Contract manufacturing pharma major Akums Drugs and Pharmaceuticals Limited announced the acquisition of a new formulation facility in Baddi, Himachal Pradesh for an undisclosed amount, as part of its strategy to enhance its manufacturing capabilities.
This is the 12th formulation facility under Akums, and the second in Baddi, sprawling across approximately six acres. The facility is currently undergoing upgrades and is slated to become operational in the year 2024.
Once operational, it will serve as a oral solid dosage (OSD) pharmaceutical formulation facility, significantly enhancing Akums' tablet manufacturing capacity. With this, the capacity of Akums' will go up from 62 billion OSD per day and with this facility they can manufacture 6 Billion more per day.
Sanjeev Jain, joint managing director, Akums, speaking about the acquisition, noted, "Amidst the dynamic expansion of the pharmaceutical industry, the acquisition of the Baddi facility serves as a clear indicator of our company’s planned foresight and proactive approach in contributing to market dynamics. As the industry undergoes substantial growth, our objective is to contribute not only to the Indian market but also attempting to leave a lasting imprint on the international stage."
"Once operational, the Baddi facility will play a significant role in augmenting our manufacturing capabilities, allowing us to efficiently address the various needs of our clients. Rooted in the principles of innovation, sustainability, and quality, this expansion serves as a palpable expression of our dedication to advancing healthcare and making a positive impression on a global scale,” he said.
This acquisition is anticipated to boost Akums' tablet manufacturing capacity across various therapeutic areas further enhancing Akums' ability to serve clients, improve time-to-market, and cater to the burgeoning Indian pharmaceutical market, said the company.
Sandeep Jain, joint managing director, Akums, elaborated on the significance of the expansion in light of market trends.
"Acquisition of the 2nd manufacturing site in the Baddi, aligns with our goal to enhance the manufacturing capabilities across geographies, while aiming to make a substantial impact on the overall health and well-being of our communities,” he added.
In FY23, the Indian pharmaceutical market witnessed a year-on-year growth of nearly 5%, reaching $49.78 billion. With projections indicating the industry reaching $65 billion by 2024 and $130 billion by 2030, Akums' expansion aligns with the robust growth anticipated in the sector. The company's focus extends to achieving backward integration through API plants, it added.
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