In a bid to boost global production of its antiviral COVID-19 pill (Paxlovid), Pfizer will establish a production facility in France, which is part of a larger plan to invest 520 million euros ($594 million) in the country, Reuters reported.
The US-based company announced on Monday, 17 January, that this investment plan will span over the next five years.
A portion of the 520 million euros will be invested in research in France, along with partnerships with biotech firms.
The production of API, or active pharmaceutical ingredient, for paxlovid, will also be included in the investment.
A plant run by the French pharmaceutical group Novasep will be the facility that will be used for production.
"Novasep will produce API for use in our manufacturing network, expected to contribute to the overall (global) effort to produce 120 million courses of treatment in 2022," Pfizer stated.
Paxlovid has been found to be almost 90 percent effective in preventing hospitalisations and deaths in COVID patients, according to data from clinical trials conducted with the pills.
It got emergency approval from the US drug regulator, the Food and Drug Administration, in December last year.
It is now being reported that the European Union is also possibly seeking authorisation for emergency use.
Pfizer added that it was too soon to project Novasep's output of Paxlovid, but countries like Ireland and Italy also contained sites where the pill was being manufactured.
(With inputs from Reuters)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)