In a world where many are plagued by high medication costs, one company has risen to become the go-to source for affordable immunization. Serum Institute of India is currently the world's largest vaccine manufacturer, by volume. They produce a large variety of economical life-saving vaccines, that are currently estimated to be used by over 65% of children worldwide. CNBC's Tanvir Gill speaks to its CEO, Adar Poonawalla, to learn more about the company's road to success.
From its humble beginnings as a horse breeding farm in India to becoming the world's largest vaccine manufacturer, Serum Institute of India has undergone rapid growth throughout the decades to reach its exceptional status.The company faced various challenges from getting permits and licenses to not being able to meet the global demand. But today, it is estimated that more than half the children in the world have been administered with their vaccine.
After Adar Poonawalla became the CEO in 2011, he noticed the company did not have enough capacity to meet the growing global demand, leading him to invest more in capacity. Adar's forward-thinking during the Covid-19 pandemic has also led the company to fame, competing with major players to produce low-cost covid vaccines.
As the world learns to live with Covid, Serum Institute also has plans to expand its vaccination portfolio and into the Western markets.
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