Drug firm Venus Remedies today said it has received approval from Australian authorities for four of its facilities, thus enabling the company to export products from these facilities to Australia.
The company has received Good Manufacturing Practices (GMP) approval from Therapeutic Goods Administration (TGA), Australia for four of its facilities - Cephalosporin, Carapenems, Oncology liquid and Oncology lyophilised, Venus Remedies said in a statement.
Venus has already filed dossier for meropenem which is on the verge of registration and TGA approval of facility will further expedite the process, it added.
"We are planning to enter this market through strategic tie-ups with the local players, where huge market potential is forecast for Docetaxel single vial, Gemcitabine, Topotecan, Irinotecan, Imipenem cilastatin," Venus Remedies Ltd chairman and managing director Pawan Chaudhary said.
In the Asia Pacific region, Australia is a lucrative market for pharmaceutical industry, due to its growing and ageing population, excellent access to medicines, and fast-recovering economy.
Shares of Venus Remedies ended trading at Rs 269.80 on the BSE, down 0.42 per cent from its previous close.