Source: Business Upturn
In Chandigarh, Indian Pharmacological company Venus Remedies Ltd. has obtained the renewed Good Manufacturing Practices (GMP) certification from the State Service on Medicines and Drugs Control (SMDC) of Ukraine and this certification is for the company’s Unit-II manufacturing located in Baddi, Himachal Pradesh.
The certified site is a manufacturer of cephalosporin and non-cephalosporin (carbapenem) injectable drugs, oncology (cancer treatment) injectables
including liquid and lyophilized (freeze-dried) injections.
The renewal of this certification is a reflection of the company’s continuing dedication to the province’s, countries and international standards for drug manufacturing.
“Renewal of the Ukrainian GMP certification underlines our unwavering commitment to maintaining world-class manufacturing standards. This milestone not only reinforces our foothold in the Ukrainian market but also facilitates deeper penetration into PIC/S markets, significantly enhancing our international growth prospects,” Venus Remedies President, Global Critical Care, Saransh Chaudhary said.
Ukraine is a member of the Pharmaceutical Inspection Co-operation Scheme (PIC/S), which is a group of 56 countries (includes jurisdiction in Europe, Asia, Oceania and Americas), this allows the certification to have even greater value since it will be recognized in other PIC/S member country jurisdictions. This also enhances the company’s ability to get product approvals in other regulated markets.
Venus Remedies already has a stable presence in 32 PIC/S countries (i.e., South Africa, Thailand, Malaysia, Saudi Arabia, Australia, etc.). With the renewal of its GMP approval in Ukraine, the company aims to not only solidify its presence in the jurisdictions it currently occupies but also better position itself in these existing ones, and put itself in a position for new jurisdictions.
The Ukrainian pharmaceutical market is set for steady growth in the years to come. It is expected to grow with a compound annual growth rate (CAGR) of 3.9% and is expected to reach USD 822.26 million by the year 2029. Rising demand for generic medicines and cancer therapy is a significant driver of this growth.
Venus Remedies has been in Ukraine for over 20 years and currently has 44 products registered in Ukraine. The company views this certification as a milestone in supporting its growth plans in Ukraine and other future intended markets in the Commonwealth of Independent States (CIS) region.
“Ukraine continues to be a key strategic market for us.” said Aditi K Chaudhary, President of International Business at Venus Remedies. “This renewed GMP certification enhances our credibility with regulators and partners across the region, enabling us to deepen our market presence, expand product portfolios, and provide high-quality medicines to a wider patient base”.
As a result of this achievement, Venus Remedies further cements itself as a global pharmaceutical company based on trust, with a goal to provide healthcare solutions that are of high quality, safe and effective as well as affordable.
