Pharma company and injectable manufacturer Venus Remedies has expanded its reach into Eastern Europe, after the company received Good Manufacturing Practice (GMP) certificate from the government of Moldova, sending shares higher by over 3%.
"With this certification, we are now well-positioned to further extend our presence in the East European market," Venus Remedies said in a company statement. The approval from Moldovan Health Ministry is for Venus' antibiotic-carbapenem facility. The nod for the facility will ensure 'access to high-quality, effective, and reliable antibiotics' across the region, said Venus Remedies. Carbapenems are a class of broad-spectrum antibiotics which are used to treat severe cases of infections.
Earlier in December, Venus Remedies also managed to secure Marketing Authorization in the Philippines.
Read More: Venus Remedies September net sales at Rs 167.45 crore, down 0.16% on year
Shares of Venus Remedies are down by 21% so far this year, and the company has a market capitalisation of around Rs 428 crore.
Centre has set an ambitious target to ramp up the size of India's pharma sector to $120 billion by 2030 from present $43 billion, with focus on manufacturing and exports, to strengthen brand as the 'Pharmacy of the World'.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
