Akums Acquires New Facility in Baddi to Boost Tablet Production

Akums Drugs and Pharmaceuticals Limited, a prominent contract manufacturing pharmaceutical company, made a significant announcement on Tuesday regarding its expansion plans. The company has successfully completed the acquisition of a new formulation facility in Baddi, Himachal Pradesh, marking its 12th formulation facility and the second in Baddi. The financial details of the acquisition remain undisclosed.

According to a media statement released by Akums, the newly acquired facility is strategically aimed at boosting the company's tablet manufacturing business and streamlining time-to-market processes. Anticipated to become operational next year, the facility is expected to play a crucial role in enhancing Akums' overall production capabilities.

Sanjeev Jain, Joint Managing Director of Akums, emphasized the company's commitment to expanding manufacturing capabilities across different geographies. He stated, "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."

In the context of the pharmaceutical industry's growth, the announcement comes at a time when the Indian pharmaceutical market witnessed a year-on-year growth of nearly 5 percent in FY23, reaching a valuation of $49.78 billion. Industry projections suggest that the sector is poised to touch $65 billion by 2024 and a staggering $130 billion by 2030.

Akums Drugs and Pharmaceuticals Limited is not only focusing on expanding its formulation facilities but is also committed to achieving backward integration through Active Pharmaceutical Ingredient (API) plants. This strategic approach aligns with the company's long-term vision and contributes to its efforts in becoming a key player in the pharmaceutical manufacturing landscape.

HBL