Stockgram

Venus Remedies Ltd shares gained over 3% on Thursday, May 22, after the company renewed its good manufacturing practices (GMP) certification from the Ukrainian regulatory body for its Unit-II manufacturing facility in Baddi, Himachal Pradesh..





The pharmaceutical company said it has renewed its GMP certification from Ukraine's State Service on Medicines and Drugs Control (SMDC), strengthening its global pharmaceutical presence.





Ukraine is a member of the Pharmaceutical Inspection Cooperation Scheme (PlC/S), which is a consortium made up of 56 countries encompassing Europe, Asia, Oceania, and the Americas. As a result, the renewed certification from SMDC further amplifies its global acceptance and strategic importance, it said.





Venus Remedies said the pharmaceutical market in Ukraine is expected to grow at a compounded annual growth rate (CAGR) of 3.9% and will reach $822.26 million by 2029, led majorly by a rise in demand for generics and oncology treatments.





Venus Remedies said its certified Baddi Unit-II facility, equipped with advanced infrastructure and cutting-edge technologies, is strategically designed to address complex therapeutic needs and meet evolving global healthcare demands.





“Renewal of the Ukrainian GMP certification underlines our unwavering commitment to maintaining world-class manufacturing standards. This milestone not only reinforces our foothold in the Ukrainian market but also facilitates deeper penetration into PlC/S markets, significantly enhancing our international growth prospect,” Saransh Chaudhary, president of the global critical care department of Venus Remedies and the CEO of Venus Medicine Research Centre, said.





Shares of Venus Remedies Ltd increased 3.4% to hit an intraday high of ₹361.95 apiece on Thursday, May 20. The stock was up 2.6% up at ₹359 apiece at 11.55 am. It has gained 22.3% in the last six months.





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