A Brief Overview
The past few decades have been quite crucial for the pharmaceutical industry. It has taken a big leap and has developed quickly with the inclusion of contract manufacturing. Contract manufacturing is sometimes called contract development and manufacturing organizations too. Contract manufacturing pharma India has supported the industry drastically, further paving the way for small-scale and medium-sized enterprises to capitalize and grow. This prolific phase has permitted the nation to strengthen itself as a worldwide manufacturing base, and it continues to grow, improve, and innovate today.
Indian Drug Manufacturers have recorded that currently, pharma contract manufacturing in India is showing growth at a rate of 20 percent, which is remarkable. The most benefited sector through the same is small and medium enterprises (SMEs). Considering the basic production of pharmaceutical products and drugs, India has a far better-quality circumference than nations, such as China, Vietnam, and Ireland, due to possessions including manpower, technically-knowledgeable workforce, and WHO-GMP-approved production premises. A considerable 40 percent lesser cost of process and production is a highlight for multinationals considering India's outsourcing needs.
Role of Contract Manufacturing Units
With the introduction of cosmopolitan pharmaceutical organizations and the rapid spread in the country has steadily evolved and readily adapted the concept of contract manufacturing by including services such as essential manufacturing of therapeutic goods, formulation development, solidity studies, and a variety of stages of clinical trials, scaling-up of drug syntheses, and late clinical trial studies. This stride is an inducement for many pharmaceutical organizations to focus on India, as the cost savings could be massive.
The cost management served by Contract manufacturers enabled the nation to be known as the world's best low-cost manufacturing center, with the highest number of Drug Administration (FDA)-approved manufacturing plants. Many multinational companies in India have stopped manufacturing some of their products and have outsourced them to Indian manufacturers. To get the utmost mileage for their brands, companies are looking to outsource their manufacturing to more cost-efficient centers and retain their quality and brand image. This trend is on the rise in the domestic market, and India is making an appropriate move.
This, too been confirmed by the resources that the contract manufacturing space in India is expected to gain ground soon and to grow with a good percent on a compound annual growth rate as efficiency in manufacturing and maturity of business models lead to suppression of manufacturing cost.
Akums Drugs & Pharmaceuticals Ltd
Akums Drugs & Pharmaceuticals Ltd is India's single largest Contract Research and Manufacturing (CRAMS) organization, responsible for manufacturing approximately 11-12 % of all drugs consumed. The company's 10 state-of-the-art facilities are equipped to produce all modern dosage forms. It has emerged as an integrated solution provider for companies seeking specific development and business goals. The company offers advanced formulation development and testing solutions and its core service offering. Akum's total revenue grew by more than 20% over the past year, which stood at more than INR 21 Billion in 2019-20.
Keynotes
- Contract manufacturing pharma India has supported the industry drastically further paving the way for small scale and medium-size enterprises to capitalize and grow.
- The cost management served by Contract manufacturers enabled the nation to be known as the world's best known low-cost manufacturing centers, with the highest number of Drug Administration (FDA)-approved manufacturing plants.
- Akums drugs and pharmaceutical Ltd is India’s single largest Contract Research and Manufacturing (CRAMS) organization responsible for manufacturing approximately 11-12 % of all drugs consumed in the country.
