GEROPHARM and Venezuela Intend to Expand Their Cooperation

GEROPHARM Chief Executive Officer Petr Rodionov attended a working meeting with the President of the Bolivarian Republic of Venezuela, Nicolás Maduro, in Smolny. The partnership between the two countries, in the pharmaceutical industry in particular, was on the meeting agenda.

According to the Saint Petersburg Governor, Alexander Beglov, the cooperation between the Russian “Northern capital” and Venezuela is buoyant. Imports from Venezuela, mostly cacao and sugar, grew sevenfold. Saint Petersburg exports its pharmaceutical products, including GEROPHARM’s insulins. In 2019, a total of 8.5 million insulin packs and delivery devices (pen injectors) were exported to the Bolivarian Republic.

Moreover, GEROPHARM intends to localise the production of recombinant insulins at the Espromed Bio facilities. Once the facility has reached its estimated output, it will produce more than 3 million insulin vials, contingent on Venezuela’s needs, and more than 100 new jobs will be created.

In 2025, Venezuela needs more than 1.7 million insulin packs. Among the medicinal products that are required are recombinant insulins (Rinsulin R, Rinsulin NPH, and Rinsulin Mix) and analogues (RinGlar and RinLis).

“We are prepared to promptly ship these medicinal products to Venezuela. Thanks to the strategic partnership between our two countries, Venezuelan patients have access to state-of-the-art, life-saving products, limiting sanctions notwithstanding,” Petr Rodionov, GEROPHARM Chief Executive Officer, said.

In addition to importing its products, GEROPHARM, supported by the Ministry of Health of Venezuela, delivers educational events for patients and sets up platforms informing patients about diabetes mellitus and insulin product benefits available to them in the country. In 2024, the Company launched a training course for Venezuelan healthcare professionals. More than 300 professionals availed themselves of this opportunity.