Venezuelan Government and GEROPHARM signed a long-term cooperation agreement for local manufacturing of insulin products at the ESPROMED BIO site, starting from the stage of finished dosage form.

The agreement was signed by Pyotr Rodionov, General Director of GEROPHARM, and Carlos Alvarado, Minister of the Popular Power for Health of the Bolivarian Republic of Venezuela. The ceremony was attended by Yuriy I. Borisov, Deputy Prime Minister of the Russian Federation, Delcy Rodríguez, Executive Vice President of the Bolivarian Republic of Venezuela, Tareck El Aissami, Vice President of Venezuela for Economic Affairs, and Sergey M. Melik-Bagdasarov, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Bolivarian Republic of Venezuela, the Dominican Republic, and the Republic of Haiti.

According to official data, there are 2.28 million diabetic patients in Venezuela.

The long-term agreement covers the period from 2021 to 2026. GEROPHARM will act as an investor under the agreement. The company will transfer to ESPROMED BIO the know-how for the manufacture of insulin dosage forms, invest in upgrading the existing equipment, transfer the technology for recombinant human insulin dosage form filling, and provide training for production personnel.

The company will continue shipping insulin analogues from Russia.

In its turn, the Venezuelan Government will render all the relevant support to GEROPHARM for the project implementation and will guarantee the ongoing purchase of the Company’s insulin products in the upcoming five years up to 2026. It is important to note that, according to the data of the Ministry of the Popular Power for Health of the Bolivarian Republic of Venezuela, the 5-year need for insulin is at least 34 mln packages.

GEROPHARM regularly exports insulin products to Venezuela since 2019. At that time, international manufacturers almost completely stopped shipments of these vital medicinal products to the country. Most importantly, there are no local insulin manufacturers in Venezuela. To date, GEROPHARM has shipped over 3 mln packages of the medicinal products to Caracas.

At present, rapid- and intermediate-acting recombinant human insulins Rinsulin R, Rinsulin NPH and Rinsulin Mix 30/70 in vials, as well as ultra-rapid- and long-acting insulin analogues RinLis (insulin lispro) and RinGlar (insulin glargine) in cartridges are available to Venezuelan patients.