Petersburg, Virginia, is undergoing significant changes in its pharmaceutical industry, with three pharmaceutical companies expected to create over 600 jobs in the area by 2024. Civica Rx’s decision to establish a presence in the city is attributed to its strategic location, providing easy access to the entire East Coast. This investment, along with two other pharmaceutical plants, marks a major economic development for Petersburg, according to Mayor Sam Parham. Civica’s CEO, Martin Van Trieste, expressed their commitment to reducing medication costs through innovation and aiming for a 90% cost reduction for patients. Additionally, the collaboration between local educational institutions and pharmaceutical companies is expected to develop a skilled workforce for the region, with Civica planning to produce more affordable generic forms of insulin by 2024.
Petersburg, VA