- The $4.20-billion pharmaceutical market of the Philippines accounts for a significant market for Venus Remedies from the ASEAN region as the company moves a step closer towards emerging as the top oncology medicine supplier from India in Southeast Asia
- Venus Remedies’ oncology wing has also secured marketing authorisation from Myanmar for another chemotherapy drug
National, October 16, 2023: Building upon its sizeable presence in the oncology space in the Association of Southeast Asian Nations (ASEAN) region, Venus Remedies Ltd, a well-known provider of affordable cancer drugs worldwide, has received marketing approval from the Philippines, the second largest ASEAN market, for six key chemotherapy drugs.
Venus Remedies has secured marketing authorisation for bortezomib, cisplatin, doxorubicin, docetaxel, flurouracil and paclitaxel from the Philippines, thus making it a significant market for the company from the ASEAN region.
With this, Venus Remedies has secured 525 marketing approvals for its oncology products across 76 countries.
The $4.20-billion pharmaceutical market of the Philippines, a growing market for cancer drugs where Venus Remedies has so far secured marketing approval for 52 products across various segments, presents immense opportunities for the company to expand its operations in the Asia-Pacific region in general and Southeast Asia in particular through its elaborate range of drugs.
Stating that this achievement marks a significant step towards achieving the company’s goal of emerging as the top oncology medicine supplier from India in Southeast Asia, Saransh Chaudhary, CEO, Venus Medicine Research Centre said, “While oncology drugs account for 157 of our 205 marketing authorisations in the ASEAN region, we are banking on these product registrations from the Philippines to pave the way for faster approval of these drugs in other Southeast Asian countries as well. Consequently, we will further extend our operations to other ASEAN markets, reaffirming our commitment to provide advanced cancer treatment options with improved outcomes for patients.”
Venus Remedies has already submitted dossiers to the Health Ministry of the Philippines government for another 45 marketing authorisations, and most of these pending approvals are for oncology products. Pertinently, the market size of cancer drugs in the Philippines was valued at US $252 million in 2020 and is expected to grow at a CAGR of 8.7% by 2025.
Meanwhile, executing its expansion plans in the ASEAN region, the company’s oncology wing has also secured marketing approval from Myanmar for the chemotherapy drug oxaliplatin. Three months after Venus Remedies had got marketing authorisation from Malaysia, one of the largest pharmaceutical markets in Southeast Asia, for another chemotherapy medication, pemetrexed, the company has now secured a product registration for a different dosage of the same drug. Venus Remedies’ oncology products are widely used in many big chemotherapy centres in Malaysia, like Onco Life.
Terming these marketing approvals as a testimony to the company’s uncompromising quality standards, Venus Remedies Executive Director Akshansh Chaudhary said, “We will continue to maximise our expertise, regulatory might and global partnerships to provide access to advanced cancer therapies which can improve the lives of patients around the globe.”
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 70+ 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 130 patents worldwide and having more than 125 registered trademarks and 25 copyrights for its innovative research products.