Macleods Pharma to Put $25 Million to Work, New Plant and Jobs Coming
12/14/2012 7:51:06 AM
Indian drugmaker M?cleods Pharmaceuticals plans to invest up to 700 million roubles (around $25 million) in the construction of a plant for the production of antituberculous drugs in Russia’s Belgorod region by 2016. The project is expected to be implemented by the local Advanced Trading company, an official supplier of M?cleods drugs in the Russian market, which currently accounts for 25% of the Russian market of antituberculous drugs. According to Sergey Mironov, head of Advanced Trading, the new plant will focus on the production of life-saving medicines, which are expected to be in high demand in the Russian market. At the initial stage the new plant will focus on the production of anti-tuberculosis medicines, while later the production range is expected to be expanded. The majority funds for the project is expected to be allocated from M?cleods own funds and its Russian partner. The new facility is scheduled for the commission by the first quarter of 2016 and will reach its design capacity at that period of time. The new plant will create more than 160 new jobs at the initial stage. The governor of the Belgorod area Evgenie Savchenko has already promised the provision of all the needed support for the project.