Venus gets marketing nod from Venezuela for meropenem
Posted on Apr 04 2014 | IBNS
Mumbai, Apr 3 : Venus Remedies Ltd, a research-based global pharmaceutical company, has extended its footprint in Latin America with marketing authorisation for meropenem from Venezuela, a USD 6-billion pharmaceutical market.
Lauding the achievement, Venus Remedies Chairman and Managing Director Pawan Chaudhary said, "We are planning to launch meropenem in Venezuela in the next couple of months. The USD -10 million meropenem market in Venezuela offers a great opportunity to us and we are aiming at capturing a sizeable share in this market in the first year of the launch. Having a presence in important Latin American markets like Columbia, Peru, Guatemala and Mexico, we are constantly strengthening our position in Latin America."
Meropenem, which accounts for annual global sales of USD 906 million which are estimated to go up to USD 1,006 million in the next one year, is an off-patented antibacterial agent of the carbapenem class of antibiotics, which caters to diseases with a broad range of serious infections caused by single or multiple susceptible bacteria in both adults and children.
Venus has received marketing approval for meropenem from more than 35 countries and is exporting the product to 22 of them, including European Union member-nations.
The company has already got marketing authorisation for meropenem from the UK (MHRA), France, Austria, Denmark, Finland, Ireland, Germany, Netherlands, Poland, Slovenia, Slovakia, Sweden, Portugal, Czech Republic, Cyprus, New Zealand and Mexico.
The product has also made its way to the Balkan countries with marketing approvals from Bosnia and Herzegovina and Croatia. Venus is now eyeing lucrative and regulated markets like Australia, Spain, Switzerland, South Africa and Malaysia, where the registration process is in advanced stages.