Abbott India's 'Beyond the Pill' strategy, including consumer education, diagnosis, treatment, and compliance, is projected to drive sustained growth. The company is outpacing the Indian Pharmaceutical Market (IPM) with growth rates ranging from 1.6 to 1.8 times, attributed to strong brand recognition and an exceptional product portfolio, according to financial services firm Axis Securities Limited. Ambati Venu, Vice President of Abbott India, talked about the company’s efforts to enhance healthcare accessibility and quality in India, its investment strategy, and key priority areas in the Indian market in an interview with BT. Edited excerpts:
BT: How has your pharmaceutical business improved access to high-quality biosimilar medicines across different therapeutic areas in recent years?
AV: In the last few decades, biologics have significantly improved the treatment of people with a wide range of conditions. Biosimilars offer people the same benefits as the originator biologics, with a proven similar mode of action as their reference biologics and are more affordable and accessible. Our pharmaceutical business is committed to delivering high-quality medicines, including biosimilars, to more people across the country. In the last couple of years, we have launched seven biosimilars across therapy areas such as oncology and cardiovascular. Denaxa (Denosumab), launched in 2022, provides a more affordable option of high-quality treatment for osteoporosis, bone loss, and prevention of bone pain and fractures.
BT: How has your company's investment in local manufacturing and innovation contributed to the availability and quality of pharmaceutical and nutrition products in India?
AV: Currently, we deliver over 600 diverse products that provide comprehensive care across all age groups. More than 85% of pharmaceutical and nutrition products offered in India are now “Made in India”. We have three manufacturing sites for our largest businesses in the country: two for pharmaceuticals and one site for our nutrition business in India. Our investments in India also include an Innovation & Development center. Scientists who work at the center develop new and improved medicines for India and more than 30 other countries.
BT: Could you share details about Abbott's investment strategy in the upcoming years?
AV: We will continue to develop a market-leading portfolio through a highly productive pipeline of transformative products that address customer needs. In our medicines business, we cover over 80% of therapy areas and we will continue to grow as we reach more and more people. One of our key focus areas is also growing our biosimilars portfolio. In diagnostics we are reimagining how a diagnostics lab works to improve speed and efficiency. And in medical devices, we are developing solutions that bring meaningful value to patients like minimally invasive technologies. For example, we have created a very small heart monitor that sits just below the skin, remotely communicating with your doctor if your heart misses a beat. Our robust pipeline has the technologies that will fuel both therapeutic advancement and growth for years to come.
BT: How does Abbott ensure profitability in the pharmaceutical industry and what are its financial goals?
AV: Healthcare systems are under pressure, and providing care is more challenging than before. While we have a global presence, our portfolios are tailored to local needs. One shift we are seeing in healthcare globally is the increased priority on both preventive care and remaining healthy. In the last few years, we have seen significant growth for Abbott in India. Our growth drivers will remain providing insight-driven products and solutions, with processes to drive increased efficiencies. Another aspect is our focus on geographical expansion and distribution channels for better access to our portfolio so that we can reach as many people as possible across the country.
BT: What are your priority areas for the Indian market in terms of therapy focus?
AV: Non-communicable diseases such as diabetes and cardiovascular conditions will remain a focus area. We have comprehensive solutions across these two therapies from diagnostics to devices, and medicines to nutrition. Women’s health is also an important focus area for us. We continue to invest in expanding the scope of healthcare for women and girls so we can advance the future of sustainable health and empowerment for all in the country.
BT: What specific strategies is Abbott implementing in India to enhance healthcare accessibility?
AV: In India, to address the growing non-communicable disease burden, our partnership with Americares India Foundation helps increase universal access to comprehensive primary health care services which are affordable, quality linked, and equity oriented. Our aim is to serve 9.4 million people in rural and urban rural areas by upgrading over 300 Primary Health Centers (PHCs) to Health and Wellness Centers (HWCs) across 15 States. These centres are important to advance access to decentralized care delivery at a local and community level. Abbott is working to foster STEM and science-based learning amongst young children, 48% of whom are girls, from socially disadvantaged communities. In addition to helping improve their problem-solving skills through access to digital learning tools, we are partnering with Smile Foundation to improve their knowledge of health challenges such as non-communicable diseases, nutrition, and menstrual hygiene, while also providing them with access to indoor and outdoor sports.