Venus Remedies said on Monday, it has received market authorisation from Mexican drug regulator for anti-bacterial drug 'Meropenem' and plans to launch it within the first quarter of 2013-2014.
The Panchkula (Haryana)-based company plans to launch the drug in 500 mg and 1,000 mg, Venus Remedies said in a release.
This is expected to strengthen its position in Latin America where it is currently exporting in countries such as Columbia, Peru, Guatemala, Dominican Republic, Jamaica, Bahamas and the Caribbean.
"Grant of market authorisation at this point of time when the innovator's product has already gone off patent is going to be an advantage for us.
"We are hopeful of capturing 10 per cent of the market share within the first three years of our product launch," company's CFO Dheeraj Aggarwal said in a release.
The market authorisation was granted by COFEPRIS (La Comision Federal para la Proteccion contra Riesgos Sanitarios).
Meropenem sales account for USD 16.3 million in Mexico, of which, major share of 80 per cent is with innovator's product 'MERREM' and rest with other local companies.
Meropenem is for treatment of bacterial Meningitis, Nosocomial Pneumoniae, Septimicemia, Serious ICU infections, Intraabdominal Infections, Febrile Neutopenia, Skin and Skin structure infections.
At present, Venus is already selling Meropenem in various markets and is in the process of further extending its sales operations in the most regulated markets which includes countries like Netherlands, France, Italy and Germany.