Ranbaxy plans local buyouts
Ranbaxy Laboratories, the country’s second-biggest drugmaker by market value, plans to buy companies in India, a market that is expected to rank among the world’s biggest in the next eight years. “We would certainly acquire a couple” of drugmakers, Malvinder Singh, chief executive officer of the Gurgaon-based company, said in an interview at the World Economic Forum in Dalian, China. The Indian market is expected to see “a good amount of consolidation” in the next five years, he said. India’s pharmaceutical market may surge to $20 billion by 2015 from $6.3 billion a decade earlier, overtaking Brazil, Mexico and Turkey to rank among the world’s 10 largest as rising incomes and a diabetes epidemic spur demand for drugs, McKinsey & Co said last month in a report.
