Bayer, German multinational life science company, on Friday disclosed plans to make an investment of $2.2 billion in a new manufacturing site in New Albany, Ohio, part of a push to bolster the business’s US revenue.
United States (US) President, Donald Trump, described the move via Truth Social as a “huge news”, saying, it will create thousands of jobs for Ohioans.
The 45th and 47th US President said, the investment is coming following his “strong Pharmaceutical Tariffs”, which have brought about more than “600 billion dollars” in new Pharma investments.
Bayer plans to generate about 600 high-paying jobs in New Albany, with another 1,500 jobs coming temporarily from construction.
The Prescription Drug Unit of Germany’s Bayer has heightened the US share of global revenue from 20% to 35% in 2018, and it targets to double American sales by the end of the decade, Chief Operating Officer for pharmaceuticals, Sebastian Guth, said.
President Trump announced: “HUGE NEWS FOR OHIO, where I am heading right now! Bayer just announced a brand new, 2.2 Billion Dollar Pharmaceutical Manufacturing Campus near Columbus.”
Kerendia to treat chronic kidney disease is among the main products to support the expansion, others include; Nubeqa, drug for prostate cancer; and drug candidate asundexian, to prevent stroke.
President Trump said: “It will generate thousands of Jobs for Ohioans in Advanced Manufacturing, Scientific Research, Construction, and more.
“This massive Onshoring WIN is thanks to my strong Pharmaceutical Tariffs, which have led to over 600 BILLION DOLLARS in new Pharma Investments, and lower (MFN) Drug Prices.”
America’s prescription medical prices are extremely higher than in other developed countries, and President Trump has been mounting pressure on drugmakers to reduce their prices “or pay”.
He called on companies to “hire American workers” as they “build everywhere” in America.
President Trump said: “Companies everywhere are building in the U.S.A. BUILD IN AMERICA, HIRE AMERICAN WORKERS, AND PRICE DRUGS FOR AMERICAN PATIENTS FAIRLY — OR PAY.”
Via X, Bayer U.S. announced: “Bayer plans to invest $2.2 billion in a new pharmaceutical manufacturing campus in New Albany, Ohio – bringing manufacturing closer to patients and supporting the reliable production of innovative medicines at scale.”
Guth said: “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.”
Bayer AG
German multinational pharmaceutical and biotechnology company, Bayer AG, is one of the largest Pharmaceutical Companies and biomedical companies on Planet Earth.
Its headquarter is located in Leverkusen, Germany.
The Company’s areas of business encompass, pharmaceuticals, consumer healthcare products, agricultural chemicals, seeds and biotechnology products.
Bayer AG was founded by Friedrich Bayer and Johann Friedrich Weskott in 1863 in Barmen, a former industrial metropolis of the region of Bergisches Land, Germany.
The Company operates in over eighty (80) countries and has more than 80,000 employees worldwide.
