Elder Pharmaceuticals Ltd, a Mumbai based Rs.1300 crore plus pharmaceutical company, has received the Certificate of Suitability (COS) from European Directorate for the Quality of Medicines and Healthcare (EDQM), for Diosmin API.
EDQM is a Directorate of the Council of Europe that protects public health by enabling the development, supporting the implementation and monitoring the application of quality standards for safe medicines and their safe use in the European countries.
“Diosmin, a semi-synthetic drug, which is a member of the flavonoid family. It can be isolated from various plant sources or derived from the flavonoid hesperidins. It is an oral phlebotropic drug used in the treatment of venous system related disease including chronic venous insufficiency (CVI), haemorrhoidal disease (HD), microcirculatory and absorbent system. The recognition by EDQM shall immensely help the company to further enter the regulated markets of European Union” said Alok Saxena, joint managing director, Elder Pharmaceuticals.
“The global market size of this finished product is around US$ 500 million of which, the European markets accounts for approximately US$ 255 million. Diosmin is predominantly a prescription medication in some European countries and is also sold as a nutritional supplement in rest of Europe. Currently, Elder Pharmaceuticals has customers throughout the world including Southeast Asia, Africa & Latin American region. “COS” approval for Diosmin API will enable the doors of the European region to open up for Elder, thus enabling the company to expand its global market share” said Saxena.
Elder Pharmaceuticals has presence in niche therapeutic segments like women’s healthcare, wound care, nutraceuticals /vitamin supplements, cardiology, diabetes, dermatology, antibiotics and neurology. It is the market leader in calcium supplements, wound healing and injectable B12 vitamin. The company has a judicious mix of drug formulations, and active pharma ingredients (APIs). It has 6 manufacturing plants in India located in Maharashtra, Uttarakhand & Himachal Pradesh.