Source: Lotus Pharmaceutical
Lotus Pharmaceutical (1795:TT), a multinational pharmaceutical company, today announced that the Company’s Lenalidomide (generic version of Revlimid®) and Gefitinib (generic version of Iressa®) have been approved in Philippines.
Lotus is the first and the only company so far that received regulatory approval for Lenalidomide in Philippine. As disclosed by the originator, the total sales of Revlimid® globally were US$12.8 billion in 2021. The Company believes that the market potential of Lenalidomide in Philippines is around US$10 million.
Petar Vazharov, Chief Executive Officer of Lotus, said: “As a leading Asian-based pharma company with global reach, Lotus is proud to announce Lenalidomide and Geftinib approvals in Philippines – one of the fastest growing pharmaceuticals markets in south east Asia with major unmet needs in cancer patient treatment. We believe that lenalidomide and Geftinib will set very solid foundation for our business in Philippines. We are also pleased to provide access to our high-quality oral oncology products to the patients in Philippines.”
Philippines is among the fastest growing markets in South East Asia for a market size of US$4.3 billion in 2021 with a 10% projected growth rate in 2022 and 2023, based on IQVIA data. Lotus has established a 100% owned subsidiary in Philippines last August and will deploy its own marketing infrastructure during 2022 focusing on high-value therapy areas including oncology, CVS, diabetes, and CNS.