GERMANY – Boehringer Ingelheim has invested €120 million (US$131.6 million) for the extension of its state-of-the-art manufacturing plant in Koropi, Greece.
According to the company’s statement, Boehringer Ingelheim plans to further expand and upgrade of its plant in Koropi plant to increase the manufacturing capacity of new and existing medications.
In a press release, Hubertus von Baumbach, Chairman of the Board of Managing Directors at Boehringer Ingelheim, said: “This expansion investment will bring some of our most innovative therapies to an increasing number of patients globally.”
In addition to the late-stage development of the company’s strong innovation pipeline, main disease areas include cardio-renal-metabolic (CRM) diseases, mental health, and pulmonary fibrosis.
The expansion also will boost medicine exports from Greece, particularly of Jardiance, a medication used to treat type 2 diabetes, chronic heart failure and chronic kidney disease, to the American market.
With an investment of approximately €120 million (US$131.6 million), the upgraded manufacturing plant in Greece is expected to create 110 additional jobs.
Greek Prime Minister Kyriakos Mitsotakis attended the groundbreaking ceremony at the Koropi site, alongside the Minister of State, the Minister of Health and the Minister of Development.
During the visit to the Koropi plant, Greek Prime Minister Kyriakos Mitsotakis said: “This plant produces innovative antidiabetic medicines. I am delighted to see the excellent organization as well as the high level of expertise and professionalism of the staff.”
Prime Minister Kyriakos Mitsotakis further said the creation of value through innovation is a strategic goal that Greece embraces to make the state a reference point for the pharmaceutical industry.
Lauding the company for its continuous trust in Greece, he observed: “Boehringer Ingelheim trusts you, the employees, not just the government or the wider environment. All together you constitute a team, building a better tomorrow, a structure with very strong foundations and that is what we are celebrating here today.”
Since Boehringer Ingelheim started the production facility in Koropi in 1975, the research-driven biopharmaceutical company has gradually expanded its operations in the country.
The biopharmaceutical company has more than 53,000 employees serving over 130 markets in the two business units Human Pharma and Animal Health.
In 2020, the company announced multi-year investments to expand the site and its production capacity. The Koropi plant is the only industrial facility of a multinational pharmaceutical company in Greece producing innovative medicines.
Putting innovative production technologies in place to support successful Research & Development (R&D) is a key investment driver at Boehringer. In 2022, the company’s global expenditure in Human Pharma R&D amounted to €4.6 billion (US$5.04 million).
25% of the company’s Human Pharma net sales are reinvested to advance science and cutting-edge research to find new therapies and treatments for patients who are waiting for new solutions in areas of high unmet patient needs.
“I am pleased with the progress that the company has made; with the 700 skilled employees whose number will increase by more than 100 when this investment is completed; and, of course, with this important shift towards innovation,” noted Kyriakos Mitsotakis.