Venus Remedies is gearing up to step up its presence in the Middle East markets. The company which is in the early phase of exporting is confident of garnering a 20 per cent market share with its range of oncological and cephalosporin injectable products in a couple of years.
The focus this year is on 'Brand Building' only across all markets but particularly Middle East, Pawan Chaudhury, chairman and managing director, Venus Remedies Limited told Pharmabiz in an email interaction.
The company will expand markets and romp up staff. Its key strengths are 59 international GMP certifications from different countries for its nine super speciality injectable manufacturing facilities. Venus has filed 10 dossiers for oncology, cephalosproin and carbepenem products in many global markets, he added.
The Chandigarh-based Venus had two manufacturing locations in India and one in Germany. Although the company entered Middle East region in 2006 beginning with Yemen to export its range of anti cancer and anti infectives. In the last three years it is present in Syria, Lebanon, Iraq, Iran. In Jordan, and Gulf Cooperation Council (GCC). markets where the registration and dossier are under process. .
The markets are very responsive but little bit stringent for Indian manufacturers. Overall the Middle East's pharmaceutical market is valued at more than $12 billion and is expected to grow at healthy 10-15 per cent annually. There are more than 450 pharmaceutical manufacturers in the Middle East. With the exception of Egypt, all Middle Eastern countries are high importers of branded drugs. There is a gradual transition towards standardization of registration requirements in most of the countries of Middle East as per CTD standard. Indian companies are also facing the challenges of increased competition from European generic players making it difficult to enter these markets.