Venus Remedies, Haryana-based leading R&D-driven pharmaceutical company, has received good manufacturing practices (GMP) certification from Indonesia for its unit located in Baddi, Himachal Pradesh. The Indonesian National Agency for Drug and Food Control (NADFC) granted the certification after an extensive review and audit of the facility.
With this, the number of international GMP certifications for Venus Remedies has gone up to 22.
The NADFC is among the drug regulatory authorities of 44 countries which are part of the Pharmaceutical Inspection Convention/Co-operation Scheme (PIC/S). Venus Remedies has already got GMP certification from three other PIC/S members, including Ukraine, TGA-Australia and European Union.
“A potentially lucrative market for our oncology product line, Indonesia records 170-190 new cancer cases annually in a population of every one lakh. The Indonesian oncology market, worth US$ 88.58 million in 2013, is expected to grow at 10 per cent. We will commercially launch our products in Indonesia by the middle of this year and are projected to generate revenue of $1 million in the first year itself. With the launch of our oncology products in Indonesia, we aim at capturing the maximum share in the country’s pharmaceutical market,” said Dheeraj Aggarwal, chief financial officer, Venus Remedies Limited.
Commenting on the achievement, Dr Manu Chaudhary, joint managing director, Venus Remedies Ltd and director research, Venus Medicine Research Centre, the R&D wing of Venus Remedies, said, “It is a matter of great pride for us that our tally of PIC/S GMP certifications has gone up to four. Such recognitions for our manufacturing facilities and the consistent quality of our procedures and practices open tremendous opportunities for us to expand our product portfolio across the globe. We are expecting registrations for our 10 oncology products in the next two weeks. This GMP approval will soon pave the way for marketing authorizations from Indonesia.”
Indonesia offers a growing market for oncology products. Cancer is the sixth most leading cause of death in Indonesia after infectious diseases, cardiovascular diseases, traffic accidents, nutritional deficiency and congenital diseases.
The Venus Medicine Research Centre (VMRC) is a fully equipped interdisciplinary drug discovery and development centre, duly approved by the Department of Scientific and Industrial Research (DSIR), Government of India. The VMRC is committed to developing therapeutics to meet the challenges of antimicrobial resistance, and has come up with many solutions.