Mumbai,2nd June 2023 In a decisive step towards making its entire oncology product portfolio available in Saudi Arabia, Venus Remedies Ltd, a well-known provider of affordable cancer drugs worldwide, has secured a marketing authorization from the largest market in the Gulf Cooperation Council (GCC) region for Docetaxel, a widely used chemotherapy drug.
The development comes three months after the company received good manufacturing practices (GMP) certification from the Saudi Food and Drug Authority (SFDA) for all its production facilities at its unit in Baddi, Himachal Pradesh.
The demand for Docetaxel has been steadily increasing the world over with the rising incidence of breast, prostate, stomach and non-small cell lung cancers, for which this chemotherapy drug is used as a first line of treatment. Docetaxel-based treatment has particularly improved the survival rate among men in castration-sensitive prostate cancers. The $102-billion global Docetaxel market is projected to grow to $184 billion by year 2030 at a CAGR of 10.22%.
The marketing approval for Docetaxel from Saudi Arabia, a $7.8-billion pharmaceutical market (as in 2021) which is expected to grow to $13.1 billion by 2031 at a CAGR of 5.4 percent, signifies a major step in the global expansion strategy of Venus Remedies in the oncology space. Hailing the achievement, Saransh Chaudhary, President, Global Critical Care, Venus Remedies, said, “This approval will enable us to solidify our existing foothold in the GCC and Middle East and North Africa (MENA) regions by streamlining the registration process for our oncology drugs there, ultimately benefiting a large population in need of advanced cancer treatments.”
Venus Remedies is already a market leader for its key antibiotic products in Saudi Arabia, where it has nine marketing authorizations, including three in the oncology segment. “SFDA’s recognition of the efficacy, safety and quality of our oncology drugs is a testament to our unwavering commitment to excellence,” said Saransh.
Since Saudi Arabia also happens to be the leading country in the Gulf in terms of quality benchmarks, this approval is expected to pave the way for marketing authorizations from other countries in the GCC and MENA regions which consider SFDA as a reference authority. Expressing the company’s unwavering commitment to make a positive impact on global health by providing advanced oncology treatments, Venus Remedies Executive Director Akshansh Chaudhary said, “We are proud to offer a diverse portfolio of high-quality medications to extend our presence in key global markets.”
Venus Remedies has, of late, been rapidly consolidating its position in the oncology space. Its German subsidiary Venus Pharma GmbH secured a marketing authorization from the UK for the key chemotherapy drug Cisplatin only last month, thus expediting the process of registering its oncology products in many other countries which consider the UK as a reference point for fast-tracking registration. The company followed this up with marketing authorization for two more widely used cancer drugs from the Philippines, the second largest market in the ASEAN region, and Iraq, a sizeable market in the MENA zone.