Celltrion’s Remsima is now in Venezuela

April 30, 2015 8:31 AM

According to Business Korea, Celltrion announced on April 29 that the company has received approval to sell Remsima from the Instituto Nacional de Higiene Rafael Rangel (INHRR), the National Institute of Health in Venezuela.

Accordingly, the company can now sell the product in 13 out of the 22 countries in South America says Business Korea on their report published today.

Since large markets such as the recently licensed Brazil and Mexico are included in the 13 countries, they account for nearly 80 percent of the South American TNF-alpha inhibitors market worth a total of 1.7 trillion won (US$1.59 billion).

Venezuela has a population of approximately 30 million and the TNF-alpha inhibitor market for medicines is worth about US$400 million. As the country is the leading power of MERCOSUR, a sub-regional bloc comprising 12 South American countries including Argentina, Chile and Uruguay, for free trade and economic cooperation in South America, Venezuela can be a strategic position for Remsima to expand its South American markets, again the Business Korea reports.

In Venezuela, Oli-Med, which sells medicines in 18 countries of the South American region, will take charge of sales of Remsima. The company currently sells biosimilar products from multinational pharmaceutical companies, including Genzyme, Sandoz, and Novo Nordisk, and it is strong enough in bidding to win all the medicine bids of the Venezuelan government in 2009.

Source: Business Korea

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