Pharma major Venus Remedies on Monday said it has received marketing approval from the Philippines for six key chemotherapy drugs.
The market size of cancer drugs in the Philippines was valued at USD 252 million in 2020 and is expected to grow at a compound annual growth rate of 8.7 per cent by 2025
Pharma major Venus Remedies on Monday said it has received marketing approval from the Philippines for six key chemotherapy drugs.
The approved drugs include bortezomib, cisplatin, doxorubicin, docetaxel, fluorouracil, and paclitaxel, which are crucial for cancer treatment, according to a company statement.
With this, Venus Remedies has secured 525 marketing approvals for its oncology products across 76 countries, it said.
This achievement marks a significant step towards achieving the company's goal of emerging as the top oncology medicine supplier from India in Southeast Asia, said Saransh Chaudhary, chief executive officer, Venus Medicine Research Centre.
"While oncology drugs account for 157 of our 205 marketing authorisations in the ASEAN region, we are banking on these product registrations from the Philippines to pave the way for faster approval of these drugs in other Southeast Asian countries as well," Chaudhary added.
The company will further extend its operations to other ASEAN markets, Chaudhary said.
Venus Remedies has already submitted dossiers to the Health Ministry of the Philippines for additional 45 marketing authorisations, and most of these pending approvals are for oncology products, it said.
Pertinently, the market size of cancer drugs in the Philippines was valued at USD 252 million in 2020 and is expected to grow at a compound annual growth rate of 8.7 per cent by 2025.