Serum Institute of India, a vaccine business, has purchased a 50% share in Schott Kaisha, a pharma packaging company, to become a joint venture partner of Schott AG, a speciality glass company based in Germany. In a joint announcement, Schott and Serum Institute of India stated that Serum Institute had purchased a share from previous co-owners Kairus Dadachanji and Shapoor Mistry. They went on to say that the joint venture is for pharmaceutical packaging.
According to the announcement, the Serum Institute of India (SII) has purchased a 50% share in Schott Kaisha to become Schott's joint venture partner and secure pharma packaging supplies. The partners, on the other hand, did not reveal the financial specifics of the vaccine maker's stake acquisition.
According to the statement, the joint venture is India's top maker of pharma packaging goods such as vials, syringes, ampoules, and cartridges used to package life-saving drugs. Without the proper packing, even the greatest medication will not reach the patient. The security of this supply chain is critical. Because of their experience and worldwide network, Schott is the ideal partner for us to achieve this," Serum Institute of India CEO Adar Poonawalla said.
Serum Institute utilizes their vials, ampoules, and syringes to preserve our vaccines, including Covishield, as a long-time customer. He went on to say that working even closer together is in the best interests of world health. Schott CEO Frank Heinricht commented on the move, saying, "We are pleased to expand our foothold inside the Indian pharmaceutical supply chain since India has progressively established itself as a worldwide pharmaceutical powerhouse. We anticipate powerful impulses as a result of our collaboration."
He went on to say that it is a good example of moving toward new collaboration models with better synergies between pharmaceutical and packaging production.
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