)
Pharma major Venus Remedies will start selling its pain reliever 'Trois' in the Singapore market and is expecting a revenue of $10 million in the next three years.
The Panchkula-based company has got market authorisation and patent for this product from Singapore authorities, making it first such authorisation from any overseas country for Trois.
"We are expecting that Trois will be a $10 million product in the next three years of its launch in Singapore as there is a huge potential for this product in this market," company's Chairman and Managing Director Pawan Chaudhary told PTI today.
The company is also in discussion with forging tie-ups with pharma companies for marketing Trois in Singapore, saying it is hoping to roll out this product in current fiscal in Singapore.
"We will try to launch this product by this year end," he said.
"We are aggressively looking for partners for rolling out this product in Singapore. We are open to have 50:50 joint venture, out-licensing arrangement or profit sharing with the potential companies for marketing pain reliever product in Singapore," he said.
Chaudhary said Singapore is a potential market for its pain reliever product.
"This is a great opportunity for us to capture a sizable share in this segment of the Singapore pharma market. Trois has a huge potential in Singapore, where 10% people are diagnosed with arthritis, 73.4% of the office workers suffer from musculoskeletal disorders and 20% of the population above the age of 65 suffers from symptoms of osteoarthritis," he said.
The global size of the topical pain management market is $4 billion, and going by global projections, Trois has the potential of becoming a $250-million product once launched internationally.
A product for topical use, Trois offers quick relief to patients suffering from rheumatic disorders, low back pain, osteoarthritis, rheumatoid arthritis, gout, knee pain, ankylosing spondylitis, fibromyalgia and pain originating from muscles and tendons, he said.
Currently, more than 1.5 billion people worldwide suffer from chronic pains of varying degree.
Venus has filed the product, process and use patent for Trois in 46 countries. While the company has already received patents from South Africa, New Zealand and now Singapore, it hopes to get patent grants from the US, Canada and Europe.
Chaudhary said after getting market authorisation from Singapore, the company would focus on getting the same from Asian and CIS countries for rolling out this product.
The company is already selling it in domestic market.
"We launched Trois in India last year and currently 3,000 doctors are prescribing it. We are expecting $2 million from this product within one year from domestic market," he said.
