat’ : Abbott is investing Rs 3.2 crores ($500,000 USD) to improve sanitation in hundreds of homes, schools and community centers; raise community awareness of the connections between sanitation and health; and empower the communities in two villages in Bharuch District, Talodara and Dadheda, to maintain the new facilities.
- Lowering disease burden through awareness and diagnosis: By partnering with stakeholders to drive awareness, early detection and diagnosis, Abbott is helping to manage and lower the burden of diseases affecting people in India. For example, thyroid disorders are one of the commonly underdiagnosed chronic health conditions in India.
Through accurate diagnosis and effective treatment, people with hypothyroidism can lead healthy lives and may decrease the likelihood of complications like elevated cholesterol levels, increased blood pressure and depression; and pregnant women can protect their babies from increased developmental risks. Through the ‘Make India Thyroid Aware’ program, Abbott in partnership with the Indian Thyroid Society, plans to reach out to over 2 million people through diagnosis and education camps across India in 2015 and 2016.
Abbott in India
Abbott has four primary businesses in India – diagnostics, medical devices, nutritionals and branded generic pharmaceuticals – each a leader in significant and important parts of health and well-being. In particular, Abbott has the largest pharmaceutical business of any multinational company in India, with reach across rural and urban India. The company’s portfolio of reliable, quality products in India – as well as new innovations and technologies – are aligned to the specific health needs of India.
“At Abbott, our success comes from ‘acting local’ and ‘thinking global’ – leveraging a heritage of more than 100 years and an in-depth understanding of the Indian culture, people and their unique needs, while benefiting from the support of one of the world’s leading healthcare companies,” said Bhasker Iyer, vice president of Abbott’s pharmaceuticals business and the country management representative in India. “Our India-relevant, affordable and high-quality portfolio of products – combined with operations that cover the length and breadth of the country – positions Abbott well to make a powerful difference in improving health and well-being in India.”
Corporate Comm India (CCI Newswire)
