Pharma giant Eli Lilly (NYSE:LLY) is set to invest over $1 billion in India to expand its manufacturing capacity, focusing on contract manufacturing and a quality hub in Hyderabad, Telangana, over the next few years.
The investment aims to support supply growth for critical therapies such as diabetes, obesity, Alzheimer’s disease, cancer, and autoimmune disorders.
The announcement was made after the company’s global delegation met Chief Minister of Telangana A Revanth Reddy and other delegates at the Integrated Command Control Centre on Monday.
“We are making significant investments to increase manufacturing and medicine supply capacity around the world,” Patrik Jonsson, president of Lilly International, said, according to a Reuters report. “Lilly is actively engaging with contract manufacturers in India,” the company added, without giving further details.
Immediate recruitment will begin for various roles, including engineers, chemists, analytical scientists, and quality professionals, with thousands of local jobs expected to be created.
More on Eli Lilly
- Why Eli Lilly Is The Lion’s Share Of My Portfolio
- Eli Lilly: Strong Buy On Sustained Growth, Expanding Moat, And Pipeline Depth
- Eli Lilly and Company (LLY) Presents at Bernstein 2nd Annual Global Healthcare Conference Transcript
- Pfizer – TrumpRx deal boosts Big Pharma to a record rally
- INCY and ABBV lead S&P 500 healthcare gainers in Q3; MOH and ALGN lag
