The approval covers the company's non-cephalosporin (carbapenem) and oncology parenteral facilities, comprising liquid and lyophilised injections, ampoules, liquid vials, general lyophilised vials, prefilled syringes and intravenous fluids.
Granted by the State Service of Ukraine on Medicine and Drug Control (SMDC) after a stringent and elaborate audit, this certification is expected to pave the way for GMP certifications for Venus Remedies from European Medicines Agency and many medicines regulatory authorities of European Union (EU) member states and other countries spread across the globe which follow the Pharmaceutical Inspection Convention/Cooperation Scheme (PIC/S).
This international GMP approval, the 27th for Venus Remedies, will also enable the company to expand its product portfolio globally with more marketing authorisations not only from Ukraine, which happens to be one of the largest pharmaceutical markets in the Common wealth of Independent States (CIS) with a worth of $5 billion, but other global markets as well.
Saransh Chaudhary, president, Global Critical Care, Venus Remedies, said: ?This certification is an extended recognition for our manufacturing facilities, which are on a par with international standards in terms of the quality parameters set by PIC/S member nations.
Having established ourselves in the Ukrainian market for the past 13 years, Venus Remedies takes great pride in our 45 product registrations and the significant export volume of $0.83 million. ?
With a population of 46.6 million, Ukraine is one of the largest countries in Europe, thus making it a potentially lucrative pharma market. The pharma market in Ukraine is expected to grow to $12 billion by year 2025 at a compound annual growth rate (CAGR) of 55 per cent.
Venus Remedies has presence in both branded and generic products. The company is mainly present in critical care segment manufacturing parenterals like cephalosporins, carbapenems and oncology drugs in lyophilized form, infusions and small volume parenterals used for treating varied ailments like bacterial infections and cancer.
The pharmaceutical company reported a consolidated net profit of Rs 11.06 crore in Q4 FY23, steeply higher than Rs 0.23 crore recorded in Q4 FY22. Revenue from operations increased by 9.26% year on year to Rs 155.64 crore in the quarter ended 31 March 2023.
The scrip rose 0.61% to currently trade at Rs 230.20 on the BSE.
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