To meet the growing demand of anti-cancer products in the country, second largest vaccine producer in India, Panacea Biotec, , has inaugurated its new state-of-the-art oncology facility at Baddi.
The new manufacturing facility will entail an annul production capacity of around 1.2 million vials, and being set up in compliance with various international regulatory standards like cGMP, US FDA and UK-MHRA. The plant has been set up with a project cost of around Rs. 55 crore.
Dr Rajesh Jain, joint managing director, said,
“We are delighted to announce the inauguration of our new facility for manufacturing anti-cancer products. It will not only enable us to scale up production of our innovative range of anti-cancer products, but also offer substantial affordable innovative medicine to consumers at large.”
India accounts for 7.5 per cent of the total new cases of cancer globally. In India, cervical and breast cancer are the most common, contributing over 26 per cent to the total cases, followed by lung, mouth, pharynx and esophagus cancer. The oncology market in India is about $186 million, and is expected to reach $693 million by end of 2013 with a CAGR of nearly 21 per cent. The company is in process of reistering its range of anti-cancer products in emerging RoW markets and in Europe and US market.