Venus signs marketing deal for antibiotic
Goodwills Company given the exclusive marketing of its antibiotic drug Elores
Indian pharmaceutical firm Venus Remedies has signed a deal with South Korean drug company Goodwills Company for the exclusive marketing of its antibiotic drug Elores. The deal was signed after the Companies and Intellectual Property Registration Office of the Republic of South Korea granted a patent to the product.
Venus Remedies is to supply Elores out of its state-of-art manufacturing facility at Baddi in Himachal Pradesh. No financial details were disclosed.
Elores is meant for multidrug resistant infections and is designed to address 15% of the antibiotic segment, which is worth around US$300m. The Indian company is hopeful of capturing 15% market share within three years of its launch.
Venus Remedies Chairman and MD Pawan Chaudhary said Goodwills would have exclusive marketing rights for the product until the validity of its patent expires in 2025.
The overall pharmaceutical market of South Korea is worth approximately $20bn, growing at CAGR of 6.5%, of which the antibacterial market represents around $2bn.
