· The company has consolidated its position in ASEAN, South America and Eastern Europe regions
· Venus Remedies has taken another decisive step towards achieving its goal of emerging as the top oncology medicine supplier from India in the ASEAN region with the product registration from Philippines for topotecan, a widely used oncology drug
· Venus Remedies also expects the marketing authorisation from Paraguay to enhance its reach in South American markets through its elaborate range of oncology products
· With this, the number of marketing approvals for its oncology products across 76 countries has gone up to 506
Bangalore, July 31, 2023: Building up on its sizeable global presencein the oncology space, Venus Remedies Ltd, a well-known provider of affordable cancer drugs worldwide, has extended its reach in the Association of Southeast Asian Nations (ASEAN) region, South America and Eastern Europe with marketing approvals for key cancer drugs from Philippines, Paraguay, Georgia and Moldova.
With this, the company has secured 506 marketing approvals for its oncology products across 76 countries.
While Venus Remedies has secured marketing approval for topotecan from Philippines, the second largest market in the ASEAN region, where the company has a sizeable presence, it has also reinforced its position as a leading exporter of oncology drugs with product registration for irinotecan in Paraguay, docetaxel in Georgia and topotecan and irinotecan in Moldova.
“This accomplishment is a decisive move towards achieving our goal of emerging as the top oncology medicine supplier from India in the ASEAN region and further expanding the reach of our cancer drugs in South America and Eastern Europe. With these marketing authorisations, we will be able to further extend our operations to new markets and reaffirm our commitment to provide advanced cancer treatment options with improved outcomes for patients,” said Saransh Chaudhary, President, Global Critical Care, Venus Remedies.
The $5-billion pharmaceutical market of Philippines, a growing market for cancer drugs where Venus Remedies has so far secured marketing approval for 15 oncology product & 27 total products across various segments, presents immense opportunities to the company to expand its operations in the Asia-Pacific region in general and Southeast Asia in particular through its elaborate range of drugs.
“While oncology drugs account for 10 of our 152 marketing authorisations in the ASEAN region, we are banking on the product registration for topotecan from Philippines to pave the way for faster approval of this drug in other ASEAN countries,” said Chaudhary.
Venus Remedies has already submitted dossiers to the Health Ministry of the Philippines government for another 50-odd marketing authorisations, and most of these pending approvals are for oncology products. Pertinently, Philippines, where the market size of cancer drugs was valued at US $252 million in 2020 and is expected to grow at a CAGR of 8.7% by 2025, also accounts for the highest revenue for Venus Remedies from the ASEAN region.
Venus Remedies also expects the marketing approval for irinotecan from the US $431.9 million pharmaceutical market in Paraguay to facilitate the registration process for its oncology drugs in other South American countries as well, considering that many of them have similar regulatory processes.
Similarly, the marketing authorisation for docetaxel from Georgia and topotecan and irinotecan from Moldova will enable the company to further consolidate its position in Eastern Europe and the Balkan region, where it had recently secured its first marketing authorisation from Bosnia for a chemotherapy drug. While Georgia represents a US $ 1568 million pharmaceutical market, the size of the pharma market in Moldova is US $60 million.
Commenting on the achievement, Venus Remedies Executive Director Akshansh Chaudhary said, “These marketing approvals are testimony to our uncompromising quality standards. We will continue to leverage our expertise, regulatory might and global partnerships to develop advanced therapies that can make a substantial difference in the lives of patients around the world.”
Having secured marketing approvals for key cancer drugs from the UK, Malaysia, Oman and Iraq in the past three months, the oncology wing of Venus Remedies is on an expansion spree.
About Venus Remedies
Panchkula-based Venus Remedies Ltd (NSE: VENUSREM, BSE: 526953) is among the 10 leading fixed-dosage injectable manufacturers in the world. Having a commercial presence in 60+ countries with a portfolio of 75 products spread over Europe, Australia, Africa, Asia-Pacific, Commonwealth States, the Middle East, Latin America and the Caribbean region, the company has nine globally benchmarked facilities in Panchkula, Baddi and Werne (Germany), apart from 11 overseas marketing offices. Its manufacturing units are certified for ISO 9001, ISO 14001, ISO 18001 and OHSAS. The company has also been approved by European-GMP, WHO-GMP and Latin American GMP (INVIMA), among others. Ranked 107th in Asia and among the world’s 500 largest pharmaceutical manufacturing companies, Venus Remedies has been granted more than 100 patents worldwide and having more than 95 registered trademarks and 12 copyrights for its innovative research products.