The shares of oncology pharmaceutical company Venus Remedies rose more than 4% after the company secured marketing authorisation for six chemotherapy drugs from Philippines.
With this, the pharma company plans to inch closer towards emerging as the top oncology medicine supplier from India in Southeast Asia. The company's oncology arm also secured marketing authorisation from Myanmar for another chemotherapy drug oxaliplatin.
The company has secured marketing authorisation for Bortezomih, Cisplatin, Doxorubicin, Docetaxel, Flurouracil and Paclitaxel, enabling a significant presence for the company from the Association of Southeast Asian Nation (ASEAN) region. The company said it is expecting to expand its operations in the Asia Pacific region in general, and Southeast Asia in particular through its range of drugs; it has secured marketing approval for 52 products across various segments, so far.
According to the official communication, Philippines represents a $420 billion pharmaceutical market and a growing area for cancer drugs. The market size of cancer drugs in the Philippines was valued at $252 million in 2020 and is expected to grow at a CAGR of 8.7% by 2025.
"While oncology drugs account for 157 of our 205 marketing authorisations in the ASEAN region, we are banking on these product registrations from the Philippines to pave the way for faster approval of these drugs in other Southeast Asian countries as well. Consequently, we will further extend our operations to other ASEAN markets, reaffirming our commitment to provide advanced cancer treatment options with improved outcomes for patients," Saransh Chaudhary, the CEO of Venus Medicine Research Centre, said.
Venus Remedies has already submitted dossiers to the Philippines health ministry for 45 more marketing authorisations, and most of these pending approvals are for oncology products.
The shares of Venus Remedies were trading 4% higher at Rs 236.3 apiece around 10.10am.
(Edited by : Shloka Badkar)
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