VADODARA: Drug firm Alembic Pharmaceuticals Ltd (APL) entered into oncology segment by inaugurating a Rs 300 crore anti-cancer drug facility at Halol in Gujarat.

Speaking on the occasion, Chirayu Amin chairman of Alembic group of companies said the Rs 300 crore unit will manufacture 60 million tablets/capsules and approximately 20 million vials of liquid injectable and lyophilized concentrates.

Gujarat Chief Minister Vijay Rupani after inaugurating plant said, "Gujarat is a leading producer with 80 per cent of pharmaceuticals products in the country and our government encourages more R&D spending for new drug discovery."

The state government hopes to launch 1,000 generic medical stores in 2017 from the present 250 stores, which will help in providing cheap quality drugs to people of the state, Rupani said.

He also said that Gujarat have been receiving lot of investment enquiries from global investors and we will provide conducive investment environment through new policies.

With this facility, the Alembic Pharma will commence exporting oncology products to US, Middle East, North Africa, Australia and South Africa, Amin said.

The facility has equipment from BOSCH of Germany, GEA of Belgium, Alexanderwerk from UK, ICOS from Italy, Tofflon from China.

APL managing director Pranav Amin said the company hopes to invest Rs 1,500 crore as part of its expansion plan over the next three years period, which will be funded through debt and internal accruals.

APL has recently invested in an ultra-modern R&D centre at Hyderabad. APL is one of the leading players in the industry to have invested about 11 per cent of its turnover in R&D, Amin said.