NEW YORK (GenomeWeb News) – Qiagen today said that it has established a subsidiary in New Delhi, India, to sell its products directly to the Indian market.
The firm had been using distributors for its products in the country, but it believes setting up the new subsidiary will further its growth in the emerging market.
Qiagen expects the New Delhi office will have more than 30 employees by the end of this year.
India's life sciences and biotech market provided industry-wide revenues of $5 billion in 2010, and it is expected to double by 2015, according to Qiagen. In addition, the firm said that India's in vitro diagnostics industry is projected to grow 15 percent annually over the next several years and "accelerate going forward due to government incentive programs and infrastructure investment."
"The great potential for our molecular diagnostic technologies to serve patients in India, along with the research needs of the country's robust pharmaceutical segment, emerging applied testing market, and a rapidly increasing academic market, makes India a perfect fit for our growth and geographic expansion goals," Qiagen CEO Peer Schatz said in a statement.