Abbott to make India hub of global research & development for generics

At a time when multinational drug companies are scaling down their research and development investments in India, citing lax patent rules and increasing regulatory interventions, the US based multinational Abbott is planning to make India its global hub for innovation and development (I&D), in branded generics products.

Abbott, the second-largest drug company operating in India in terms of domestic market share, following the acquisition of Piramal Healthcare's formulation division in 2010, is setting up an Innovation and Design Centre in Mumbai, which will take off next year

(Reference: http://www.businesstoday.in/sectors/pharma/abbott-to-make-india-hub-of-global-research-and-development-for-branded-generics/story/244621.html)