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Akums Drugs and Pharmaceuticals Limited, a contract manufacturing pharmaceutical company, on Tuesday announced the acquisition of a new formulation facility in Baddi, Himachal Pradesh, for an undisclosed amount.
This would be the company’s 12th formulation facility and the second in Baddi.
The facility will augment the company’s tablet manufacturing business and improve time-to-market, it said in a media statement.
The facility is likely to become operational next year.
“Acquisition of the second manufacturing site in 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,” said Sanjeev Jain, Joint Managing Director, Akums.
In FY23, the Indian pharmaceutical market witnessed a year-on-year growth of nearly 5 per cent, reaching $49.78 billion.
Projections indicate the industry will touch $65 billion by 2024 and $130 billion by 2030.
The company’s focus extends to achieving backward integration through API plants.
Akums is also eyeing an IPO soon.
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