Rosteh and Genfa register a joint venture for production of pharmaceutical products.

The State Corporation Rosteh and the pharmaceutical company Genfa plan to register a joint venture for the localization of production of pharmaceutical products. The new enterprise will contribute to Russia reaching sovereignty in the field of biological security, and will supply the Russian national healthcare systems with modern medications.

The investment in the project is expected to reach 100 million dollars. The joint venture will consist of three units: biotechnology, cancer drugs, antibiotics and hormonal agents. The enterprise intends development of its own line of import substituting drugs (over 30 products) as well as production of already existing generic drugs. The total number of import substituting drugs is expected to reach 60 titles.

Sergey Chemezov, the Director General of Rosteh, said, "This is an important project for the Russian pharmacological market, which, for the past 20 years, turned out to be highly dependent on imports of pharmaceutical products. The creation of a competitive full-cycle production of the most important medications in Russia is absolutely necessary to ensure the national security of the country - this is one of the key areas of import substitution".

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