Venus Remedies announced on Monday that it has received the marketing approval for Enoxaparin in pre-filled syringes in Saudi Arabia. The drug is an anticoagulant, i.e, it prevents blood clots. 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.
Venus currently 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. 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.
The company stated this approval will help the company with its commitment to making and increasing impact in the MEA region and expand its presence there. 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 USD 7.8 billion in 2021. The market is expected to grow to USD 13.1 billion by 2031 at a 10-year CAGR of 5.4%.
Venus Remedies engages in the development and marketing of pharmaceutical products in India and internationally. Venus closed green, up 3% on Monday, down from its day high of 5%. The company has a market cap of Rs. 314 crores and has a strong financial book, indicated by a Piotroski F score of 7.
