Mumbai, March 19, 2024: Venus Remedies, one of India’s leading exporters of generic medicines in critical care segments, has further expanded the reach of its oncology drugs in the Asia Commonwealth of Independent States (CIS) region with marketing authorisations from Ukraine for three cancer drugs, including paclitaxel, oxaliplatin and irinotecan.
With revenues projected to grow from US $607 million in 2022 to US $650.90 million by the end of this year, the Ukrainian pharmaceutical market has been witnessing steady growth. Venus Remedies’ emphasis on securing marketing approvals across the globe reflects its commitment to addressing the rising demand for high-quality healthcare solutions.
Having a presence in the Ukrainian market for more than two decades, Venus Remedies has 57 product registrations in Ukraine. Its total volume of exports to Ukraine stands at $2.20 million. By strengthening its product portfolio in Ukraine, the company aims to increase this figure by 20 per cent in the next one year.
Describing these marketing authorisations as a major stride in the company’s global consolidation, Saransh Chaudhary, President, Global Critical Care, Venus Remedies, said, “These marketing approvals mark a significant milestone in our global expansion strategy. We are looking forward to introducing the entire range of our oncology products in Ukraine in due course, thereby contributing to the advancement of healthcare and making a positive impact on people’s lives.”
Aditi K. Chaudhary, President, International Business, Venus Remedies, said these marketing approvals from Ukraine mark a significant milestone for the company as it continues to expand its global reach. “This achievement has further strengthened our position in the international pharmaceutical market. It also exemplifies our dedication to advancing healthcare solutions for diverse populations.”
Venus Remedies is awaiting approval from Ukraine on another 10 applications for marketing authorisations. With a population of 46.6 million, Ukraine is one of the largest countries in Europe, thus making it a potentially lucrative pharma market.
While Venus Remedies is the fourth largest exporter of chemotherapy drug paclitaxel from India, it is the sixth largest Indian exporter of oxaliplatin, another chemotherapy medication, and irinotecan, an antineoplastic agent. India exports paclitaxel, which is effective against advanced cancers, to 96 countries, oxaliplatin to 77 countries and irinotecan to 61 countries. The markets where Venus Remedies has been exporting these drugs include Germany, Saudi Arabia, Malaysia, Indonesia, Philippines, Colombia, Venezuela, Morocco, Thailand, Botswana, Myanmar, Guyana, Tanzania, Kenya, Zimbabwe, Pakistan, Mozambique, Senegal and Guatemala.
The company has secured the marketing approvals from Ukraine for paclitaxel in concentrations of 100mg/16.7ml, 260mg/43.3ml, 300mg/50ml, and 30mg/5ml; oxaliplatin in concentrations of 50mg/10ml and 100mg/20ml; and irinotecan in concentrations of 100mg/5ml and 40mg/2ml.
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