In a world where many people are struggling with high drug costs, one company has emerged as an affordable source of vaccines. The Serum Institute of India is currently the largest vaccine producer in the world by volume. They produce a variety of economically life-saving vaccines, which are now estimated to be used by more than 65% of children worldwide. CNBC’s Tanvir Gill talks to its CEO, Adar Poonawalla, to learn more about the company’s path to success.
From humble beginnings as a horse farm in India to becoming the world’s largest producer of vaccines, Serum Institute of India has undergone rapid development over the decades to achieve special status.
However, success does not always come easily.
The company faces a variety of challenges from obtaining permits and licenses to not being able to meet global demand. But today, it is estimated that more than half of the world’s children have been vaccinated.
After Adar Poonawalla became CEO in 2011, he found the company didn’t have enough capacity to meet growing global demand, prompting him to invest more in capacity. Adar’s forward thinking during the Covid-19 pandemic has also made the company famous, competing with big companies to produce cheap covid vaccines.
As the world learns to live with Covid, the Serum Institute also plans to expand its vaccine portfolio and into Western markets.
Watch the full video to learn more about the company’s legacy and its future plans.
