China-plus-1 benefits drug companies: Biocon MD

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BENGALURU: Biocon MD & CEO Siddharth Mittal said the China-plus-one strategy of many global companies augurs well for Indian pharma players. The strategy, he said, will benefit the company’s subsidiary Syngene on the research side, and benefit Biocon from a procurement side. “The existing customers, on the dedicated centres side, are expanding their workforce in India with Syngene. Some have moved their resources from China,” he said.

Mittal said more outsourcing is moving to the East because customers don’t want to pause their development pipeline and want to optimise their cash resources. “They see outsourcing as an advantage,” he said. Biocon’s revenue rose 59% to Rs 3,516 crore in the June quarter.