Venus Elores bags gold medal for best innovation of 2013

Our Bureau, BengaluruTuesday, May 7, 2013, 12:50 Hrs  [IST]

Venus Remedies Limited has been awarded the Gold Medal by DST-Lockheed Martin India Innovation Growth Programme – 2013 for Elores, a drug designed to fight multi-drug resistant ESBL and MBL producing gram negative ICU infections to which other antibiotics failed to respond.

The gold medal was received by innovator Dr Manu Chaudhary, director research Venus Medicine Research Centre, at a ceremony held at FICCI office in New Delhi from the deputy chairman, Planning Commission of India Montek Singh Ahluwalia.

More than1500 technologies took part in the programme this year. Participants were adjudged under various parameters like novelty, innovativeness, technical strength and commercialisation potential by a team of experts from Stanford Business School, US, IC2   University of Texas, Austin, US, Lockheed Martin foundation in collaboration with DST under Indo-US joint science and technology innovation programme, 2013.

On receiving this award Dr Chaudhary, said that the prestigious award from DST-Lockheed Martin Foundation within the first year of launch of Elores Lores is a matter of great pride for the team VMRC. Gold medal is a recognition of VMRC’s innovations, its  credibility and competitive edge in research. She further added that this award has boosted team’s determination to take this research product world wide.

Globally the systemic antibacterial market is set to reach approx 44 billion by 2016 and is growing with a CAGR of 7.2 per cent. Elores is capable of addressing multi-drug resistant ESBL/MBL producing gram negative infections which constitute 25 per cent of this market creating an opportunity of more than 11 billion in coming five to six years. Elores has patent for product, method of treatment and use protected from 45 countries including USA, India, Australia and Europe. Elores was launched in Indian market in early this year and has received tremendous response from medical fraternity.

Venus has already filed CTD for this product in Europe, and is planning to take this product to other International markets with the support of Lockheed Martin Foundation, DST, FICCI and all the associated bodies.

The India Innovation Growth Programme is a joint initiative of the Department of Science and Technology, Govt. of India; Lockheed Martin Corporation; Indo-US Science and Technology Forum, Federation of Indian Chambers of Commerce and Industry; Stanford Graduate School of Business and the IC2 Institute at the University of Texas. The aim of this programme is to accelerate innovative Indian technologies into global markets particularly in US market.