Venus Remedies To Enter The Gulf Market
DSIJ Intelligence / 20 Nov 2013
The company is the first player in its league to get marketing authorisation from the Saudi Food and Drug Authority to market the drug Meropenem in the region. It is looking to capitalise on the lucrative opportunity that this market offers.
In a recent development, Venus Remedies has become the first generics player to get marketing authorisation from the Saudi Food and Drug Authority to market the drug Meropenem in the Gulf. The market for this drug in the region currently stands at USD 35 million. Meropenem is an off-patented antibacterial agent prescribed as an antibiotic, which caters to a broad range of serious infections.
According to the management, the company is aiming at capturing 25% market share within the first year of launch. It is planning to launch this product in Saudi Arabia initially, which is a lucrative pharmaceutical market. Saudi Arabia relies substantially on imports for pharmaceutical products, and receiving this authorisation will help Venus Remedies capture a fair share of the Meropenem market in the Gulf Cooperation Council (GCC) markets overall.
Based on this development, the stock is likely to remain in focus for next few trading sessions and is likely to show a positive bias.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.