Venus Remedies has received grant of market authorisation from COFEPRIS the Drug Regulatory Authority of Mexico, for its Meropenem 500mg and Meropenem 1000mg in Mexico. This grant from COFEPRIS (La Comisión Federal para la Protección contra Riesgos Sanitarios) the Latin America’s most stringent regulatory authority, is further endorsement to Venus Remedies’ R&D capabilities and its expertise in developing world class products.
Market authorisation for Meropenem will enable Venus Remedies to launch its first product in Mexico and will strengthen its position in Latin America where Venus is currently exporting to various countries of LAC such as Columbia, Peru, Guatemala, Dominican Republic, Jamaica, Bahamas and the Caribbean.
Commenting on this achievement, Dheeraj Aggarwal, Chief Financial Officer, Venus Remedies said, “Grant of market authorisation at this point of time when the innovator’s product has already gone off patent is going to be an advantage for us. We are hopeful of capturing 10 per cent of the market share within the first three years of our product launch.”
At present, Meropenem sales account for $16.3 million in Mexico, of which, major share of 80 per cent is with innovator’s product ‘Merrem’ and rest with other local companies. Venus Remedies with its dedicated penems EU GMP certified manufacturing facility in Baddi, India, is all set to expand its footprints across the globe. It already has 73 marketing authorisations for Meropenem across the world while product registrations from 13 countries are under process and are expected within this year only.
The company is planning to launch the product in Mexico within the first quarter of fiscal year 2013-2014.
EP News Bureau – Mumbai