The fire broke in an active pharmaceutical ingredient (API) unit at the Jawaharlal Nehru Pharma City (JNPC) in Parawada on the city's outskirts, a police officer said.
The unit belongs to Azico Biophore India Pvt Ltd, said Assistant Commissioner of Police (South Zone) J Ramamohan Rao.
The deceased were identified as M Siva Kumar (24), a chemist, and P Nageswara Rao, a worker at the unit, he said.
Both were residents of the district.
The blaze was put out before it could spread to the area where raw materials were stored, Rao said, adding the cause of the fire was being ascertained.
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