Venus Remedies
Formerly | Venus Glucose |
|---|---|
| Public | |
| Traded as | NSE: VENUSREM BSE: 526953 |
| ISIN | 🆔INE411B01019 |
| Industry | Pharmaceutical |
| Founded 📆 | 1989 |
| Founder 👔 | Pawan Chaudhary |
| Headquarters 🏙️ | , , India |
Area served 🗺️ | Worldwide |
Key people | Pawan Chaudhary (Chairman & MD) |
| Revenue🤑 |  ₹548.12 crores (2021[1]) |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Venus Remedies is an Indian pharmaceutical manufacturing company founded in 1989. It is headquartered in Panchkula, India.[1][2]
History[edit]
The company was founded by Pawan Chaudhary in September 1989 as Venus Glucose.[3]
In March 2013, Venus Remedies received market authorization from Mexican drug regulator, Federal Commission for the Protection against Sanitary Risk for anti-bacterial drug Merop.[4] In July 2013, it received nine manufacturing facilities approved for good manufacturing practices (GMP) by the Government of Ukraine.[5] It got approval for its product 'meropenem' in the Gulf with marketing authorization from the Saudi Food and Drug Authority in 2013.[6] In October 2019, Venus Remedies sold an anti-infective product, Elores, to Cipla without disclosing any financial details of the transaction.[7]
In May 2022, the company delivered the first batch of essential medicines worth USD 30,000 to Ukraine amid Russia Ukraine War. It also launched a social media campaign to encourage people in India and abroad to contribute to the noble cause.[8]
Venus Remedies Limited has several tie-ups with companies like Abbott Laboratories, Ipca Laboratories, Glenmark Pharmaceuticals, Lupin Limited and Elder Pharmaceuticals to market its specialty products in India.[9] In August 2007, it started a joint venture with Dutch Pharma Match R&D B.V. for regulatory clearance to sell a new generation carbapenem injectable in Europe.[10]
In 2014, the company acquired marketing authorization for its antibiotic drug Meropenem from the Therapeutic Goods Administration (TGA) and tied up with Lupin Limited to sell the drug in Australia.[11] The company was approved by the Medicines and Healthcare products Regulatory Agency to market Gemcitabine in the United Kingdom in March 2018.[12]
In April 2021, it tied up with West Pharmaceutical Services to launch NovaGuard SA Pro Safety System in Indian markets. The NovaGuard SA Pro safety system is a product within innovative safety features help protect healthcare workers and patients from accidental needlestick injuries.[13] In December 2021, the company was selected for the Government of India's Production-Linked Incentive (PLI) Scheme under the Atmanirbhar Bharat initiative.[14]
Research and development[edit]
The company has a separate research wing, Venus Medicine Research Centre (VMRC) in Baddi, Himachal Pradesh. It was started in 2008 with an investment of about ₹250 million.[15]
VMRC has research alliances with various universities and institutes, including the University of Illinois Chicago, Institute of Microbial Technology (IMTECH), Baba Farid University of Health Sciences, Panjab University, the National Institute of Pharmaceutical Education and Research (NIPER) and Guru Jambeshwar University of Science and Technology.[16]
Financials[edit]
It reached ₹548.12 crores in revenue and ₹61.76 crores in net profit in FY2021.[1] The company reported a 9.22 percent growth in annual sales in 2021-22 compared to FY 2020-21. It grew from ₹548.12 crore in FY2020-21 to ₹598.65 crore in fiscal 2021-22. It registered a 16.81 percent increase in operating profit, which increased from ₹53.78 crore in FY 2020-21 to ₹62.82 crore in FY 2021-22.[17][18]
Legal issues[edit]
In 2011, Venus Remedies filed the post-grant opposition against French pharmaceutical firm SCR Pharmatop's intravenous Paracetamol patent before Indian Patent Office on several grounds, such as lack of novelty and inventive steps, among others. During the case, Indian Patent Office first canceled the patent in 2018. However, Venus Remedies moved its plea to the Delhi High Court and Intellectual Property Appellate Board. In June 2021, the Indian Patent Office ruled in favor of Venus Remedies and upheld its decision for revocation of the Indian patent.[19]
Awards and recognition[edit]
In 2011, it received the 'Emerging Company of the Year 2011' award at the Pharmaceutical Leadership Summit & Award by the Indo-American Chamber of Commerce (IACC).[20] The company won the QC-100 TQM Award 2011 Business Initiative Directions (BID) International Quality Convention 2011 held in Geneva.[21] It October 2011, it was awarded the Patent Award in Gold category for the year 2010-11 by the Pharmaceutical Export Promotion Council, Ministry of Commerce and Industry.[22] It won a gold medal by DST-Lockheed Martin India Innovation Growth Program – 2013 and Federation of Indian Chambers of Commerce & Industry for its drug Elores in 2013.[23]
It won the Asia's Best Employer Brand Award in October 2021.[24] In 2021, Fortune magazine listed the company in its Fortune India's Next 500 list.[1]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 Mathew, Joe (March 9, 2022). "Big Orders Boost Venus". Fortune India.
- ↑ Mittal, Salvi (November 12, 2021). "Here's how Venus Remedies is striking ahead with cutting- edge tech". The Economic Times.
- ↑ Koul, Rahul (December 7, 2012). "Venus CMD: We focus on life threatening diseases". BioSpectrum Asia.
- ↑ "Venus Remedies gets market authorisation in Mexico for Meropenem". The Economic Times. March 11, 2013.
- ↑ "Venus gets GMP approval from Ukraine for all its nine manufacturing facilities". BioSpectrum. July 19, 2013.
- ↑ "Venus Remedies gets approval from Saudi Food and Drug Authority for 'meropenem'". The Economic Times. November 20, 2013.
- ↑ Leo, Leroy (October 17, 2019). "Cipla acquires novel anti-infective drug Elores from Venus Remedies". Livemint.
- ↑ "Venus Remedies dispatches first batch of essential medicines to Ukraine". Business Standard. May 5, 2022.
- ↑ Kabtta Somvanshi, Kiran (October 17, 2011). "Venus Remedies: Global tie-ups help make R&D a paying bet". The Economic Times.
- ↑ "Venus Remedies forms JV with Dutch Pharma Match". Reuters. August 27, 2007.
- ↑ "Venus Remedies ties up with Lupin to sell drug in Australia". India TV. May 19, 2014.
- ↑ "Venus Remedies gets UK MHRA nod for cancer drug". The Hindu Business Line. March 12, 2018.
- ↑ "West Pharma, Venus Remedies to launch safe syringes in India". BioSpectrum. June 15, 2021.
- ↑ "Pharma firm Venus Remedies makes the cut for PLI Scheme". Business Standard. December 10, 2021.
- ↑ Ahuja, Charanjit (January 11, 2008). "Venus R&D centre to commence on Jan 14". Financial Express.
- ↑ "Venus Remedies ties up with Baba Farid University". The Hindu Business Line. December 31, 2013.
- ↑ "Venus Remedies registers 9.22% growth in sales for FY 2021-22". Business Today. May 28, 2022.
- ↑ "Venus Remedies posts 61 pc increase in FY21 annual sales at Rs 548 cr". The Times of India. June 2, 2021.
- ↑ Sharma, Neetu Chandra (June 2021). "Venus Remedies wins battle against French firm to revoke patent for paracetamol". Livemint.
- ↑ "Venus Remedies wins "Emerging company of the year 2011" award". Pharmabiz. December 13, 2011.
- ↑ "Venus Remedies wins QC-100 TQM award from Geneva". India Infoline. 2011.
- ↑ "Pharmexcil felicitates Venus Remedies with patent award in Gold category". MoneyLife. October 5, 2011.
- ↑ "Venus Remedies bags award for Elores". ExpressPharma. May 11, 2013.
- ↑ "Venus Remedies bags Asia's Best Employer Brand Award in two categories". Healthcare Radius. October 11, 2021.
External links[edit]
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