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Mankind Pharma makes big ticket investment worth Rs. 1,100 crore for its new formulation plant at Vadodara
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Shardul Nautiyal, Mumbai
March 02 , 2021
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In a major boost to the manufacturing prowess of Gujarat, Mankind Pharma has signed an MoU with the Government of Gujarat to make big ticket investment worth Rs. 1,100 crore for its new formulation plant at Vadodara for which land has also been identified recently.
The company is planning to make the investments of Rs. 500 crore and Rs. 600 crore in a phased manner signaling growth prospects in pharmaceutical exports for countries like the Netherlands and the US.
Mankind Pharma is a private Indian pharmaceutical company, based at New Delhi which has a product portfolio in therapeutic areas ranging from antibiotics to gastrointestinal, cardiovascular, dermal and erectile dysfunction medications. They are covering industrial sectors in pharmaceuticals, medical research and laboratories domain.
This comes close on the heels of Gujarat FDCA having issued licenses to total 610 pharma companies between April 1, 2020 and February 9, 2021 which include 312 pharma companies, 23 medical oxygen companies including 35 allopathic sanitizer companies under the Drugs and Cosmetics (D&C) Act, 1940.
The Gujarat FDCA had earlier approved licenses and layout plans of 240 pharma companies until March 31, 2020.
Gujarat today boasts of over 700 plus WHO-GMP units and 160 US FDA approved drug manufacturing units in the country. Gujarat also has the distinction of having 28 per cent of drug exports to developed markets including the US.
The Gujarat pharmaceutical industry is also upbeat as around 900 out of 1,100 plants had started operations in the state despite lockdown. Most of these plants produce formulations. These 900 plants represent major companies like Alembic, Sun Pharma, Intas, Troikaa Pharma among others.
Some of the major companies which have started operations are Exotic Pharma, Godhara; Aashka Formulation, Gandhinagar; Akshar Air Gases, Surat; Swan Medicot Morbid, Fishfa Biogenics, Rajkot; Chevron Pharma, Bharuch; Alidac Pharmaceuticals, Ahmedabad Rural; Madilyn Healthcare, Ahmedabad Rural; M J Healthcare, Mehsana, Labron Healthcare, Mehsana; Trio Lifescience, Ahmedabad city; Punishka Healthcare, Edkem Pharmaceuticals, Avantika Medex, Derek Healthcare, Dewcare Concept, Afeel Life Care; Rajkot and Moksh Pharmaceuticals, Vadodara.
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