GEROPHARM Insulins Will Be Manufactured in Venezuela Starting from 2024
The Government of Venezuela, ESPROMED BIO, CORPOVEX, and GEROPHARM signed a contract under which Venezuela will purchase vital insulin products and the Russian party counter-commits itself to investments, including the technology transfer for recombinant human insulin production
The long-term agreement covers the period from 2022 to 2026. It will be implemented in two stages. Phase one is two years long during which ESPROMED BIO facilities are to be upgraded and the technology for the production of finished dosage forms of recombinant human insulin (RHI) will be transferred. In addition, 5 insulin products will be imported from Russia. In phase two, starting from 2024, 100 % of RHI in vials will be manufactured in Venezuela from the substances produced by GEROPHARM while insulin analogues and RHI in cartridges will still be shipped from Russia.
In order for the technology transfer to be a success, production and laboratory equipment have to be bought, utilities and premises upgraded, and personnel trained. Of note, ESPROMED BIO will create 370 new jobs for high-skilled specialists for the project.
According to official data, there are 2.28 million diabetic patients in Venezuela. Many of them need daily insulin injections. With these vital medicinal products produced locally, they will be more affordable to Venezuelan patients.
The company regularly exports insulins to Venezuela since 2019. At the time when the first strategic partnership agreement was signed, international insulin manufacturers almost completely stopped shipments of these vital medicinal products to Venezuela. Most importantly, there were no local insulin manufacturers in the country.
Pyotr Rodionov, General Director, GEROPHARM, says, “The partnership that began in 2019 not only opened Latin America as a new region for our exports but also helped address the socially significant issue of insulin products availability to patients. The agreement that was signed today brings our partnership to another higher level. The total amount of GEROPHARM’s investments in the project is more than EUR 20 mln. I have no doubt the production localisation will help our company make further progress in the region.”
Sergei Melik-Bagdasarov, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Bolivarian Republic of Venezuela, the Dominican Republic and the Republic of Haiti, says, “This partnership is able to cover the needs of the Venezuelan public health system for vital medicinal products and will be instrumental in development of the trade and economic relations between our two countries.”
