Venus Remedies secures market authorisation in Serbia for cancer drugs

Pharma major Venus Remedies on Wednesday said it has secured marketing authorisation from Serbia for its oncology drugs -- gemcitabine and docetaxel.

With this, the company has secured 511 marketing approvals for its oncology products across 66 countries, said the company in a statement.

Oncology drugs constitute the largest proportion of the Serbian pharmaceutical market, where Venus Remedies has secured five marketing approvals, all in the oncology space, it added.

The high prevalence of breast cancer, ovarian cancer, pancreatic cancer and cancers of the lung and intestine is a key driver of the global oncology market, which was valued at USD 286.04 billion in 2021 and is projected to reach USD 536.01 billion by 2029 at a compounded annual growth rate (CAGR) of 8.2 per cent, it said.

Aditi K Chaudhary, President, International Business, Venus Remedies, said, "We have more than 40 marketing authorisations in South Eastern Europe and the Balkan region, including nine for oncology drugs, and we are now banking on the product registrations for gemcitabine and docetaxel from Serbia to pave the way for faster approvals for cancer medicines in other countries in this part of Europe".

The company said it secured a marketing authorisation for gemcitabine from Bosnia a few months ago, followed by marketing approvals for docetaxel from Georgia and two other key cancer drugs from Moldova.

"These marketing approvals will not only enable us to expand our operations to new geographies but also reaffirm our commitment to open new avenues for advanced cancer treatment. The marketing authorisation from Serbia is a significant milestone that will help improve access to affordable cancer drugs in the region," Chaudhary said.