Venus Remedies secures GMP certification from Kenya for all production facilities in Baddi
The approval paves the way for consolidating the company’s position in Kenya and other African markets as part of its global expansion plans.
Good Manufacturing Practices (GMP) certification from Kenya
Venus Remedies has secured a Good Manufacturing Practices (GMP) certification from Kenya for all its production facilities in Baddi. Acknowledging the commitment of Venus Remedies to quality assurance and international manufacturing standards, the Pharmacy and Poisons Board (PPB) of the Kenyan Health Ministry granted the certification following a rigorous audit of the company's production facilities in Baddi. With this, the number of international GMP certifications for Venus Remedies has gone up to 25.
This recognition, a testament to Venus Remedies' commitment to delivering safe and effective drugs of the highest quality to patients worldwide, encompasses a wide range of parenteral formulations, including pre-filled syringes, ampoules, vial liquids and lyophilised and dry powder injections. Notably, the GMP certification extends to the manufacturing facilities for cephalosporins and carbapenems as dry powder injections, oral granules and liquid and lyophilised oncology products.
The GMP from Kenya, estimated to be a USD 780 million market, is set to bolster the expansion of Venus Remedies in the COSMEA (Common Market for Eastern and Southern Africa) region, of which Kenya is a key member, and subsequently, the entire African pharmaceutical market, which is estimated to be worth $7.3-billion. The company has a presence in Uganda, Tanzania, Kenya and Rwanda countries in Africa, where the pharmaceutical market is expected to grow up to USD 2.8 billion by the year 2023 at a CAGR of around 10%.
The GMP certification awarded by Kenya comes just three months after the company secured a GMP approval from Saudi Arabia, which is expected to speed up the process of marketing authorisations for the company's products in the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) regions.
Stock price movement
On Tuesday, Venus Remedies closed at Rs 202.05, up by 1.97% from its previous closing of Rs 198.15 on the BSE. The scrip opened at Rs 198.15 and touched a high and low of Rs 205.00 and Rs. 197.25 respectively. The BSE group 'B' stock of face value of Rs 10 has touched a 52-week high and low of Rs 262.40 and Rs 145, respectively. Last one week high and low of the scrip stood at Rs 205.65 and Rs 192.30 respectively. The current market cap of the company is Rs 270.08 crore.
The promoters holding in the company stood at 41.76%, while Institutions and Non-Institutions held 1% and 57.24% respectively.
Venus Remedies Ltd is an Indian Pharmaceutical company with a presence in domestic and international markets. It is primarily engaged in the business of pharmaceutical product manufacturing. The company is one of the few players in the pharmaceutical sector to launch world global injectable manufacturers.
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