Serum Institute of India, the world's largest vaccine maker by production volume, has taken a 50% stake in Indian drug vial maker Schott Kaisha, the companies said in a statement on Tuesday.
Serum Institute was already a customer of Schott Kaisha, using their vials, ampoules and syringes to store vaccines including the COVID-19 vaccine Covishield. The companies did not provide any further details on the deal.
Adar Poonawalla, CEO ofSerum Institute of India says, “Even the best medication can’t reach the patient without the right packaging. Securing this supply chain is of strategic importance. SCHOTT is the perfect partner for us to do this because of their expertise and global network. As a longtime customer, we use their vials, ampoules and syringes to store our vaccines including COVISHIELD. Working even closer together is in the best interest of global health."
The joint venture will definitely continue to supply its customers in India and abroad as a reliable partner, says Eric L’Heureux, the new Managing Director and former longstanding Head of Operations. “We have significantly increased our production capacity in India. Over the last three years we have invested roughly ₹600 crores to set up two new plants in Umarsadi, Gujarat and Baddi, Himachal Pradesh, and to secure uninterrupted supply in our existing facilities during the pandemic." Both SCHOTT and Serum are committed to invest further and will announce concrete plans as this partnership evolves.
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Serum Institute takes 50% stake in drug vial maker - Mint
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