Venus Remedies Limited, a leading research-based global pharmaceutical company, has made inroads into Latin America with its patent-protected novel antibiotic adjuvant entity, Elores, securing marketing authorisation from Guatemala, where the product will be launched early next year.
Hailing the development, Dheeraj Aggarwal, Chief Financial Officer, Venus Remedies Limited, said, "This is the first marketing authorisation for Elores from a Latin American country. It will prove to be our ticket to Latin America by enabling us to expand our research product kitty there. Cashing in on this tremendous opportunity, we expect to generate a revenue of US $5 million within three years of the launch. Keeping the rapid emergence of resistant microbes in mind, our product is the need of the hour in Latin American countries at this juncture."
Aggarwal said that ever since Venus Remedies launched Elores in the Indian markets in January this year, the product had been receiving a tremendous response from the medical fraternity across the nation.
The prevalence of antibiotic resistance is among the highest in Latin America, a US $50 billion pharmaceutical market growing at a compound annual growth rate of 15-20%. Resistance to Extended Spectrum Beta-Lactamase (ESBL), an enzyme released by resistant bacteria that deactivates antibiotics, is found to be as high as 40-60% in Latin American countries.
Dr Manu Chaudhary, Joint Managing Director, Venus Remedies and Director (Research and Regulatory), Venus Medicine Research Centre, said the registration of Elores in Guatemala had been processed in a record time of less than six months. "Elores is included in the list of Qualified Infectious Disease Products (QIDPs) under the Generating Antibiotic Incentives Now (GAIN) Act, which was incorporated in the US Food and Drug Administration (FDA) Safety and Innovation Act. The Act provides added exclusivity to antibiotics and earmarks antibiotics for priority review. This has enabled our products like Elores to secure market exclusivity for five years as well as a fast-track review," said Dr Chaudhary.