Venus Remedies surges on securing GMP certification from Kenya for all production facilities in Baddi!

Venus Remedies surges on securing GMP certification from Kenya for all production facilities in Baddi!

by 5paisa Research Team Last Updated: May 25, 2023 - 10:34 am 77 Views

The company recently got 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. 

GMP certification Awarded by 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 $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 $2.8 billion by the year 2023 at a CAGR of around 10%. 

Share price movement of Venus Remedies Limited 

Today, the stock opened at Rs 202, with a high and low of Rs 203.75 and Rs 198.50. The stock closed trading at Rs 200.25, down by 0.79%. The stock has a 52-week high of Rs 262.40 and a 52-week low of Rs 145.  

Company profile  

Venus Remedies is one of the handful of players in the pharmaceutical sector to launch world global injectable manufacturers.

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