India fastest growing market, key location for talent: Waters Corp CEO
BENGALURU: In the last one month alone, Waters Corporation, a US-based analytical instruments and software company, has recruited 300 people for its newly-inaugurated Global Capability Centre (GCC) in Bengaluru.
The company says India has been the strongest and fastest growing market irrespective of a soft global economy, and the country has produced strong growth, growing at a CAGR of 20% over the last
five years.
The company, which has been in the country for over 35 years, opened its first GCC centre on Wednesday with an investment of about Rs 130 crore. The centre will enable the company to accelerate technology and software development digitisation, operational excellence and productivity. The GCC employs a team across global IT, software engineering and data analytics.
With over 430 employees, Waters works with 2,300 labs in India. The country has the potential to leapfrog its status as a generic manufacturing powerhouse to play a major role in biosimilars. India has 100 approved biosimilars, which is the most of any country in the world, and in terms of generics, India supplies 20% share of global supply volume.
Udit Batra, President and CEO, Waters Corporation, said, “India continues to be one of our fastest growing markets and a key location for the talent.”He added that 80% of its business in India is with pharma. Waters clocked $2.97 billion in 2022, and its product portfolio includes mass spectrometry, precision chemistry and laboratory informatics software, among others.
Batra said Artificial Intelligence and Machine Learning are also being put to use and that GCC in Bengaluru will develop talent within the company to accelerate digital capabilities. During the third quarter, the country was about 20% of total Asia-Pacific revenues and through the third quarter of 2023, India has produced strong growth, with all three of its major end markets- Pharma, Industrial and Academic-growing double digits.