Chandigarh, May 6 IBNS | 2 years ago

Global pharmaceutical company, Venus Remedies Limited, was awarded the Gold Medal by DST-Lockheed Martin India Innovation Growth Program - 2013 for developing a drug 'Elores' to fight multi-drug resistant ESBL and MBL producing gram negative ICU infections to which other antibiotics have failed to respond.

The Gold medal was received by innovator Director Research Venus Medicine Research Centre, Manu Chaudhary in an award ceremony held at FICCI office in New Delhi from Deputy Chairman, Planning Commission of India, Montek Singh Ahluwalia.

More than 1500 technologies took part in the program this year.

Participants were adjudged under various parameters like novelty, innovativeness, technical strength and commercialization potential by a team of experts from Stanford Business School, US; IC2 University of Texas, Austin, US; Lockheed Martin foundation in collaboration with DST under Indo-US joint science and technology innovation programme, 2013.

Manu Chaudhary said, "Presitigious award from DST-Lockheed Martin Foundation with in the first year of launch of Elores is a matter of great pride for the team VMRC. Gold medal is a recognition of VMRC's innovations, its credibility and competitive edge in research".

She further added that this award has boosted team's determination to take this research product world wide.

Globally the systemic antibacterial market is set to reach approx 44 billion by 2016 and is growing with a CAGR of 7.2 percent.

Elores is capable of addressing Multidrug resistant ESBL/MBL producing gram negative infections which constitute 25 percent of this market creating an opportunity of more than 11 billion in coming 5 to 6 years.

Elores has patent for product, method of treatment and use protected from 45 countries including USA, India, Australia and Europe.

Elores was launched in Indian market in early this year and has received tremendous response from medical fraternity.

Venus has already filed CTD for this product in Europe, and is planning to take this product to other International markets with the support of Lockheed Martin Foundation, DST, FICCI and all the associated bodies.

(Posted on 06-05-2013)