Amneal Pharmaceuticals plans to invest $120 million in expansion and infrastructure enhancements at its production facilities in New York, New Jersey and Kentucky, that is estimated will create more than 500 jobs in manufacturing, research and development, distribution and sales.
The company currently employs over 1100 people in the United States. Amneal officials said in the next two years facility enlargements and resulting jobs increase will generate an estimated $21 million per year in additional payroll and other benefits to local economies.
The capital investment in its manufacturing plants and other facilities will support the firm's expansion into new products such as high potency medications, controlled substances and softgel capsules; new dosage forms including transdermal patches and injectables; and new therapeutic areas like oncology.
Driving further expansion in the U.S. market, Amneal is committed to spending 15 to 20 percent of annual revenue on research and Development, while the industry norm is 5 to 6 percent.
"This major investment in our U.S. operations will more than double Amneal's production volume and add hundreds of jobs while maintaining our dedication to superior quality in our products as well as throughout our organization," said Chintu Patel, Amneal CEO. "It enables us to significantly diversify our generics portfolio, further expanding the value we provide our customers."
"We clearly understand the value of, and are fully committed to, investing and growing within the market we serve, significantly expanding our number of `Made in the USA' products," said Chirag Patel, Amneal President. "Generic pharmaceuticals ensure the lowest cost of medications to help make healthcare more affordable to all consumers."