The Indian government has agreed to setup a world pharma trade centre at Hyderabad in Andhra Pradesh as the city has emerged as a hub for pharmaceutical industry in the recent times.
The decision was confirmed by the country's union minister of commerce Anand Sharma.
The proposed trade centre is likely to be located at Raidurg, an IT zone near Hyderabad, however, official details of the location and time-line of completion remain undisclosed.
About five acres of land has been allocated by the state government for the centre, which is likely to benefit several pharmaceutical firms and research institutions in and around Hyderabad in improving their businesses.
In addition, the centre will also help global pharma giants focused on drug discovery areas in establishing their facilities in the city.