Qiagen Sets Up Subsidiary in India as Part of Asian Expansion Effort
Firm expects business growth in India to mirror that of existing operations in China.!--h2>
Qiagen has established a subsidiary in New Delhi to enable it to start direct sales in the country. Although active in India since 1995, the firm has until now sold its products in the country through distributor partnerships. It expects that the next few years will see its Indian business expand at a similar rate to that seen in China, where the firm has had a direct presence since 2004.
Qiagen says the Indian life sciences and biotech market is one of the fastest growing in the region, with a domestic revenues market worth some $5 billion in 2010, and it is expected to roughly double by 2015. The Indian in vitro diagnostic market alone is projected to grow at a rate of about 15% annually over coming years, and accelerate even further as a result of government incentive programs and investment in infrastructure, the firm suggests.
“India is a strategic market for the global expansion of Qiagen, with 1.2 billion people and rapidly growing healthcare and R&D sectors,” notes Peer Schatz, CEO. “The great potential for our molecular diagnostic technologies to serve patients in India, along with the research needs of the country’s robust pharmaceutical segment, emerging applied testing market, and a rapidly increasing academic market makes India a perfect fit for our growth and geographical expansion goals.”
Qiagen currently employs over 500 people in countries in Asia, including Japan, where it has had a presence since 1998. The Asian region generated about $135 million worth of revenues for Qiagen in 2009.