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GSK looks to invest $2bn in India

Andrew Witty, CEO of GlaxoSmithKline, has said the company is looking to make significant investments in India as part of the company's plan to increase its presence in emerging markets

Andrew Witty, CEO of GlaxoSmithKline (GSK), has said the company is looking to make significant investments in India.

Speaking in the Times newspaper, Witty commented that the UK-based firm plans to purchase assets of up to $2bn (€1.5bn) as it looks to increase its presence in the emerging Indian pharmaceutical market.

However, Witty did say that a large-scale takeover of an existing company was unlikely, stating that GSK already had an "enviable" brand in the country, and there was no need for such a development.

GSK currently employs 5,000 people in India, with the company recording a national turnover of more than $1bn.

As reported in PMGroup's Country Report: India, the pharmaceutical market in the country is expected to reach $55bn a year by 2020. In 2009, the market was worth $12.9bn.

Other companies reported to have plans for expansion in India include Takeda, with India's Economic Times newspaper suggesting the company is in takeover talks with India-based generic drug manufacturers Cipla and Lupin.

In August 2011, Sanofi announced it had agreed a deal to acquire Universal Medicare's over-the-counter (OTC) unit in India.

3rd October 2011

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