Venus Remedies Ltd. has extended its reach in the Association of Southeast Asian Nations (ASEAN) region, South America and Eastern Europe with marketing approvals for key cancer drugs from Philippines, Paraguay, Georgia and Moldova. With this, the company has secured 506 marketing approvals for its oncology products across 76 countries has gone up to 506. Venus Remedies has taken another decisive step towards achieving its goal of emerging as the top oncology medicine supplier from India in the ASEAN region with the product registration from Philippines for topotecan, a widely used oncology drug.

The company also expects the marketing authorization from Paraguay to enhance its reach in South American markets through its elaborate range of oncology products. Building up on its sizeable global presence in the oncology space, it has also reinforced its position as a leading exporter of oncology drugs with product registration for irinotecan in Paraguay, docetaxel in Georgia and topotecan and irinotecan in Moldova. The $5-billion pharmaceutical market of Philippines, a growing market for cancer drugs where Venus Remedies has so far secured marketing approval for 15 oncology product & 27 total products across various segments, presents immense opportunities to the company to expand its operations in the Asia-Pacific region in general and Southeast Asia in particular through its elaborate range of drugs.

The company has already submitted dossiers to the Health Ministry of the Philippines government for another 50-odd marketing authorizations, and most of these pending approvals are for oncology products. Pertinently, Philippines, where the market size of cancer drugs was valued at USD 252 million in 2020 and is expected to grow at a CAGR of 8.7% by 2025, also accounts for the highest revenue for Venus Remedies from the ASEAN region. The company also expects the marketing approval for irinotecan from the USD 431.9 million pharmaceutical market in Paraguay to facilitate the registration process for its oncology drugs in other South American countries as well, considering that many of them have similar regulatory processes.

Similarly, the marketing authorization for docetaxel from Georgia and topotecan and irinotecan from Moldova will enable the company to further consolidate its position in Eastern Europe and the Balkan region, where it had recently secured its first marketing authorization from Bosnia for a chemotherapy drug. While Georgia represents a USD 1,568 million pharmaceutical market, the size of the pharma market in Moldova is USD 60 million.