New Delhi: Akums Drugs and Pharmaceuticals Limited , the contract manufacturing pharmaceutical company in India, announced the acquisition of a new formulation facility located in Baddi, Himachal Pradesh. This marks the 12th formulation facility under Akums , and the second in Baddi, a strategic move with an aim to enhance Akums’ manufacturing capabilities.
The newly acquired facility, sprawling across approximately 6 acres, is currently undergoing upgrades and is slated to become operational in the year 2024. Once operational, it will serve as a OSD pharmaceutical formulation facility, significantly enhancing Akums’ tablet manufacturing capacity.
Mr. 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.”
This procurement 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.
Mr. Sandeep Jain, Joint Managing Director, Akums, emphasized the significance of the expansion in light of market trends. He stated, ” 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.”
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.
Akums boasts a network of manufacturing facilities. These facilities create pharmaceutical formulations of numerous dosage forms in various therapeutic segments.
Akums’ commitment to excellence is encapsulated in its stringent dedication to efficacy, safety, and quality standards. This commitment is underscored by the organization’s attainment of diverse international accreditations, a testament to its adherence to the industry standards.
The company’s focus extends to achieving backward integration through API plants. Committed to serving its customers, Akums pursues a path of continuous development and innovation. This approach not only adds to the nation’s growth but also solidifies Akums’ standing in the industry. The management of Akums recognises the fundamental part that pharmaceutical companies play in the well-being of humanity, and the acquisition of the Baddi facility is expected to be a timely and a significant step in this direction.
