Pharma major Hetero will be investing ₹1,000 crore expansion of its existing facility in Andhra Pradesh.
“We have the largest manufacturing plant in the state and 40 per cent of global HIV drugs are manufactured there. We will invest ₹1,000 cr more over the next two years which will create 3,000 jobs,” Vamsi Krishna Bandi Managing Director, Hetero, said at AP Global Investors Summit 2023 here on Saturday.
Hetero group is a $2.5-billion enterprise engaged in pharmaceutical products globally.
“Hetero is one of the beneficiaries of the AP government pharmaceutical policy,” Bandi said.
Hetero has the largest manufacturing campus spread across 500 acres in Nakapalli Vishakhapatnam.
Referring to the large presence of Dr Reddy’s in and around Visakhapatnam, K Satish Reddy, Chairman of Dr Reddy’s Laboratories said: “We continue to invest in Andhra Pradesh.”
The Indian pharma industry was now poised to take advantage of the China Plus model in the global supply chain and greater interest in services post Russia-Ukraine war, Reddy said.
Satyanaryana Chava, Founder & CEO of Laurus Labs said the state has a good ecosystem, and setting up of more industrial parks would attract more pharma companies.
Stating that the state was already a hub for APIs production with the presence of major companies including Laurus Labs, Chava said: “We are committed to investing more in the pharma sector in Andhra Pradesh. “