Elder gets suitability certificate from EDQM for Diosmin

Drug firm Elder Pharmaceuticals today said it has received certificate of suitability for 'Diosmin API', a drug used for the treatment of diseases related to veins, from the European health authority. The company has received the 'Certificate of Suitability' (COS) from European Directorate for the Quality of Medicines and Healthcare (EDQM) for Diosmin API, Elder Pharma said in a statement.

"The recognition by EDQM shall immensely help the company to further enter the regulated markets of European Union," Elder Pharma Joint Managing Director Alok Saxena said. Diosmin is an oral phlebotropic drug used in the treatment of venous system related diseases including Chronic Venous insufficiency and Hemorrhoidal disease.

The Mumbai-based company said global market size of the drug is around USD 500 million of which the European markets account for about USD 255 million. "Currently, Elder Pharma has customers throughout the world including  Southeast Asia, Africa and Latin American region. COS approval for Diosmin will enable the doors of the European region to open up for Elder, thus enabling the company to expand its global market share," Saxena said.

Shares of Elder Pharma today closed at Rs 327.95 on the BSE, up 3.34 per cent from its previous close.

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