Pharma major Venus Remedies is eyeing USD 15 million revenue from its antibiotic 'meropenem' in a span of one year as it seeks to sell this drug in 50 countries including in regulated markets.
"We are targeting USD 15 million sales only from marketing of meropenem within a period of one year. This will be equal to the one percent of the global market size of the meropenem," Venus Remedies CMD Pawan Chaudhary told PTI here today.
Chaudhary said the global market size of antibiotic market-meropenem stands at USD 1.5 billion.
Currently, Panchkula based drug major is selling meropenem in 35 countries which also includes regulated markets with revenue of USD 10 million. Out of 35 countries, it is selling it in 10 European markets and rest in other countries.
"Out target is to market this drug in 50 countries in one year," he said.
Venus Remedies is expecting marketing approvals from several other countries including Canada, Australia, South Africa and Switzerland this year as part of company's strategy to penetrate its marketing footprint for this drug in other global markets.
"We hope to launch this antibiotic drug in other countries like Canada, Australia, South Africa," he said.
Meanwhile, Venus Pharma GmbH, a Germany based wholly-owned subsidiary of pharma major Venus Remedies today announced to enter into a distribution-cum-outlicensing agreement with world's third largest generic drug maker-Mylan for marketing its antibiotic, Meropenem, in three European countries including Denmark, Sweden and Finland.
The deal with Mylan-headquartered at Cecil Township in Pennsylvania, will enable Venus Remedies to market meropenem in Denmark, Sweden and Finland for a period of five years with estimated revenue of USD 1.5 million.
"Under this non-exclusive marketing agreement, we will manufacture the drug at our Baddi (Himachal Pradesh) facility, which recently got a renewed European Union Good Manufacturing Practices (GMP) certification, while the batch release and logistics will be handled by our Germany facility Venus Pharma GmbH.
This joint venture will further help Venus Pharma GmbH and its collaborators in maintaining their market position to figure among the top five players with around 30 per cent share in meropenem markets in countries like Germany, France and UK," said Ashutosh Jain, Executive Director-cum-Chief Operating Officer (COO), Venus Pharma GmbH, Werne, Germany.
