)
Drug major Venus Remedies today said it has got good manufacturing practices (GMP) certification from Indonesia for its unit located at Baddi in Himachal Pradesh.
Indonesian National Agency for Drug and Food Control (NADFC) granted the certification after an extensive review and audit of the facility, said a company statement issued here today.
"Such recognitions for our manufacturing facilities and consistent quality of our procedures and practices open tremendous opportunities for us to expand our product portfolio across the globe... This GMP approval will soon pave the way for marketing authorisations from Indonesia," said Manu Chaudhary, Joint Managing Director, Venus Remedies Ltd.
Indonesia offers a growing market for oncology products with cancer being the sixth most leading cause of death in that country after infectious diseases, cardiovascular diseases, traffic accidents, nutritional deficiency and congenital diseases.
With a sizable population of 234 million, with a rapidly expanding middle class, Indonesia is poised to emerge as a key market of growth for the healthcare and pharmaceutical industry.
Currently worth $4.5 billion, Indonesia's pharmaceutical market is expanding at an annual rate of 12.5 per cent.
"A potential market for our oncology product line, Indonesia records 170-190 new cancer cases annually in a population of every 1 lakh. The Indonesian oncology market, worth $88.58 million in 2013, is expected to grow at 10 per cent.
"We will commercially launch our products in Indonesia by the middle of this year and are projected to generate revenue of $1 million in the first year itself. With the launch of our oncology products in Indonesia, we aim at capturing the maximum share in the country's pharmaceutical market," said company's CFO, Dheeraj Aggarwal.
The pharma major has three manufacturing units - in Panchkula (Haryana), Baddi (HP) and Werne (Germany). It also has 11 overseas marketing offices, including a presence in the US and Germany.
