Furthermore, Caplin Group's projects are expected to generate a total of 1,500 employment opportunities, with 1,000 direct jobs and 500 indirect jobs.
Chennai-based drug firm Caplin Point Laboratories Ltd has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest INR 700 Cr in the state.
The investment will be made over a period of five years by the Caplin group of companies, including Caplin Point Laboratories along with its subsidiaries Caplin Steriles Ltd and Caplin One Labs Ltd.
Reportedly, this investment is earmarked for diverse projects spanning oncology, active pharmaceutical ingredients, and research and development facilities. The investment is expected to significantly boost the state’s economy.
As per the MoU, the Tamil Nadu government will provide necessary infrastructure support and regulatory assistance, adhering to applicable laws. Furthermore, Caplin Group's projects are expected to generate a total of 1,500 employment opportunities, with 1,000 direct jobs and 500 indirect jobs.
Sharing thoughts, C C Paarthipan, chairman, Caplin Poin Laboratories Ltd, said, "We are pleased to announce the signing of an MoU with the Government of Tamil Nadu. Aligned with the state's goals, our company's strategic investment emphasises expanding manufacturing capabilities and driving research and development."
This strategic partnership aligns with the company’s growth plans. This will enhance the company’s manufacturing capabilities and drive research and development, leading to the production of quality medicines.
Established in 1990, Caplin Point Laboratories Limited is a fast-growing, fully integrated pharmaceutical company. The Chennai-based company aims to create new niches in its existing markets and implement its unique business model across the globe to ensure access to quality medicines at affordable prices.
Going forward, the company is targeting a financial growth of 15-17% for the financial year 2024. Moreover, it has plans to expand existing capacities and widen its product portfolio. Furthermore, Caplin plans to expand its presence in regulated markets such as Canada, Australia, China, Russia/CIS, and the bigger Latin American markets of Mexico and Brazil.
Shares of Caplin Point Laboratories Ltd were trading at ₹1,442.80, down by ₹2.35, or 0.16% on 10 January at 3:15 pm.
Tamil Nadu has been at the forefront of healthcare development in India. The state’s healthcare system is recognised for its reach and quality, catering to all sections of the population.
In view of that, many organisations are seeking to collaborate with the Tamil Nadu government, attracted by the state’s advancements in the healthcare sector. These collaborations aim to further enhance the state’s healthcare infrastructure and services. Some of the latest initiatives include:
In November, the University of Illinois, Urbana-Champaign (UIUC) in alliance with Genome International, USA was looking at forging healthcare partnerships in Tamil Nadu for the integration of AI and genomics in healthcare.
In line with this, a discussion was held with hospitals in Chennai at the IIT-Madras coinciding with the visit of Robert Jones, chancellor, UIUC. The partnership seeks to integrate Al and genomics into healthcare.
Reportedly, Genome International was already in a partnership with the University of Illinois. However, the recent deliberation explored potential collaborations with hospitals in Tami Nadu, fostering the creation of innovative tools and technologies that leverage Al and genomics for clinical translation.
Days back, the Tamil Nadu Health Department signed a MoU with the Indian Oil Corporation Limited (IOCL) to eliminate tuberculosis by 2030. The MoU seeks to procure and supply diagnostic equipment for tuberculosis under IOCL’s Corporate Social Responsibility (CSR) Initiative.
This initiative aligns with the government’s broader efforts to reduce TB mortality, as evidenced by initiatives such as the Tamil Nadu Kasanoi Erappila Thittam (TN-KET) which means TB death-free project that significantly reduced early TB deaths.
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