Venus Remedies jumps 3% on nod to operate in 4 foreign markets

The company has secured 503 marketing approvals for its oncology products across 75 countries.

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The Venus Remedies share price gained nearly 3 percent intraday on July 5 after the company received marketing approval from four regions abroad.

Venus Remedies 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 and 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 the 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 Trinidad and Tobago.

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“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,” said Saransh Chaudhary, President for Global Critical Care at Venus Remedies.

“We remain stead fast 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,” he said.

Venus Remedies has 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 $417 million in 2019, accounts for a sizeable revenue for Venus Remedies from the ASEAN region, said company in its release.

At 11:51am, Venus Remedies was quoting at Rs 256.55, up Rs 3.35, or 1.32 percent, on the BSE.