Pharmez, the pharma Special Economic Zone (SEZ) planned by Zydus Cadila's Zydus Infrastructure Ltd., has received approval from the Ministry of Commerce & Industry.

With the approval, the first phase of Pharmez is likely to be completed by mid 2007 and total investment in the park is expected to be to the tune of Rs. 1000 crore. Exports from the SEZ are pegged at Rs.2000 crore in the first phase and it will provide employment to about 1000 people and indirect employment for 5000 people, informed a company release.

"It is a step in the right direction and one that has been made possible with the active support of the Government of Gujarat. Pharmez with its world class infrastructure will set new standards in the way SEZs are developed and managed in India," Pankaj R Patel, chairman and managing director, Zydus Cadila said on the development.

Strategically located in the pharma corridor of Ahmedabad adjoining Sarkhej-Bavla highway, Pharmez has been conceptualised and modelled on the lines of internationally reputed pharma parks and free trade zones. Apart from the infrastructural facilities, special features of Pharmez will include a business centre with meeting facilities and training centre, Wi-max and broadband connectivity, restaurant, yoga and meditation centre and club house with recreational facilities, library, post office and bank facilities, Offices of SEZ commissioner, Customs & Excise Commissioner, FDA, Pharmexcil etc.

One of the unique aspects of the SEZ would be a unique museum on the evolution of pharmaceutical science, which will be the biggest and longest museum in Asia spread over an area of 500, 000 square feet. The museum will provide a complete perspective ranging from early years of medicine making, to the evolution of technology through the years and provide an understanding of the new drug discovery process. International curators and consultants will be assisting in conceptualising the museum and sourcing exhibits, said the release.