Venus Remedies on Monday said it has received approval to market a drug, which prevents blood clots, in Saudi Arabia. The company has received the marketing approval for Enoxaparin in pre-filled syringes, the drug firm said in a statement on Monday.
Venus Remedies Ltd has an annual capacity for producing more than 50 lakh units of Enoxaparin, a widely used anticoagulant that prevents blood clots, at its robotic line. Enoxaparin plays a crucial role in addressing blood clot formation in patients suffering from deep-vein thrombosis, acute coronary syndrome, heart attacks, and pulmonary embolism.
Cardiovascular diseases are a major health issue in Saudi Arabia, accounting for 145 deaths in every 1 lakh people, highlighting the urgent need to mitigate clot-related complications, the statement said. "This approval positions us to further anchor our leadership, expand our influence, and magnify our impact across the GCC (Gulf Cooperation Council) and MENA (Middle East and North Africa) regions," Venus Remedies President Global Critical Care Saransh Chaudhary said.
So far, the company said it has sold more than 12 million units of drugs in the Saudi Arabian pharmaceutical market which was estimated to be worth $7.8-billion in 2021. The market is expected to grow to $13.1 billion by 2031 at a 10-year compound annual growth rate of 5.4 percent. Shares of the company settled at Rs 243 apiece on the BSE up 4.86 percent.
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