pfizers drug line will expand its India investments to $1bn by 2019, according to a report in The Wall Street Journal.
This will include a $1 billion investment in drug development, as well as other development activities and investments.
The $1B investment comes in addition to a $5 billion commitment made earlier this year by Pfizer, the US drugmaker, to the country.
The announcement came as Indian officials are also looking to develop drugs for cancer, according the report.
The company’s CEO, Richard Schiller, said in December that India would be an ideal place for Pfizer to establish its drug pipeline and that Pfizer has a “special relationship” with the country’s government.
The investment is expected to support an ambitious plan by the government to develop and commercialize a number of promising drug candidates for cancer.
India’s economy is estimated to be worth $2.5 trillion.
Pfizer said in a statement that it is investing in the US to support the development of an effective cancer treatment and that it will provide additional support to the Indian government in this regard.
“The expansion of our business and investments in India will further support India’s ambition to become a global leader in cancer care,” Schiller said in the statement.
Last year, Pfizer said it would invest $500m in the Indian drug industry, with the aim of expanding the company’s pharmaceutical pipeline to a total of $3.2 billion by 2019. Read more Follow Forbes India on Facebook