Renata all set to enter Australian pharma market
Leading Bangladeshi drugmaker Renata Ltd has got go-ahead for its inaugural filing in the Australian pharmaceuticals market.
The company will enter the market with its contraceptive pill Levonorgestrel 1.5mg marketed as Novella-1.
"We have registered three products for the Australian market. We have got approval for one and two are on the waiting list," said Jubayer Alam, company secretary of Renata Ltd.
"We are going to register four more drugs. Once we get the approval for all, our yearly export to the country would hit $4-5 million within two or three years," he hoped.
Renata expects having a good future in the world sixth largest country as its supplier is the top company in the Australian market, he added.
This contraceptive pill will be distributed through its partner, Nova Pharmaceuticals Australasia Pty Ltd, a leading supplier of medicinal products to all pharmacies and supermarkets in Australia for the last 18 years.
Renata Ltd shared the information through a press release today.
"With Nova's proven expertise and widespread market presence, we are confident that Novella-1 will reach a broad and diverse audience, ensuring widespread accessibility and impact in the Australian market," the statement read.
The potent product, Novella-1, stems from Renata's state-of-the-art facility approved by the Therapeutic Goods Administration, reflecting its unwavering commitment to quality, the company said.
Therapeutic Goods Administration is the medicine market regulator.
"Our relentless pursuit of innovation and expansion has solidified our position as forerunners in solid dosage form formulations, complemented by Renata's recent advances in sterile segment capabilities," Renata said in the statement.
Stocks of Renata Ltd was traded at Tk 1,217 at the Dhaka Stock Exchange today.