Venus Remedies secures marketing authorization for Meropenem in Spain
Venus Remedies has made a significant stride by securing marketing authorization from Spain for its top-selling generic product, meropenem.
The Indian pharmaceutical company obtained this approval through its German subsidiary Venus Pharma GmbH for the distribution of 500mg, 1g, and 2g injections of this last-resort antibiotic, reinforcing its standing as the largest exporter of meropenem from India over the past three years.
Saransh Chaudhary — Venus Remedies President of Global Critical Care said: “With plans to launch the product in December this year, we will be able to capture a 10 percent share in the $6.34 million meropenem market of Spain.
“The marketing approval for this critically important antibiotic has once again proved the company’s world-class manufacturing capabilities and its expertise in developing high-quality products. It will help us strengthen our position in the European market as well.”
Meropenem, a broad-spectrum antibiotic of the carbapenem class, is used in intensive care units of hospitals as a last resort for the treatment of life-threatening infections. This product accounts for 40 percent of the company’s total sales.
The European market size for this product is approximately $70.34 million. Venus Remedies has successfully launched this drug in major European markets under its own brand name and through strategic alliance partners via tie-ups.
The Indian pharmaceutical company has secured over 120 marketing authorizations for meropenem globally, including countries like the UK, France, Denmark, Finland, Italy, the Netherlands, Germany, Ireland, Slovenia, Slovakia, Portugal, Sweden, Cyprus, South Africa, New Zealand, Bahrain Australia, the UAE, Colombia, Costa Rica, Saudi Arabia, Mexico, among others.
Akshansh Chaudhary — Venus Remedies Executive Director said: “Riding on the upcoming marketing approvals for meropenem across Europe, we expect Venus Pharma GmbH to achieve a significant increase in turnover in the coming quarters. We are holding talks for more strategic tie-ups with multinational companies in other regulated markets.”
Venus Remedies has recorded around $27 million in sales solely through the marketing of meropenem. The company’s facilities can manufacture 24 million units of meropenem annually on a single-shift basis and currently utilizes 60 percent of this capacity. Its annual sales of meropenem, which were $27 million in 2022-23, are projected to grow to $29.7 million by the end of 2023-24, marking a compounded annual growth rate of 10 percent.