The trend of outsourcing research and development work that spurred massive layoffs by pharmaceutical companies and the growth of the contract research organization industry doesn’t seem to be in Allergan’s (NYSE:AGN) playbook.
The drug and device maker famous for its anti-wrinkle treatment Botox has opened a 93,000-square-foot R&D facility in New Jersey that is expected to add several hundred people over the next few years, according to a company statement.
The Bridgewater, New Jersey center will be home to some of the Irvine, California-based company’s clinical research operations. Allergan’s CEO and Chairman David E.I. Pyottsaid in a statement that the company expected to spend more than $1 billion in R&D in 2013. “Our New Jersey clinical development site will allow us to benefit from the expertise of the many talented R&D professionals that reside in this state and, most importantly, bring novel medical therapies to patients across the world.”
The anti-aging market is set to grow to $274.5 billion by 2013, according to data attributed to BCC Research.
Allergan’s eye pharmaceutical division alone had $670 million in the second quarter of 2012, and its Botox and neuromodulator products brought in $461.2 million. Its medical device segment, which covers breast aesthetics, obesity intervention and facial aesthetics, brought in $254.8 million for the same period.
Still, the company is discovering that Botox is about more than just a pretty face. Last year, the drug treatment was approved for the additional indication of urinary incontinence in patients with neurological problems associated with spinal injuries.
Reserve your seat now for MedCity CONVERGE, to be held July 9-10 in Philadelphia. Discover strategies, solutions and startups in healthcare innovation. Be a part of this gathering where the entire healthcare ecosystem converges.