Akums Drugs and Pharmaceuticals Limited has announced its latest strategic expansion by acquiring a new formulation facility in Baddi, Himachal Pradesh. This acquisition, marking the company’s 12th formulation site and its second in Baddi, is set to significantly boost Akums’ tablet manufacturing capacity.
Spanning around 6 acres, the new facility is currently undergoing modernization and is expected to be operational by 2024. It will function as an Oral Solid Dosage (OSD) pharmaceutical formulation unit, aligning with Akums’ strategy to increase production capabilities.
Joint Managing Director, Sanjeev Jain, expressed the move as a testament to Akums’ foresight and proactive stance in the evolving pharmaceutical landscape. He emphasized the company’s ambition to impact both the Indian and international markets positively. The Baddi facility is poised to enhance Akums’ ability to meet diverse client needs, thereby solidifying its commitment to innovation, sustainability, and quality.
Sandeep Jain, also a Joint Managing Director at Akums, highlighted the acquisition’s relevance in light of the current market trends, noting its alignment with the company’s goal to expand manufacturing capabilities across different regions while focusing on community health and well-being.
The Indian pharmaceutical sector, experiencing a 5 per cent year-on-year growth in FY23 to $49.78 billion, is projected to reach $65 billion by 2024 and $130 billion by 2030. Akums’ expansion is in line with these robust growth projections.
Akums operates an extensive network of manufacturing sites, producing a wide range of pharmaceutical formulations across various therapeutic segments. The company is renowned for its commitment to safety, efficacy, and quality standards, as evidenced by numerous international accreditations.
Furthermore, Akums is focused on achieving backward integration through its API plants, reflecting its continuous commitment to development and innovation. This latest acquisition of the Baddi facility marks a significant step in Akums’ journey towards enhancing global healthcare and reinforcing its position in the pharmaceutical industry.