Shimla : With an annual production capacity of 1.2 million anti-cancer vials Panacea Biotech has opened its new facility in Himachal Pradesh’s Baddi at a cost of Rs 55 crore .
“It will not only enable us to scale up production of our innovative range of anti-cancer products but also offer substantial affordable innovative medicines ,” said Rajesh Jain , director Panacea Biotech , Thursday .
“This new facility will improve our ability to develop and deliver anti cancer medicines and equipment and help keep pace with the growing demand ,” he said .
“For certain oncology products , due to insufficent manufacturing capacity , industry consolidation , lack of redundacy and complex manufacturing process the US market regularly faces shortages,” Jain said .
“In recent years use of oncology has gone up by 20 per cent while the production capacity hasn’t kept pace . So we are optimistic about contributing to mitigate the supply constraints not only in India but globally ,” he said .
According to a company official India accounts for 7.5 per cent of the total new cases of cancer globally .
Cervical and breast cancer are the most common, contributing over 26 per cent of the total cases followed by lung, mouth,pharynx and esophagus cancer .
The oncology market in India is about $186 and is expected to reach $683 by the end of 2013 with an annual growth rate of 21 per cent .