Drugmaker Venus Remedies on Monday said that it has received Australian regulator's approval to market its antibiotic drug meropenem for which it has partnered with pharma major Lupin to sell the drug down under.
The research-driven global pharma company has received marketing authorisation from the Therapeutic Goods Administration (TGA) of Australia, it said in a statement. Venus, which plans to market the drug by the third quarter of the current year, is eyeing a sizeable share in Australia's $15 million meropenem market in the first year of its launch.
The company has marketing approvals from over 35 countries and is looking to capture a significant share in the $1.3 billion global meropenem market.
Meropenem is an off-patented antibacterial agent of the carbapenem class of antibiotics that caters to diseases with a broad range of serious infections caused by single or multiple susceptible bacteria in both adults and children.
"The marketing authorisation from TGA has once proved the company's capabilities in developing products that meet the most stringent regulatory requirements. This is another milestone for Venus Remedies in obtaining a significant share in the meropenem market globally. Having established strategic tie-ups to market the drug in countries where Venus Remedies has a presence, we enjoy an edge over other competitors," said Pawan Chaudhary, chairman and MD, Venus Remedies, in the statement.
While Panchkula (Haryana)-based Venus is already selling meropenem in markets like Europe, New Zealand and Saudi Arabia, it is also in the process of extending its footprint and sales operations to other regulated markets like Canada and Switzerland.
"As far as generic business is concerned, we will market products like meropenem in regulated markets in alliance with some other manufacturer who has a strong presence in that market. In this particular case, Lupin already exists in Australia and it has a strong marketing presence there. In India, we sell meropenem under our own brand name. The product has a good demand in Europe and many other markets. For our research-based products, we are looking at large multi-territory deals. At present, there is a basket of 25 products with 15 of them under commercialisation. Out of this, three products are in advance stages of commercialisation," Dheeraj Aggarwal, chief finance officer, Venus Remedies, told dna.
One of the leading fixed dosage injectable manufacturer, the company has three manufacturing units in Panchkula in Haryana, Baddi in Himachal Pradesh and Werne in Germany.