Panchkula based Venus Remedies, an existing EU-GMP certified Pharmaceutical manufacturing company, has been awarded a Gulf Cooperation Council (GCC) registration. This approval holds significance and is prestigious since such registrations are obtained by the manufacturing facilities which meet world class standards and where quality is of the prime essence.
On the occasion, Venus Remedies Limited Chairman cum Managing Director Pawan Chaudhary said, “With this prestigious grant Venus Remedies will strengthen its footmark in GCC pharmaceutical market and will enhance its revenues by 10 per cent by 2013.”
Venus Remedies is already present in different countries of Middle East with its products in oncology, carbapenem/ cephalosprin segment. With this company registration certificate, Venus Remedies Limited now features as the first Indian company having received the GCC approval to market its Oncology & Carbapenem range of products in all the GCC countries comprising of Saudi Arabia, UAE, Kuwait, Qatar, Bahrain, and Oman.
The GCC combined pharmaceutical market is worth more than US$8 billion (Rs 35,970 crore) growing at Compound Annual Growth Rate of eight per cent, which offers tremendous opportunities to the company to enter both in the private and public segments of the market. “I attribute this success to the five years of dedicated hard work of our team” added Chaudhary.
Combined GCC tender of the states alone accounts of more than US$900 million (Rs 404,646 lakh) and the company has ambitious plans to participate in this institution sales.
Earlier, Venus was also awarded Saudi Arabia FDA GMP which gave it the opportunity to enter in the Saudi Arabian market alone worth of $3.5 billion (Rs 15,740 crore).
