Singapore: Bayer, Germany’s largest drugmaker, is looking for acquisitions to bolster its fledgling healthcare business in India, it said on Friday.
Bayer’s healthcare division generated more than 20% of 2009 sales in the Asia Pacific region, where it saw faster growth than in any other region. While it is one of the largest pharmaceuticals suppliers in China, its presence in the Indian drug market has been of little significance.
“In India we are open to businesses to strengthen our position,” said Alok Kanti, in charge of Bayer’s Asia Pacific prescription drug division, adding the company was “looking for the right opportunity and evaluating every opportunity.”
Consultancy McKinsey & Co expects India’s drug market to swell to about $20 billion in revenues in 2015, growing at an annual 12-14%.
Bayer’s business in India has so far been dominated by its CropScience pesticides unit.
Chief executive Werner Wenning has repeatedly said he was looking for takeovers to strengthen Bayer’s healthcare division but larger deals were seen as unlikely before he hands over to his successor Marijn Dekkers in October.