Europe has been the growth engine for the world economy. Currently, things are not that favorable. Unlike the pharmaceutical industry, our industry is not recession-proof. There will be ups and downs. We see opportunities in clinical research, quality control, food safety and healthcare. These areas need continuous attention. Besides, the governments continue to fund basic academic research initiatives. Thus, both private and public sectors have been providing a level playing field. We at Waters, even during the previous recession, kept the workforce intact and maintained a robust growth.

To maintain consistency in growth, companies are looking at acquisitions to expand their product range and services. Do you have any acquisition plans?

We have a good cash reserve. In 2011, our reserves increased by 24.47 percent or $75.49 million. We are open to strategic acquisition of small and select companies.

Do you have plans of setting u R&D or manufacturing unit in the region?

We have been outsourcing some of our IT operations to India and manufacturing to Singapore. We don't have any immediate plans of having new R&D and manufacturing center in the region.