Pharmacia keen to do trials in India
EPP News Bureau – Mumbai
The company has earmarked $0.8 million for modernising Abbott’s manufacturing unit in Ankleshwar
PHARMACIA India, a wholly-owned subsidiary of USD 13.8 billion Pharmacia Corporations, is keen to operationalise clinical trials in India, managing director Venkat Sohoni told Express Pharma Pulse. “We are internally discussing the initiative and we hope to make an announcement soon,” he said.
Addressing a media conference in Mumbai last week, Sohoni detailed the future plans of Pharmacia in India post acquisition of Abbott Laboratories. The company has earmarked $0.8 million for modernising Abbott’s manufacturing unit in Ankleshwar, Gujarat. Pharmacia wants to utilise the unit for local production and also for manufacturing certain new products it intends to launch in India. This move is expected to increase the production of Pharmacia’s products locally which in turn would bring an increase in the plant’s capacity utilisation and cost rationalisation. Pharmacia Corporation till date has acquired 75.1 per cent equity in Abott India (51.5 from Abbott US and 23.6 per cent from public at Rs 245 a share). Subsequently, the subsidiary has been rechristened as Pharmacia Healthcare with a new set of board members. They include Rod Unsworth who will serve as the chairman of Pharmacia Healthcare and Vankat Sohoni who will be the managing director. There is no plan to delist the subsidiary, Sohoni said.
Pharmacia India will offer stock options in Pharmacia Corporation to its workforce. Further, Pharmacia India and Pharmacia Healthcare would also market co-market their products in India.