US-based biotechnology firm Hysun Biomedical Inc has forayed into the Indian market by forming a joint venture with domestic firm Phyto Biotech to launch its health supplement products in the country.
The JV, Phyto HealthCare plans to set up a facility at an investment of around USD 15 million (over Rs 100 crore) in the first phase to manufacture products in India.
The company also launched its first health supplement 'Suga Balanz' targeting the diabetes segment in the country.
"We plan to set up a manufacturing facility in India to make health supplements and skincare products here. The investment on the facility will be by the JV, Phyto HealthCare," Hysun Biomedical Inc Founder Samuel Yue told PTI.
The launch of the company's first product, Suga Balanz in India represents an exciting first step and "we are confident that we will receive a positive response from this important market," he added.
Later the plan is to introduce more products targeting chronic diseases such as heart diseases, joint pains, aging and Alzheimer's, Yue said.
Commenting on the investment to be made in the first phase to set up the facility, Phyto Biotech Pvt Ltd Director Marketing Karan Kakkad said: "The facility will be set up in Bengaluru and will entail an investment of USD 15 million in the initial phase."
It is a fifty-fifty joint venture by both the companies, he added.
Established in 2009, US based Hysun Biomedical Inc develops and manufactures healthcare supplements.
