Venus Remedies Gains Six Cancer Drug Approvals In Philippines, Eyes ASEAN Expansion

On October 16, 2023, Venus Remedies an Indian drugmaker received marketing approval from the Philippines, the second largest ASEAN market, for six key chemotherapy drugs, the company informed in an exchange filing.

Venus Remedies secured authorisation for six oncology products in the Philippines, bringing their global total to 525 approvals across 76 countries, the company informed. The pharmaceutical market of the Philippines valued at  USD 4.20-billion, is a growing market for cancer drugs.

Saransh Chaudhary, CEO, Venus Medicine Research Centre said, “While oncology drugs account for 157 of our 205 marketing authorisations in the ASEAN region, we are banking on these product registrations from the Philippines to pave the way for faster approval of these drugs in other Southeast Asian countries as well. Consequently, we will further extend our operations to other ASEAN markets, reaffirming our commitment to provide advanced cancer treatment options with improved outcomes for patients.”

The company's statement further informed that Venus Remedies has already submitted dossiers to the Health Ministry of the Philippines government for another 45 marketing authorisations, and most of these pending approvals are for oncology products. Pertinently, the market size of cancer drugs in the Philippines was valued at US $252 million in 2020 and is expected to grow at a CAGR of 8.7 per cent by 2025, the statement read.

The company’s oncology wing has also secured marketing approval from Myanmar for the chemotherapy drug oxaliplatin three months after it had gotten marketing authorisation from Malaysia, the company stated.