Venus Remedies Receives Marketing Approval for Cancer Treatments in the Philippines, Paraguay, Georgia and Moldova

India Pharma Outlook Team | Tuesday, 01 August 2023

 India Pharma Outlook Team

Venus Remedies Ltd reported earlier this week that it has expanded its presence in the ASEAN area, South America, and Eastern Europe with marketing licences for major cancer drugs from the Philippines, Paraguay, Georgia, and Moldova. The company announced that it has obtained marketing approval for topotecan in the Philippines, the second largest market in the ASEAN region, where it has a significant presence. It has also strengthened its position as a leading exporter of oncology drugs by obtaining product registration for irinotecan in Paraguay, docetaxel in Georgia, and topotecan and irinotecan in Moldova.

Venus now has 506 marketing approvals for its oncology treatments in 76 countries. Observations on the development "This accomplishment is a decisive step 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," said Saransh Chaudhary, President, Global Critical Care, Venus Remedies. With these marketing authorizations, we will be able to expand our operations into new markets while also reaffirming our commitment to providing advanced cancer therapy alternatives with improved patient outcomes." "While oncology drugs account for 10 of our 152 marketing authorizations in the ASEAN region," Chaudhary noted, "we are banking on the product registration for topotecan from the Philippines to pave the way for faster approval of this drug in other ASEAN countries."

Venus Remedies has already submitted dossiers to the Philippines government's Health Ministry for additional 50-odd marketing authorizations, the most of which are for oncology drugs. According to Venus Remedies, the Philippines, where the market for cancer drugs was valued at US $252 million in 2020 and is predicted to rise at an 8.7 percent CAGR by 2025, contributes for the greatest income from the ASEAN area. 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.

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