Venus Remedies to set up research centre for $1 mn in Baddi

Venus Remedies to set up research centre for $1 mn in Baddi

Chandigarh: Pharma major Venus Remedies on Thursday said it will invest $1 million to set up its research centre on ‘cell culture´ for developing patented anti-cancer injectables to raise its oncology segment’s share in total revenue to 35% in next two years.

“We will set up a research centre exclusively for cell culture at Baddi (Himachal Pradesh) by February next year with an investment of $1 million...this centre will allow us to develop anti-cancer injectable which can be patented," Venus Remedies Ltd CMD Pawan Chaudhary told PTI here.

“Research in cell culture, which is our ambitious project, will help in increasing the efficacy of anti-cancer product," said Chaudhary.

The bulk of investment will be made on creating infrastructure, necessary for carrying out research in cell culture and hiring scientists,“ he informed.

The company, which has a portfolio of 21 anti-cancer products, will soon apply for patents for its two anti-cancer injectbale with Indian authorities.

In addition to it, Venus Remedies has also decided to get its facility accredited from Goods Laboratory Practice and National Accreditation Board for Testing and Calibration Laboratories (NABL).

“Currently, there are just few private companies which are accredited with GLP and NABL..but we are hoping to get our facilities accredited by next June which will allow the research data acceptable at global level," he said.

At present, anti-cancer segment has a share of 27% in company’s total turnover. “We aim to raise the revenue from anti-cancer segment to 35% of total sales in next 2 years," he said.

Venus Remedies is eyeing total sales of 360 crore as on 31 March, 2011 against last fiscal sales of 312 crore constituting 30% revenue from exports. “We are aiming to grow by 15% even in next fiscal and we hope to clock sales of 425 crore by end of March 2012," he said.

The Panchukula-based company has also plans to roll out four new products for cancer, arthritis diseases in the domestic market next year. It will launch anti-infective medicine ‘Etimicin´, painkiller ‘Achnil´, anti-cancer detection ‘Tumatrek´ and ‘Trois´ for arthritis.

“We have already got approval from DCGI for ‘Achnil´ and approval for other products will also be received soon," he said.

Venus Remedies, a manufacturer of Oncological and Cephalosporin Injectable products, has three facilities at Panchkula (Haryana), Baddi (HP) and Germany. It has presence in 60 regulated and semi-regulated countries.