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 bortezomih 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 $420Lbillion 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 billion 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."
Shares of Venus Remedies Limited was last trading in BSE at Rs. 227.60 as compared to the previous close of Rs. 230.40. The total number of shares traded during the day was 3238 in over 379 trades.
The stock hit an intraday high of Rs. 232.50 and intraday low of 227.00. The net turnover during the day was Rs. 745787.00. |
