Thermo Fisher Scientific is targeting a 15-20% increase in its customer base in India over the next five years, according to Srinath Venkatesh, managing director for India and South Asia. The US-based company, which manufactures lab and drug development equipment and supplies analytical instruments, antibodies, and genetic analysis products, is betting on the growing biopharma research and manufacturing ecosystem. As reported by Reuters, Venkatesh stated that from a laboratory standpoint, as more laboratories create quality standards in line with global standards, the company's products will be found there, with more quality labs coming up driving customer base growth. The company serves customers globally, with the US being its major market, but India represents one of its fastest-growing markets in the Asia-Pacific region.
The company is counting on rising demand from the obesity-drug market as more pharmaceutical companies in India work around the therapy area, according to Venkatesh. The growth strategy is supported by increasing demand from biopharma, semiconductor, and clean energy sectors. According to Reuters, Tony Acciarito, president for Asia Pacific, West Asia and Africa, stated that the company expects continued double-digit CAGR growth from India and has made deliberate investments in the region, more so than in the past. The Asia-Pacific region accounts for about 18% of Thermo Fisher's revenue, with India among its fastest-growing markets contributing double-digit topline growth for the company.
The Asia-Pacific region accounts for about 18% of Thermo Fisher's revenue, with India among its fastest-growing markets contributing double-digit topline growth for the company. The company currently employs more than 5,000 people in India and plans to expand its workforce, particularly in customer-facing roles, as it broadens its presence in the country. As reported by Reuters, Venkatesh declined to disclose the current customer base size, but emphasized the company's commitment to expanding its operations in the Indian market. The company has made deliberate investments in the region, more so than in the past, positioning India as a key growth market for its global operations.
