Thermo Fisher Scientific is targeting a 15%-20% increase in its customer base in India over the next five years, driven by the country’s expanding biopharma research and manufacturing ecosystem. The U.S. based company, which provides laboratory and drug development equipment, analytical instruments, antibodies and genetic analysis products, expects continued double-digit growth in India. Rising demand from the biopharma, semiconductor and clean energy sectors is expected to support this expansion.
“From a laboratory standpoint, as more laboratories create quality standards in line with global standards, our products will be found there. With more quality labs coming up, that’s where our customer base is growing,” said Srinath Venkatesh, Managing Director for India and South Asia, in an interview with Reuters. He declined to disclose the company’s current customer base.
As reported by yahoo.com, Thermo Fisher also expects opportunities from India’s growing obesity-drug market, as more pharmaceutical companies expand their work in this therapeutic area. The company serves customers worldwide, with the U.S. remaining its largest market. The Asia-Pacific region contributes about 18% of its revenue, with India among Thermo Fisher’s fastest-growing markets. “We expect continued double-digit CAGR growth from India. We have made deliberate investments in the region, more so than in the past,” said Tony Acciarito, President for Asia Pacific, Middle East and Africa.
