CHARLESTON, W.Va. — State Economic Development Secretary Mitch Carmichael said a South Korean company’s plans to manufacture insulin in West Virginia show the state’s economic potential.
State officials and leaders with UNDBIO Inc. announced Wednesday a Memorandum of Understanding to establish a manufacturing facility in West Virginia. UNDBIO plans to have a site at the West Virginia University Research Park in Morgantown, in which the company will produce a new form of insulin. Carmichael said if the U.S. Food and Drug Administration approves the insulin doses, it would allow people with diabetes to only need a weekly injection.
“This will create competition in the market and help drive down the costs of insulin,” he said on Thursday’s “Metronews Talkline.”
“Furthermore, it’s just great economic development for our state and, in particular, the Morgantown area that has such a great history with pharmaceutical manufacturing.”
UNDBIO’s plans will result in 1,200 new manufacturing jobs in Monongalia County. The state agreed to provide incentives to help the company begin operations in Monongalia County.
“We want to help this company become successful here by facilitating their investments, research and opportunity to locate in our state,” Carmichael said. “Frankly, what’s interesting about this whole concept is they looked at the whole nation and frankly the world over for a location and settled on West Virginia for some reasons I don’t think we highlight enough.”
Carmichael said UNDBIO leaders felt “comfortable” with establishing a site in West Virginia as well as building relationships with business leaders and Morgantown figures.
“These people have been terrific to work with,” he said in reference to West Virginians involved in the meetings. “That just wins the day in many cases in a very competitive environment.”
UNDBIO plans to begin construction on the manufacturing facility later this year with plans to complete work in 2023.
“This company is committed to placing significant capital, private equity capital into the project,” Carmichael noted.
The manufacturing of clinical drugs for trials is slated to begin in 2024.