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Spanish pharma MNC to invest 500 cr in Telangana State
Chemo Group, a multinational pharma company from Spain, on Wednesday announced plans for investing about Rs 500 crore in phases on setting up formulations and R&D facility in Telangana.
Hyderabad: Chemo Group, a multinational pharma company from Spain, on Wednesday announced plans for investing about Rs 500 crore in phases on setting up formulations and R&D facility in Telangana.
The Madrid-based MNC opened a new formulations facility established with an investment of Rs 100 crore at Genome Valley on the city outskirts. The new facility has both formulations manufacturing as well as research and development.
“This is the first phase development from our company. We will invest about Rs 500 crore in three phases over next four to five years, providing employment for over 350 people,” Dr Kumar Kurumaddali, Managing Director, Chemo India Formulations, told the media here.
At the new plant, Chemo India Formulations, a wholly-owned subsidiary of Chemo Group, will produce oral solid dosage forms including tablets, caplets, hard gelatin capules and pellets, which will be exported to Europe, North and South America, Africa and some of the Asian countries. This is the second plant for the company in India. The first one located in Chennai caters to the Indian market.
“The therapeutic focus areas for the new plant include blood pressure, heart diseases, diabetes and ulcers. Chemo Group ranks third globally in medication for ulcers. So, it’s an obvious choice while we have chosen blood pressure and diabetes as their incident is growing worldwide due to changing lifestyles and work pressures,” Dr Kumar explained.
The pharma major purchased five acres of land from TSIIC in October 2015, commenced construction of the new plant in July 2016. The construction was completed a year later. It has hired over 90 people now with 40 per cent of them for research activities.
With this new facility, Chemo Group has 15 plants around the world, employing about 6,000 people. It has 10 R&D centres and 33 affiliate pharmaceutical companies across 40 countries.
“The addition of this plant is a part of the company’s growth strategy. Our goal is to develop affordable high-quality medicines for patients around the world,” said Lucas Sigman, Managing Director-Industrial Business, Chemo. The new plant is a proof of “our strong and sustained investment effort and a clear commitment this country,” he further said.
