The Indian biopharma specialist Biocon has hired global consulting giant McKinsey & Company to advise it on its new organizational structure. Not surprisingly the strategic advisory firm neither confirmed nor affirmed this message, stating that it does not share details on individual clients.
Biocon has set the ambitious goal to grow its business to $1 billion by FY2018. Over the past months the firm has already reorganized its internal structure to focus on five key business verticals*. Based on the backbone of the new structure, the biopharma specialist wants McKinsey's advice on how the structure can be tweaked to further facilitate its growth targets. "McKinsey is advising Biocon on an effective organization structure to deliver on our ambitious and differentiated growth strategy" confirms Arun Chandavarkar, COO of Biocon, in an Indian newspaper.
Three main growth drivers stand at the basis of the $1 billion revenue target. Firstly, it is launching a large number of new biopharma products across the globe. secondly, it is aggressively expanding its global business, especially in emerging markets. And thirdly, it is entering large-scale partnerships with global players. Recently it struck a deal with international pharma major Bristol Myers Squibb for the global clinical development of oral insulin.
* The five key business verticals are 'Small Molecules', 'Biosimilars', 'Novel Molecules', 'Value Added Generics and Branded Formulations' and 'Research Services'.