Thermo Fisher targets 15%-20% customer growth in India

Thermo Fisher Scientific is projecting a 15% to 20% increase in its customer base in India over the next five years. The U.S.-based life sciences company attributes this anticipated growth to a strengthening biopharma research and manufacturing ecosystem.

Beyond biopharmaceuticals, the company expects double-digit growth driven by rising demand in the semiconductor and clean energy sectors. Management also noted potential opportunities within the obesity-drug market as more Indian pharmaceutical firms focus on that therapeutic area.

Srinath Venkatesh, managing director for India and South Asia, stated that the company's products are gaining traction as more laboratories adopt global quality standards. The company, which currently employs over 5,000 people in India, plans to expand its workforce, specifically in customer-facing roles.