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It was a successful 2011–12 for Venus Remedies.
We reported progress in strengthening our industry position, resulting in an innovation recall at par with India's leading pharmaceutical players. What gives me satisfaction is that we pioneered solutions in established segments, leading to attractive opportunities and possibilities.
Our financial performance was correspondingly heartening:
We grew revenues 13.60%, our EBIDTA strengthened 16.54% and PAT climbed 5.37% in 2011–12. The true Venus at Venus, our longstanding focus in treading the road less traveled translated into unique products.
Having addressed chronic ailments with a number of formulations (strengths, chemistry and combinations), most global pharmaceutical companies scaled the value chain to enter high–value, high–growth lifestyle therapeutic spaces. Besides, infectious diseases continued to affect the world with a growing 'multi–drug resistance' to antibiotics. At Venus, we focused on developing novel translational paradigms to combat antibacterial resistance by using adjuvants to untangle resistance–causing mechanisms and rejuvenating antibiotic effectiveness.
In 2010, nearly six lakh people died of cancer in India, of which 70% were aged between 30 and 69. A large number of deaths could have been arrested if the ailment had been detected early.
At Venus, we completed the Phase I & II trials of our novel molecule VRP 1620 and filed a patent application with the Indian regulatory authorities. This product will highlight cancer–affected areas through a simple X–ray, facilitating early detection. On launch, this will be the first–of–its–kind, anti–cancer detection product in the world. We also established pre–clinical proof of concept for our Drug–Protein–Polymer–Conjugate, our patent protected technology, which will allow us to develop target–based therapies. Using this technology niche, we developed a strong product pipeline to be launched over the coming years.
Until recently, the Company focused on creating unique 'life–bettering' formulations, validated through global patents from regulated (the US, Europe, Japan and Australia) and semi–regulated markets; we have three US patent approvals.
At Venus, we recognise that after having achieved 80–plus global patents in eight years, the next challenge lies in being able to commercialise them. To take this development to its logical conclusion, Venus is exploring opportunities to forge marketing alliances with leading global pharmaceutical players.
We hope to encash our Intellectual Property through out–licensing deals with global pharmaceutical players in regulated markets. We appointed global consultancies to help us identify, analyze and shortlist attractive alliance opportunities; we expect to endorse business–strengthening agreements in 12–18 months.
Additionally, we filed nine market authorisations in Europe; following approval, this will open a new opportunity window for the Company.
In the interim, we are seeding our patented products in under–regulated markets through distribution alliances and 11 global marketing offices.
We generated 10% of our revenues in 2011–12 through regulated markets; we expect these markets to make a higher contribution to our turnover in the coming years.
Besides, we expect to reinforce our Intellectual Property with more global patents for 'life–bettering' drugs, reinforcing our competitive advantage.
Shareholders and message
At Venus, I must assure shareholders that the strength of our portfolio will translate into superior returns, enriching lives and enhancing value.