On December 13, 2017, the Ministry of Industry and Trade of the Russian Federation witnessed a conclusion of a special investment contract (SPIC) between the Russian Federation, St. Petersburg and the pharmaceutical company GEROPHARM on the creation of a full-cycle production of life-saving medicines, including insulin and its analogues, within the territory of the Russian Federation. GEROPHARM became the first Russian pharmaceutical manufacturer to conclude SPIC.
As part of implementation of the investment project, the company will invest more than 3.3 billion rubles, including about 1.5 billion for the SPIC period, in the construction of a modern production complex in the town of Pushkin, St. Petersburg. Under the agreement, the company will create 100 high-tech job opportunities.
The new plant will be the first site in the Russian Federation to produce the substance of insulin analogues on a full-cycle basis.
“Implementation of the GEROPHARM investment project is an important stage in ensuring the drug safety of the Russian Federation,” said Denis Manturov, Minister of Industry and Trade of the Russian Federation. “The production capacities of the new plant – more than 1,000 kg of insulin substance per year – will satisfy 100% of the country’s population needs for insulin preparation, as well as expand the export opportunities of the company.”
“Today a truly historic event took place – St. Petersburg signed its first-ever SPIC. Partly owing to this, the production of absolutely indispensable medicine that is in demand within the territory of our country will be provided,” said Sergey Movchan, Vice-Governor of St. Petersburg.
“SPIC is an effective tool designed to encourage businesses to create new production facilities in Russia. Its implementation will contribute to increasing the depth of production localization within the territory of the Russian Federation,” said Pyotr Rodionov, GEROPHARM CEO. – GEROPHARM, being a leader among domestic companies in the development and production of insulin preparations, is making every effort to provide patients with diabetes with modern and high-quality insulin biosimilars. Today, the company’s portfolio includes human genetically engineered insulins, which, according to the results of the 3rd quarter of 2017, occupy the first place in the genetically engineered insulin market. In the next several years, GEROPHARM plans to launch insulin analogues on the market, thus, all currently world-known insulin products will be produced in Russia on a full-cycle basis.”