Thermo Fisher Scientific (TMO.N) is eyeing a 15%-20% increase in its customer base in India over the next five years, betting on the growing biopharma research and manufacturing ecosystem, the head of its India unit said.
The U.S.-based company, which makes lab and drug development equipment and supplies analytical instruments, antibodies, and genetic analysis products, said it is eyeing continued double-digit growth in India driven by rising demand from biopharma, semiconductor, and clean energy sectors.
"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," Srinath Venkatesh, managing director for India and South Asia, told Reuters in an interview last week, but declined to disclose its current customer base.
The company is also counting on rising demand from the obesity-drug market as more pharmaceutical companies in India work around the therapy area, he said.
Thermo Fisher serves customers globally, with the U.S. being its major market. The Asia-Pacific region accounts for about 18% of its revenue, with India among its fastest-growing markets contributing double-digit topline growth for the company, said Tony Acciarito, president for Asia Pacific, Middle East and Africa, who was also present in the interview.
"We expect continued double-digit CAGR (compound annual growth rate) growth (from India). We have made deliberate investments in the region, more so than in the past," he said.
The company employs more than 5,000 people in India and plans to expand its workforce, particularly in customer-facing roles, as it broadens its presence in the country, Venkatesh said.
