image credit- shutterstock
Akums Drugs and Pharmaceuticals, the contract manufacturing pharmaceutical company in India, has 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 an oral solid dosage (OSD) pharmaceutical formulation facility, significantly enhancing Akums' tablet manufacturing capacity.
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.
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.
