Stock Report

Venus Remedies consolidates global presence with marketing approvals from Philippines, Saudi Arabia for three drugs

Posted On : 2023-12-06 16:06:00( TIMEZONE : IST )

Venus Remedies consolidates global presence with marketing approvals from Philippines, Saudi Arabia for three drugs

Underscoring its commitment to advancing healthcare solutions worldwide, Venus Remedies Limited, a leading global pharmaceutical company, has further strengthened its global product portfolio with marketing authorisation for three key drugs from Philippines and Saudi Arabia.

Venus Remedies has received regulatory approval from Philippines, the second largest market in the Association of South East Asian Nations (ASEAN) region where the company has a sizeable presence, for chemotherapy drug paclitaxel and zoledronic acid, a medication used to treat metabolic bonedisorders. The company has also secured marketing authorisation from Saudi Arabia, the largest pharmaceutical market in the Gulf Cooperation Council (GCC) region, for another oncology drug, bleomycin.

Poised for remarkable growth, the pharmaceutical market in Philippines is expected to reach $4.917 billion by 2026. The Saudi Arabian pharmaceutical market, on the other hand, is expected to grow to $7.19 billion by 2028 at a five-year CAGR of 5.85 per cent.

Among the largest exporters of paclitaxel from India, Venus Remedies is supplying the drug to many countries like Colombia, Thailand, Tanzania, Morocco, Myanmar, Indonesia, Saudi Arabia, Malaysia, Zimbabwe, Sri Lanka, Pakistan, Kenya, and Botswana. Similarly, the company is selling zoledronic acid to Dominican Republic, Vietnam, Colombia, Jamaica, Tanzania, Zimbabwe and Kenya. Venus Remedies is also exporting bleomycin to several countries, including Colombia, Saudi Arabia, Zimbabwe, Iraq, Chile, Costa Rica, Myanmar and Hungary.

Terming the marketing authorisations from Philippines and Saudi Arabia as a significant achievement, Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd, and CEO, Venus Medicine Research Centre said, "These marketing approvals are an endorsement of our regulatory prowess and uncompromising quality in line with rigorous global standards, making us a prominent supplier of the three drugs in 15 countries each."

Aditi K. Chaudhary, President of the company's International Business wing, emphasised the strategic importance of these regulatory milestones, saying, "These approvals mark a crucial step in our international expansion strategy. We are proud to contribute to the improvement of healthcare access and outcomes in South East Asia and Middle East."

Venus Remedies remains steadfast in its mission to provide innovative and effective pharmaceutical products, thus contributing to the betterment of global healthcare. The company is looking to leverage these marketing authorisations to make a positive impact on patient care and well-being.

Shares of Venus Remedies Limited was last trading in BSE at Rs. 383.85 as compared to the previous close of Rs. 387.80. The total number of shares traded during the day was 18327 in over 1146 trades.

The stock hit an intraday high of Rs. 391.25 and intraday low of 369.05. The net turnover during the day was Rs. 6932430.00.

Source : Equity Bulls


VenusRemedies INE411B01019 MarketingAuthorisation Philippines SaudiArabia 3KeyDrugs