FAYETTEVILLE (KFSM) -- Governor Asa Hutchinson welcomed a start-up generic drug company to Fayetteville Monday (Nov. 27).
OurPharma plans to invest $31.3 mil in a Fayetteville location. They plan to begin construction January 2018, a news release states.
The company plans to hire 10 to 12 new employees and expand to more than 100 employees within a seven-year period.
"We want to fill a great need for generic pills, tablets and capsules," CEO Dr. Peter Kohler said. "Our goals are to be a major generic drug company over the next decade and to provide affordable and much needed medications to patients."
The company is planning four phases of development over 10 years, with the first phase focusing on compound medications necessary for hospitals and clinics. The next two phases will be completed within three years and focus on products such as insulin, which is too expensive for many diabetics in the area.
“I am pleased to welcome OurPharma as the first generic drug manufacturer in Arkansas,” Governor Asa Hutchinson said. “Drug costs are an increasing concern, not just for Arkansans, but for citizens throughout the country. It’s great to see Arkansas at the forefront of the research and technology behind the manufacturing of affordable options that will improve the quality of life for many families. Dr. Kohler’s decision to locate OurPharma in Arkansas speaks volumes about our state’s business climate and our workforce.”