Hyderabad: Minister for IT and Industries KT Rama Rao said that Hyderabad has emerged as preferred destination for Pharma companies. He inaugurated a Switzerland-based Ferring Laboratories, a manufacturing facility at Genome Valley in Hyderabad on Monday.

The plant was set up with an initial investment of Rs 247 crore. Speaking on the occasion, KTR said Hyderabad is competing with other countries in global market in life sciences. He mentioned and added that 110 will get jobs in Ferring Company. TRS Government has been taking proactive measures for the development Pharma sector in Hyderabad.

He announced and added that Genome Valley has world-class facilities needed for Pharma and bio-tech companies. Ferring Pharmaceuticals is actively involved in producing medicines related to gastroenterology and urology for the last 50 years.

Ferring Laboratories Vice-President Francois Hosotte, Principal Secretary (Industries Department) Jayesh Ranjan, TSIIC Vice-Chairman and MD EV Narsimha Reddy and others were present.