US biotech firm mulls shifting health supplements manufacturing to India
Supplements market in India is pegged at $2 billion.
US-based biotechnology firm Hysun Biomedical Inc is planning to shift its health supplements manufacturing to India.
"We are in testing mode at the joint venture facility at Bengaluru. If production stabilises and gets FDA nod here then we will stop production of supplements in the US", Hysun MD Samuel Yue said.
Hysun forayed into the Indian market by forming a joint venture with domestic firm Phyto Biotechnology to produce health supplement 'Suga Balanz' targeting the diabetes segment in the country. More products will follow, Phyto director J K Thirani said.
The JV, Phyto HealthCare, plans to invest around $15 million in the facility in manufacturing products and marketing. Besides, it also plans to set up chronic disease wellness centres across India like heart diseases, joint pains and Alzheimer's, Yue said.
Supplements market in India is pegged at $2 billion.
Established in 2009, Hysun Biomedical Inc develops and manufactures healthcare supplements.