US-India Business Council (USIBC) gung ho on fresh investments in AP !! Mylan pharma to expand with $ 5 bln more !!

USIBC andhraIn a major move, the US generics pharmaceutical company, Mylan, today said it was looking at expanding its presence with an additional investment of $5 billion in Andhra Pradesh. Rajeev Mukundan, senior vice-president(legal) of Mylan, who was a part of the delegation representing the US-India Business Council (USIBC), informed Andhra Pradesh chief minister N Chandrababu Naidu on Monday.

“We are looking at expanding our presence with an additional investment of $5 billion in Andhra Pradesh,” Rajeev was quoted as saying in a statement issued by the chief minister’s office. An independent confirmation regarding these plans is awaited from the company. During the meeting the company vice-president informed the chief minister that the pharmaceutical company has four facilities in Visakhapatnam.

Mylan had entered India in 2007 by acquiring a Hyderabad-based active pharmaceutical ingredients(APIs) maker Matrix Laboratories. Since then the company had made a series of acquisitions including an US FDA approved plant in Visakhapatnam from SMS Pharmaceuticals for $ 32.5 million in the recent past.

Meanwhile, Srini Srinivasan, managing director the US-based Hospira, who was also a part of the delegation informed the chief minister that the company has already invested Rs 2,500 crore in its manufacturing facility in Visakhapatnam.

The company has been building a 1.1 million square foot manufacturing facility with a capacity to add 500 million units of sterile injectable drugs to Hospira’s supply chain annually, according to the previous reports.

The USIBC delegation was led by its executive vice-president Diane Farrel. A delegate from Johnson & Johnson evinced interest in working with the state on reducing infant and maternal mortality rate, women health and hygiene. Some of the delegates also expressed their keenness on vaccination/immunization programmes of the government, according to the chief minister’s office.

“I’m open to public and private investments in healthcare. We can discuss your proposals with our Health Advisory Committee and take it forward,” the Chief Minister said in response to this and other suggestions in the meeting, according to the statement.

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