WASHINGTON: American pharmaceuticals giant Abbott has told the U.S. government that it is not facing any significant challenge with respect to intellectual property rights, as is being alleged by a section of the U.S. industry, especially from the pharma sector. "India is an investment priority and fundamentally important to the future of Abbott," Abbott's senior officer Jason Grove yesterday wrote in a submission to the U.S. International Trade Commission that is conducting an investigation into Indian trade practices and policies and its impact on American businesses.
"Abbott is not currently facing any significant challenges with respect to intellectual property protection in India," Grove said. "We have had a positive experience in India, are committed to a long-term presence, and remain optimistic about our future because our diversified product offering makes us uniquely able to meet the health needs of Indian citizens," said Abbott, which has been present in India for over a century now.
In 2010, Abbott acquired both the pharmaceutical business of Solvay, which had a presence in India, and Piramal Healthcare Solutions, which was part of Piramal Group. These transactions made it one of the largest health care companies in the country. It now employs approximately 14,000 people in India, making it our largest employee base outside the United States. "Abbott's experience in India has been positive," Grove said in his five page submission to USITC. "India remains a great opportunity for companies like Abbott. We take a long term view of the market and understand local needs. We have worked to establish a meaningful dialogue with key Indian stakeholders, including government, patients, physicians and civil society groups, to address those needs," he added.
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