Binnopharm Group has registered an official representative office in Kazakhstan and expects to secure representation in five more CIS countries next month – Belarus, Azerbaijan, Moldova, Armenia, and Uzbekistan. This move will help double its export revenue in 2024 and will serve as the first step towards infrastructure conducive to global expansion.
Rustem Muratov, CEO of Binnopharm Group, said,
This is a pivotal moment for Binnopharm Group. Today, we are the leader in medicine sales to the CIS, but we largely operate through partnerships. Representative offices will allow us to build our own distribution locally and accelerate our expansion in these countries. We expect our export revenue to double in 2024.
Following the launch of representative offices, the Company will start promoting its branded products – synbiotic Maxilac, antispasmodic Neobutin, venotonic Venarus and others.
Rustem Muratov commented,
If we exclude Ukraine from the equation, the total CIS population is about half of Russia’s. That said, in 8M 2021, the Russian pharmaceutical market expanded by 4.7% in monetary terms, while in Uzbekistan, for instance, this figure stood at 68%. The growth is primarily driven by improvements in the welfare of households and higher consumption volumes. To promote our products locally, we have focused on several branded medicines, which we plan to make more marketable abroad.
New representative offices serve as a stepping stone to Binnopharm Group’s global expansion. Rustem Muratov said,
We are starting to rethink the infrastructure of Binnopharm Group to support our international growth. After fine-tuning the processes and gaining stronger marketing expertise, we plan to further expand our global footprint and penetrate other markets. Now we are looking at the Middle East and Southeast Asia.