Speaking at 3M’s results presentation last week, CFO Pat Campbell said that this part of the firm’s business still has “to work through challenging comparisons coming off a very strong 2008.”
Campbell went to outline this "work through" process, explaining that the firm is funding R&D in this area and citing the recently opened delivery device development facility and laboratory in Singapore as an example.
He said: “This lab will develop products in both innovation and transdermal drug delivery solutions, and will serve far more customers and patients throughout the Asia-Pacific region.”
“The investment in this new lab compliments our already well-established lab network besides in both the United States and the UK.”
The 1,850 sq m laboratory, which is 3M’s first in the region, will offer a range of inhaler and transdermal patch R&D capabilities, comparable to those provided by existing labs in the UK and US. The facility can also manufacture clinical supplies for Phase I to IIa trials.
Healthcare sales up 4.7%
The delivery device decline aside, revenue from 3M’s healthcare business unit grew.
The unit, which makes skin and wound care products, as well as those for infection prevention and oral care grew, contributing to an overall 4.7 per cent in revenue of $1.1bn (€739.5m) for the quarter.
Overall however the picture was not quite as good with total group revenues falling 5.6 per to $6.14bn on income of $957m, down from $991m in the comparable three month period last year.