When contacted, a company spokesperson said: “This is our only manufacturing site in India and it mainly caters to primary care products for the domestic market.We are committed to advance access to innovative medicines in India, with a clear ambition to be pioneers in science, lead in specialist disease areas, and transform patient outcome.’’ The company’s stock closed over 1% higher at Rs 4654 on BSE on Thursday.
The move mirrors the trend of MNCs feeling the heat in the highly competitive domestic pharma market, which is dominated by Indian biggies. Over past few months, domestic companies have grown nearly double the rate of MNCs, with latter restructuring operations by either reducing exposure and sales force, or selling brands in the country. Some of them also exited research and development in the country.
AstraZeneca India will position the manufacturing site for sale in a fully operational manner and begin a search for a buyer, who can also act as a contract manufacturing organisation for company’s products currently manufactured or packaged at this site, subject to receipt of necessary statutory approvals, it added.
The company plans to focus more on R&D in Bangalore, and an IT and global capability centre in Chennai.