FRANKFURT, (Reuters) - Bayer's pharmaceuticals unit on Friday unveiled plans to invest $2.2 billion in a new manufacturing site in New Albany, Ohio, part of a push to boost the business's US revenue.
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Bayer expects to create about 600 high paying jobs in New Albany, with another 1,500 jobs resulting temporarily from construction.
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The prescription drug unit of Germany's Bayer has increased the US share of global revenue to 35% from 20% in 2018 and it aims to double US sales by the end of the decade, said Sebastian Guth, chief operating officer for pharmaceuticals.
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Among the main products to underpin the expansion are Kerendia to treat chronic kidney disease, prostate cancer drug Nubeqa as well as drug candidate asundexian to prevent strokes.
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US prescription medicine prices are far higher than in other developed nations, and President Donald Trump has been pressuring drugmakers to lower their prices, while also demanding that other developed countries increase their prices.
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"It is a very deliberate decision to strengthen our presence in the United States, alongside our historically strong presence in Europe and our strong presence in Asia," said Bayer Pharma's Guth.
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A drug substance manufacturing site is set to become operational in 2031 with a site for finished drug product to follow in 2034.
Reporting by Ludwig Burger, Editing by Friederike Heine
Source: Reuters