Venus Remedies secures marketing authorisation for cancer drugs from Philippines, Paraguay, Georgia & Moldova

Mumbai: Venus Remedies Ltd on Monday announced that it 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.

The company stated that it 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. With this, Venus has secured 506 marketing approvals for its oncology products across 76 countries.

Commenting on the development Saransh Chaudhary, President, Global Critical Care, Venus Remedies said, "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.”

“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,” Chaudhary added.

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 per cent by 2025, also accounts for the highest revenue for Venus Remedies from the ASEAN region, said the company in a statement.

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.