Indian Pharma Firms Attracts 5,260 Crore Investment, Fuels 12,490 New Jobs

Indian pharmaceutical firms have pledged to invest more than Rs 5,260 crore, with the goal of generating 12,490 job openings within the pharmaceutical industry. The Telangana government has announced that six well-known pharmaceutical companies, such as Dr Reddy's Laboratories, Aurobindo Pharma, and Hetero Labs, have agreed to establish facilities in the Pharma City near here by signing memorandums of understanding (MoUs).

The companies' representatives held discussions with Chief Minister A Revanth Reddy and Industries Minister D Sridhar Babu at the Secretariat to complete the agreements.

"The pharma company managements signed MoUs to establish the industries. The six companies expressed their interest to invest more than Rs 5260 crore. The investments will provide 12,490 job opportunities in the pharma sector. The government will allocate land for the establishment of the new pharma manufacturing units in the recognised pharma city,” the release said.

As per the MoUs, MSN Laboratories will create a manufacturing unit and an R&D center, Laurus Labs and Aurobindo Pharma will establish individual formulation units, and Gland Pharma will open an R&D center as well as injectables and drug substance manufacturing units.

Dr. Reddy's Labs plans to construct a unit for injectable and biosimilars, while Hetero Labs will set up a manufacturing plant for finished dose and injectables, according to the announcement. The Chief Minister directed officials to assign land for the new amenities and guarantee that the essential infrastructure is in place at Pharma City, with construction set to commence in the next four months.