Venus Remedies secures marketing approval from Saudi Arabia for Docetaxel, a widely used chemotherapy drug, as part of its global expansion in the oncology space
Mumbai, June 1, 2023: Venus Remedies Ltd, a leading provider of affordable cancer drugs worldwide, has achieved a major breakthrough in its global expansion strategy by securing marketing authorisation from Saudi Arabia, the largest market in the Gulf Cooperation Council (GCC) region, for Docetaxel, a widely used chemotherapy drug.
This development comes on the heels of Venus Remedies receiving good manufacturing practices (GMP) certification from the Saudi Food and Drug Authority (SFDA) for its production facilities in Baddi, Himachal Pradesh, three months ago. With the rising incidence of breast, prostate, stomach, and non-small cell lung cancers, the demand for Docetaxel has been steadily increasing worldwide. It is primarily used as a first-line treatment for these types of cancers and has shown significant improvements in survival rates, particularly among men with castration-sensitive prostate cancer.
The approval marks a significant step in Venus Remedies’ global expansion strategy and establishes a strong foothold in the GCC and MENA regions
The global Docetaxel market, valued at $102 billion, is projected to reach $184 billion by 2030, with a compound annual growth rate (CAGR) of 10.22%. Saudi Arabia, a $7.8 billion pharmaceutical market in 2021, is expected to grow to $13.1 billion by 2031, with a CAGR of 5.4%.
This marketing approval from Saudi Arabia marks a significant milestone for Venus Remedies’ expansion in the oncology space. Saransh Chaudhary, President, Global Critical Care at Venus Remedies, expressed his enthusiasm, stating, “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.”
With the recognition of efficacy, safety, and quality by SFDA, Venus Remedies expects this approval to pave the way for marketing authorizations in other GCC and MENA countries, as SFDA is considered a reference authority in the region. Venus Remedies’ Executive Director, Akshansh Chaudhary, emphasized the company’s commitment to global health, saying, “We are proud to offer a diverse portfolio of high-quality medications to extend our presence in key global markets.”
In recent months, Venus Remedies has been rapidly consolidating its position in the oncology space. Its German subsidiary, Venus Pharma GmbH, secured marketing authorization for the chemotherapy drug Cisplatin in the UK, expediting the registration process for its oncology products in other countries that consider the UK as a reference point. The company has also obtained marketing authorizations for two widely used cancer drugs in the Philippines and Iraq.