Pharma firm to set up mfg unit in Vizag

City-based Khyatha Abhijit Pharma and Healthcare Systems is setting up a manufacturing unit for Diasense, a medical diagnostic damage detection device for diabetes, here with an investment of Rs 50 crore.

PSN Raju, managing director, Khyatha Abhijit Pharma and Healthcare Systems, said the technology was approved by the Ministry of Science and Technology, and therefore, the government had offered to fund the project through the Technology Development Board.

The company has acquired 3.5 acres of land to set up the facility. Of the Rs 50 crore, the technology board would give Rs 25 crore with 5 per cent interest while promoters would provide Rs 12.5 crore, and commercial banks the remaining, he said.

 

“The plant will commence production this time next year with a capacity of around 25,000 units a year,” he said.

In the meantime, the company has engaged four small-scale industries from Hyderabad, Bangalore and Chennai to produce a few parts of the device, and would assemble all the parts at the Visakhapatnam facility. This year, it expects to produce 4,000-5,000 units.

The company is targeting government and corporate hospitals to sell the product, he said.