US pharmaceutical company Pfizer has set up its global drug development centre at the Indian Institute of Technology-Madras Research Park here, at an outlay of over Rs 150 crore.

The centre, which employs 250 scientists and technicians, would develop innovative formulations, small molecules and active pharmaceutical ingredients (APIs).

According to company, the centre would develop and support products in global markets and Pfizer's manufacturing centres, worldwide.

The facility is among 12 centres established worldwide, and the first in Asia.

Pfizer India, country manager, S Sridhar said, "The Pfizer's drug development centre at the IIT M Research Park is a positive opportunity to establish truly one of the most advanced laboratories that it is setting up for research and development, in Chennai and opportunity to showcase the potential of R&D in the country."

"The world-class scientific, technology and innovation driven Research Park campus provides an ideal setting for our work. We are hopeful that the proximity to IIT Madras and other technology Research Park start-ups will also improve academia and industry partnerships..," he said in a statement.

The company has invested USD 20 million (Rs 150 plus crore) in the centre spread across 61,000 square foot at the IIT-M Research Park.

The Centre integrates two functions under the export-oriented undertaking of Pfizer -- Pharmaceutical Sciences (PharmSci) and Global Technology and Engineering (GT & E) Centre of Excellence.

While the Pharmaceutical Sciences division has been set up for dedicated development of anti-infectives, oncolytics, sterile injectables, the Global Technology and Engineering Centre of Excellence would be on active pharmaceutical ingredients process and manufacturing technology to supply medicines to patients.

"We are pleased to welcome the Pfizer global drug development centre to IIT-Madras Research Park. We believe the proximity of Pfizer to IIT-M, student, scientists and other leading industry start-ups will foster great collaboration between industry and academia," IIT-M Research Park, President, Ashok Jhunjhunwala said.

IIT-M Director professor V Kamakoti said, "drug development is one of the most important activities wherein technology meets medicine." "Aligning the process with regulatory conditions using technology will not only quicken but enhance the quality of the process of drug development".