Pharma firm Venus Remedies today said it has bagged a contract from Thailand for an anti-cancer drug, Docetaxel, under the government policy.
The company has received the contract from Government Pharmaceutical Organisation (GPO) under the Ministry of Health, Thailand, for supplying Docetaxel for one year as per the Thai government's strategy of providing quality product at an affordable prices, Venus Remedies said in a filing to the Bombay Stock Exchange (BSE).
"The contract is valid for one year and is expected to generate a business of more than Rs 10 crore to the company," it said.
Total pharma market in Thailand is about $2.9 billion. Venus already has 10 product registrations in Thailand for oncology and anti-infective segments.
The Indian firm has bagged the contract through the compulsory license scheme by the Government Pharmaceutical Organisation (GPO). The GPO after importing the drug will make it available to the poor, who cannot afford high cost patented drugs.
Pharma major Sanofi-Aventis holds the patent for Docetaxel and markets it under the brand name of Taxotere and its patent of the product Docetaxel is still valid in Thailand.
Besides, the company has tied up with a local drug firm for distribution of the product in Thailand.
"We have a tie up with a local pharmaceutical group for marketing and distribution of the product to the entire Thai market. The supply will begin by November this year," it added.
Docetaxel is used mainly for the treatment of breast, ovarian, and widely prevalent in non-small cell lung cancer.
Shares of Venus Remedies were trading at Rs 315.70 in the late afternoon trade on the BSE, up 3.4 per cent from its previous close.
