Making rapid strides in the oncology space by expanding its global reach, Venus Remedies Ltd, a well-known provider of affordable cancer drugs worldwide, has further consolidated its position in the Gulf Cooperation Council (GCC), Association of South East Asian Nations (ASEAN), Balkan and Caribbean regions with marketing approvals from Oman, Malaysia, Bosnia and Trinidad & Tobago for key chemotherapy drugs.
With this, the company has secured 503 marketing approvals for its oncology products across 75 countries.
While Venus Remedies has secured marketing approval for pemetrexed from Malaysia, one of the largest markets in the ASEAN region, it has reached important regulatory milestones with product registration for docetaxel in Oman, gemcitabine in Bosnia and carboplatin, bortezomib and docetaxel in Trinidid & Tobago.
Terming the development as another important step towards achieving the company’s goal of emerging as the top oncology medicine supplier from India in the ASEAN region and further expanding the reach of its oncology products in the GCC, Balkan and Caribbean regions, Saransh Chaudhary, President, Global Critical Care, Venus Remedies, said, “These marketing approvals will enable us to expand our operations to new geographies and open up new avenues for advanced cancer treatment with improved outcomes for patients battling various types of cancer. We remain steadfast in our commitment to provide access to life-saving treatment to more and more patients in keeping with our mission of meeting unmet medical needs in oncology and other critical care segments.”
The $2.8-billion pharmaceutical market of Malaysia, a growing market for cancer drugs where Venus Remedies has so far secured marketing approval for 27 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 we have more than 140 marketing authorisations in the ASEAN region, including 147 for oncology drugs, we are banking on the product registration for pemetrexed from Malaysia to pave the way for faster approval of this drug in other ASEAN countries,” said Chaudhary.
Venus Remedies has already submitted dossiers to the Malaysian Health Ministry for another nine marketing authorisations, which include pending approvals for two oncology products. Pertinently, Malaysia, where the market size of cancer drugs was valued at US $417 million in 2019, accounts for a sizeable revenue for Venus Remedies from the ASEAN region.
Venus Remedies expects the marketing approval for docetaxel from the US $1.4-billion pharmaceutical market in Oman to facilitate the registration process in other Gulf countries as well, considering that many of them have similar regulatory requirements and processes. Since having a product registered in Oman, one of the largest markets in the GCC region, can provide a reference point for the registration of other products across this region, it can help streamline the registration process by providing a framework to different regulatory authorities to evaluate and compare the safety and efficacy data of new products.
Haling the achievement, Venus Remedies Executive Director Akshansh Chaudhary said, “These product registrations are an endorsement of the uncompromising quality of our products. Our team is working diligently to navigate the complex regulatory landscape and ensure that all our drugs meet the highest standards of safety and efficacy.”
Having secured its first marketing authorisation from Bosnia, Venus Remedies expects this approval for gemcitabine from the Euro 334-million pharma market to facilitate the registration process in the entire Balkan region, which has a market size of Euro 7 billion. The company’s marketing approvals from Trinidad & Tobago for three oncology products, on the other hand, have further strengthened its commitment to provide affordable generic alternatives to cancer patients in need.
Having secured marketing approvals for key cancer drugs from the UK, Philippines and Iraq in the past two months, Venus Remedies has been constantly consolidating its position in the oncology space.