Venus poised to obtain a significant share in the $1.3 bn meropeneum global market
Bangalore: Venus remedies, one of the first companies to have a dedicated EU-GMP-certified facility for manufacturing penems, has received authorization from Australia's Therapeutic Goods Administration (TGA) to market its drug meropenem. The approval has the company eyeing a sizeable share in Australia's $15 million meropenem market. It has tied up with Lupin, an Australian pharma giant to market the drugs in the country.
Meropeneum, an antibacterial agent of the carbapenem class of antibiotics that cures infections caused by susceptible bacteria in both adults and children, will be marketed by the third quarter of this year.
"The marketing authorisation from TGA has once again proved the company's capabilities in developing world-class products that meet the most stringent regulatory requirements. This is yet another milestone for the company in being able to obtain a significant share in the meropenem market globally. Having established strategic tie-ups to market the drug in countries, we enjoy an edge over other competitors," stated Mr Pawan Chaudhary, chairman and managing director, Venus Remedies.
The company is already selling meropenem in highly lucrative markets like Europe, New Zealand and Saudi Arabia, it is also aiming to have its presence felt in the regulated markets of Canada and Switzerland. The company which is among the 10 leading fixed-dosage injectable manufacturers globally, has three manufacturing units, in Panchkula, Baddi in India and Werne (Germany) along with 11 overseas marketing offices, including a presence in the US and Germany.