Bangalore, Feb 08, 2010: Indian pharma company, Venus Remedies has received yet another Good Manufacturing Practices (GMP) approval from Ethiopia’s Drug Administration and Control Authority (DACA) for four of its facilities viz. Oncology Liquid, Oncology Lyophilized, Dry Powder Cephalosporin and Dry Powder Carbapenem.
With this GMP certification, the company expects to tap a big geography of Africa. Ethiopia has 80 million inhabitants, which is estimated to cross 100 million by 2015. The company is expected to generate a good business from the Ethiopian pharmaceutical market, which is estimated to be $200 million, with the imports occupying 85 percent of the market.
The imported finished products in the country are less expensive compared to locally produced medication as there are nil or low import duties on end products.
Ethiopia is expected to become the third largest sub-Saharan economy by 2023 and its GDP is expected to grow from $70 billion in 2008 to $472 billion by 2023, according to an Ernst & Young report in October 2009.
Venus possesses 59 international GMP certifications from different countries of the world for its nine super specialty injectable manufacturing facilities.
Venus has filed 10 dossiers for Oncology, Cephalosproin and Carbepenem products in Ethiopia. The registration will now be expedited after company registration and approval to be GMP compliant by their regulatory body DACA.
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