Corning Inc. sees fast market growth in India
Thursday, December 29, 2016
One of Corning Inc.’s smallest businesses — Corning Life Sciences — is making a splash in India, one of the world’s largest countries.
Details of Corning’s efforts in India come from an interview The Economic Times Healthworld did recently with Richard M. Eglen, vice president and general manager of Corning Life Sciences.
The Corning subsidiary designs, manufactures and markets laboratory equipment for the development of vaccines, drugs and other medical treatments.
Eglen talked about the origin of Corning’s involvement in India and the prospects for growth in the years ahead.
He said Corning’s first investment in India began in the late 1980s with production of cathode ray tube (CRT) glass for the television industry. The local production of glass helped spread affordable TV ownership throughout the country.
Today, India’s growing population creates a demand for existing vaccines and for new vaccines aimed at India alone.
“Corning (Life Sciences) products provide a full range of tools to successfully perform vaccine scale-up and production,” Eglen said. “Our cell culture products are of great interest to Indian pharmaceutical companies.”
India is one of Corning’s fastest-growing markets in the Asia-Pacific region, Eglen said.
“It is continuing to grow significantly and drive growth for Corning Life Sciences outside the U.S.,” he added.
Although Corning Inc. does not disclose separate sales figures for India, Eglen said “we have more than doubled our revenues in India since 2009, and India is one of the fastest-growing regions for Corning.”
Eglen said India is the seventh-largest pharmaceutical market in the world by volume, which gives Corning Life Sciences an “immense growth opportunity.”
Pharmaceutical sales in India currently total $25 billion annually and are expected to grow 12 percent annually until 2020.
Eglen said Corning Life Sciences India had its best performance in 2015 and kept the momentum going in 2016.
“We are excited about growing segments such as bio-pharma, research and development, and applied research that will help us grow at 6 to 7 percent year-on-year.”
In addition, Eglen said, Corning Life Sciences has opened a warehouse for Indian customers in Mumbai to demonstrate its commitment to be a reliable supplier to companies there.
Corning Inc. also is looking at other opportunities in India for its telecommunications and environmental technologies businesses. Its Corning Research Center India in New Delhi was established to seek opportunities in emerging markets.