Pharma, clinical research companies keen to set up base in India
The Indian arm of the Chicago-based Vestian Global Workplace has positioned itself as an end-to-end service provider in the real estate industry, representing tenants only.
Vestian is currently in discussions with several global pharma and clinical research organisations (CROs), which are keen to set up their bases in the sub-continent.
MNCs from these verticals are scouting for space of about 7.50 lakh sq ft in all major metros. These are tier II companies that have a market cap ranging between $500 million and $1 billion.
"We are engaged with nearly 25 such companies and their space preference ranges from 30,000 sq ft to 50,000 sq ft. Such companies are no longer looking at having presence in India from a low-cost perspective. With pharma companies going global, there is a dire need for validating the clinical trials and processes in this country, thereby easing USFDA and Good Manufacturing Process approvals," its Asia Pacific CEO Shrinivas Rao told ET here on Tuesday.
Bangalore is already dotted with many clinical research firms but Chennai too has been advancing in this direction as indicated by the preference among foreign CRO outfits, he said.
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