Nectar Lifesciences today said it has received approval from Japan's Ministry of Health for marketing of 'Cefuroxime Axetil' molecules, which are used for treating bacterial infections.
"The Japanese audit is one of the most stringent globally and the fact that we have been approved by the Japanese MOH marks our journey in the regulated path..," Nectar Lifesciences CEO and Director Dinesh Dua said in a statement.
"Neclife expects business potential for the approved molecule Cefuroxime Axetil to be $10 million," the company said in a filing to the Bombay Stock Exchange (BSE).
The company further said that the pharma market in Japan is set to grow from $68 billion at present to $82 billion in the next few years due to the increasing incentives given by the government for promoting generic medicines.
Shares of Nectar Lifesciences were trading at Rs 24.30 apiece in afternoon trade on the BSE today, up 1.67% from their previous clos
