Venus Remedies managing director Pawan Chaudhary told The Financial Express that the MNC had patent rights in 25 countries worldwide. The formulation, which is not currently manufactured in India, is being launched under the brand name Effectin and this would be a monopoly brand from the company. The product is likely to be launched in at least 30 countries including Australia, Germany, the US, the UK, the Netherlands, France, Italy and Canada.

With the tie-up and launch of this product, Venus Remedies which has its unit to manufacture about 100 formulations at Panchkula near here alongwith its research and development laboratory is expecting to raise its turnover to over Rs 100 crore by year 2005. The company's turnover during 1997-98 was about Rs 12 crore and it is expecting that by year 2001 it would cross Rs 20-crore mark.

Chaudhary said that the company which became public in 1995 has equity participation by Haryana Financial Corporation and Small Industries Development Bank of India but the debt liability is likely to be over by 2001 and this would save company from the interest factor. He said that for the new product that is being launched in collaboration with the MNC, the company would not be needing fresh funds or equity participation as it was well-equipped to manufacture the formulation.

Currently, about 25 per cent of company turnover is from sales to central and state governments, almost the same from products manufactured for reputed companies like Panacea Bio-tech, Jagson Pal Pharmaceuticals and Morepen laboratories and rest comes from direct sales by own workforce of Venus Remedies.

Chaudhary disclosed that the WHO-GMP- World Health Organisation and Good Manufacturing Practices status of the company, a coveted certification in pharmaceutical industry had helped a lot in clinching the deal with the multinational company. In fact very few plants in north of Delhi have this kind of certification which is considered ``first step towards seeking US FDA certification.'' The US FDA certification is for ``product specific'' while WHO-GMP certification is general in nature and is considered mandatory for all Government supplies in India.

The new product is likely to be launched by August 2000 and is expected to give major boost to the bottom line of the company.

Venus is laying increased attention on building brands, said Chaudhary. uThe company is focussing on value added products. It is sprucing up its work force in line with its new plans.