Venus Remedies has given exclusive marketing rights to South Africa-based drug firm Adcock for selling its antibiotic drug Potentox.
The company aims to generate $10-million revenue within three years of the product launch in South Africa.
“We have joined hands with South Africa-based Adcock, which will have exclusive marketing rights of our product Potentox in South Africa over a period of 15 years,” company CMD Pawan Chaudhary said here today.
“We are eyeing $10-million revenue from sales in South Africa within three years of its launch,” he added.
South Africa launch
Chaudhary further said that the product would be launched in South Africa in early 2015 after getting it registered with the authorities in that country. The product will remain under patent protection till 2025 in the African territory.
Potentox, which is an antibiotic adjuvant entity (AAE), is effective in case of hospital acquired pneumonia and febrile neutropenia infections, the company said.
Potentox is currently adding $3 million to the company’s topline as it is currently being sold in India and Ukraine, Chaudhary said.
South Africa has had one of the highest reported rates of pneumococcal penicillin resistance in the world, as high as 76 per cent.
Antibacterial market
The overall systemic antibacterial market of South Africa is approximately $275 million growing at a CAGR of 10.5 per cent, out of which this product is designed to address a segment as big as 25 per cent.
“We also have plans to market Potentox in other overseas markets including South Korea, USA, Canada, Australia, New Zealand in the next two years,” he said.
The company has got patent for Potentox from South Korea, USA, Canada, Australia, New Zealand and South Africa.
Panchkula-based Venus Remedies would supply its product from its EU GMP approved manufacturing facility at Baddi in Himachal Pradesh.