Cipla to set up 600 crore biotech plant in South Africa
|Cipla to invest 600 crores in biotech plant in Africa, source via - google search, business news|
Cipla to invest 600 crore rupees that are about 1.3 billion in south African rand for its biotech plant in south Africa.
This plant will be focused on making affordable cancer drugs and with it, they will spread their presence in the market.
The plant will be constructed in the SEZ zone in the area of Durban and will start production around mids 2018.
Cipla acquired a south African drug firm named med pro in 2013, it was its largest acquisition overseas.
The announcement for a new biosimilar manufacturing facility follows its investment in a new distribution centre and an upgrade to an existing manufacturing plant in South Africa.
The south African market has contributed to its 15 % of sales in FY15.
Over a decade ago, Cipla had shot to limelight offering low-cost antiretroviral drugs for AIDS treatment and drawing criticism from global drug makers which have accused the Indian company of copying their innovation.
It is said that currently in Africa 1 in 50 patient have access to biological medications.
In a statement, Paul Miller CEO of Cipla Medpro said in South Africa people without access to private insurance have limited or no access to any biologic medicine due to very high prices of innovator molecules.
They added that they are trying to bring the number to 1 in 5 patients.