Mylan to invest $1 billion in India on capex

Multinational pharmaceutical firm Mylan has announced that it will invest $1 billion on capital expenditure in India in the next five-six years. Adding that each year it has invested $400-450 million towards Capex, half of which was invested in India, Mylan called for the government to incentivise research and development in the sector. In 2007, Mylan had acquired Hyderabad-based Matrix Laboratories.

“Half of that has been invested in India as a rule of thumb. So we have invested about $200-250 million in India every year. During the last six or seven years, we have invested more than $1 billion in India to upkeep and expand the capacities,” Rajiv Malik, President, Mylan.

Replying to a query, on the voluntary recall of certain batches of blood pressure drug Valsartan from the USA market, Malik said Mylan has addressed that issue and working with the European and US Authorities.

This is not specific to Mylan alone. We have changed the process to take care of that specific issue, Malik said.

Out of an abundance of caution, these products have been recalled due to detected trace amounts of an impurity, N-nitrosodiethylamine (NDEA) a suspected carcinogenic contained in the API Valsartan, USP, manufactured by Mylan Laboratories Limited.

Mylan India’s journey started in 2007 after it acquired Matrix laboratories and at that point in time the company was predominantly a manufacturer of active pharmaceutical ingredient (API).