New Delhi: Pune-based Serum Institute of India, the world’s largest vaccine maker in terms of production volume, has taken a 50 percent stake in the Indian joint venture, SCHOTT Kaisha, a drug vial maker, from former co-owners Kairus Dadachanji and Shapoor Mistry, the two companies said in a statement on Tuesday.
SCHOTT Kaisha is a leading manufacturer of pharma packaging products such as vials, syringes, ampoules, and cartridges. Amid rising global demand for its products, Serum aims to secure its supply of pharma packaging with this acquisition, the statement said.
“Even the best medication can’t reach the patient without the right packaging. Securing this supply chain is of strategic importance,” said Adar Poonawalla, the CEO of Serum Institute of India.
READ | India Sets New Inoculation Record, Over 88 Lakh Vaccinated In Single Day
Calling SCHOTT, Germany’s specialty glass company, the “perfect partner” because of its “expertise and global network”, Poonawalla said Serum has been a longtime customer of the company. “…we use their vials, ampoules and syringes to store our vaccines including COVISHIELD.”
SCHOTT Looking To Strengthening Footprint In India
Frank Heinricht, the CEO of SCHOTT, said, “As India has steadily established its position as a global pharmaceutical hub, we are delighted to strengthen our footprint within the Indian pharma supply chain.”
Stating that the company is looking forward to “strong impulses from this partnership”, Heinricht said, “It is an excellent example of shifting towards new cooperation models, with greater synergies between pharma manufacturing and packaging production.”
Eric L’Heureux is the new managing director of the joint venture. He said the company will continue to supply its customers in India and abroad. “We have significantly increased our production capacity in India.”
He said they have invested roughly Rs 600 crore over the last three years to set up two new plants in Gujarat’s Umarsadi and Baddi in Himachal Pradesh, “and to secure uninterrupted supply in our existing facilities during the pandemic”.
Be First to Comment