Expanding its significant presence in the global oncology arena, Venus Remedies Ltd, a renowned provider of affordable cancer drugs worldwide, has further extended its reach in the Association of Southeast Asian Nations (ASEAN) region, South America, and Eastern Europe. The company has obtained marketing approvals for key cancer drugs in the Philippines, Paraguay, Georgia, and Moldova, adding to its existing portfolio of 506 marketing approvals for oncology products across 76 countries.
Notably, Venus Remedies obtained marketing approval for topotecan in the Philippines, the second-largest market in the ASEAN region, where the company already enjoys a substantial presence. Additionally, the company 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.
Saransh Chaudhary, President, Global Critical Care, Venus Remedies, expressed that this achievement is a decisive step towards becoming the top oncology medicine supplier from India in the ASEAN region. It also reflects the company’s commitment to expanding the reach of advanced cancer treatment options and improved patient outcomes in South America and Eastern Europe.
The pharmaceutical market in the Philippines, valued at $5 billion, presents significant opportunities for Venus Remedies, particularly in cancer drugs. The company has already secured marketing approval for 15 oncology products and 27 total products across various segments in the Philippines, paving the way for further expansion in the Asia-Pacific region and Southeast Asia.
While Venus Remedies has 152 marketing authorizations in the ASEAN region, including 10 for oncology drugs, the approval for topotecan in the Philippines is expected to expedite approvals in other ASEAN countries as well.
The company has submitted dossiers for another 50 marketing authorizations to the Health Ministry of the Philippines government, with most of these pending approvals being for oncology products. With a market size of $252 million in 2020, expected to grow at a CAGR of 8.7% by 2025, the Philippines is a significant revenue contributor for Venus Remedies in the ASEAN region.
Moreover, the marketing approval for irinotecan in Paraguay, a pharmaceutical market valued at $431.9 million, is expected to facilitate the registration process for Venus Remedies’ oncology drugs in other South American countries with similar regulatory processes.
Similarly, the marketing authorizations for docetaxel in Georgia and topotecan and irinotecan in Moldova will strengthen the company’s position in Eastern Europe and the Balkan region. Venus Remedies had recently secured its first marketing authorization in Bosnia for a chemotherapy drug. With a pharmaceutical market size of $1568 million in Georgia and $60 million in Moldova, these approvals mark strategic milestones for the company’s growth in the region.
Commenting on the achievement, Venus Remedies Executive Director Akshansh Chaudhary said, “These marketing approvals are testimony to our uncompromising quality standards. We will continue to leverage our expertise, regulatory might and global partnerships to develop advanced therapies that can make a substantial difference in the lives of patients around the world.”
Having secured marketing approvals for key cancer drugs from the UK, Malaysia, Oman and Iraq in the past three months, the oncology wing of Venus Remedies is on an expansion spree.
