On June 16, GEROPHARM and the Government of Saint Petersburg at SPIEF-2023 signed a cooperation agreement to implement the investment project aimed at expanding the manufacture of medicinal products and increasing their export potential.
The project includes modernisation of GEROPHARM’s production site in Saint Petersburg to achieve even higher end-to-end production volumes. Investments under this project are expected to exceed 2 billion roubles in 2023–2025.
These funds will allow purchasing new industrial equipment to expand capacities for both the insulin substance and original medicinal products, as well as creating a new production site for dosage forms. In addition, the project implies creation of new jobs, including high-tech and science-driven ones.
The new manufacturing capacities will help expand the export potential of medicinal products from Saint Petersburg and achieve higher import substitution.
Petr Rodionov, General Director of GEROPHARM, noted, “New capacities will expand our export opportunities. Building new technological chains with localized productions and exporting finished medicinal products are among the top priorities of our business development. We already supply medicinal products to 13 countries worldwide. I’m sure that the demand for our medicines will continue growing abroad thanks to our high standards of quality. In addition, as foreign pharmaceutical companies are ceasing operations in Russia, this investment project also lays a foundation for the future increase in manufacture of both existing and perspective medicinal products.”
Today, the company’s products are available in all CIS states, Mongolia, Georgia, Venezuela, Algeria and other foreign countries. GEROPHARM focuses on global expansion, especially to the countries of Latin America, North Africa, Southeast Asia, the Middle East and the Persian Gulf.