India’s Venus Remedies Ltd, a research-based global pharmaceutical company, is set to expand into Myanmar as it received marketing authorisation for its flagship research product Elores, the company said.
Venus Remedies said it would launch the drug in Myanmar by April.
Chairman and Managing Director Pawan Chaudhary said, “This marketing authorisation will help us make big strides in Southeast Asia.
“The size of Myanmar’s pharmaceutical market is $400 million and the country imports 85-90 percent of its pharma products. We are looking to capture a sizeable chunk of the antibiotics market in Myanmar with Elores.”
A few months ago, the company got marketing approval for Elores from Guatemala.
The company already received patents for Elores from 46 countries. The registration procedure of this product is in advanced stages in 13 EU countries and 15 other countries, including South Korea, South Africa and Saudi Arabia. The company has signed deals with South Korean pharmaceutical company Goodwill Pharma and South African firm Austell Laboratories for the exclusive marketing of Elores.
Elores is effective against serious multidrug-resistant hospital-acquired infections involving metallo-beta-lactamase and carbapenem-resistant strains of bacteria.
The company said it has spent $10 million on the product’s R&D (research and development).
Headquartered in Haryana, India, the company has three manufacturing units and 11 overseas marketing offices, including the US and Germany.