Oncology drugs constitute the largest proportion of the Serbian pharmaceutical market (projected to reach $397.40 million in 2023), where Venus Remedies has secured five marketing approvals, all in the oncology space.

The high prevalence of breast cancer, ovarian cancer, pancreatic cancer and cancers of the lung and intestine is a key driver of the global oncology market, which was valued at $ 286.04 billion in 2021 and is projected to reach $ 536.01 billion by 2029 at a compounded annual growth rate (CAGR) of 8.2% from 2021 to 2030.

Aditl K. Chaudhary, president, International Business of Venus Remedies, said, "We have more than 40 marketing authorisations in South Eastern Europe and Balkan region, including nine for oncology drugs, and we are now banking on the product registrations for Gemcitabine and Docetaxel from Serbia to pave the way for faster approvals for cancer medicines in other countries in this part of Europe."

Venus Remedies has presence in both branded and generic products. The company is mainly present in critical care segment manufacturing parenterals like cephalosporins, carbapenems and oncology drugs in lyophilized form, infusions and small volume parenterals used for treating varied ailments like bacterial infections and cancer.

The company's consolidated net profit tumbled 82.9% to Rs 1.18 crore on 33.5% decline in net sales to Rs 95.15 crore in Q1 FY24 over Q1 FY23.