The Protocol of Intentions was signed yesterday in Moscow between Serbian Galenika, Russian Farminex and PSP Farman on the construction of a pharmaceutical factory in the region of Kalush.
The Protocol was signed at the meeting of the Russian-Serbian intergovernment committee for economic, trade and scientific-technical cooperation.
Galenika Deputy Director Zarko Ilic said to the press that the Protocol determined the obligations of all three sides: Galenika, as the oldest manufacturer of drugs in Serbia, Farminex, which is one of the national distributors of drugs in Russia, and PSP Farman, as a construction company.
According to his words, the plan is that the factory construction commences in April or May 2011 and be finished in two years.
– What will be built the first is a facility for production of so-called solid forms – pills and capsules, with the capacity of between 500m and 550m per year, while total capacities should result in a profit of 40 million euros on annual basis – said Ilic.
According to him, until the factory is finished, Galenika will be exporting drugs to Russia on the basis of an agreement worth 3 million euros that has been signed this year.
Ilic also said that it was difficult to work and sell drugs in Russia if the company had no national production.
He stated that the government had passed the decision that the share of foreign drugs in Russian market should be reduced from current 70% to 40%.
– Being aware of that, we have made the decision on the factory construction. The competition is huge because annual consumption amounts to about 10.5 billion euros, while between 7 and 7.5% of drugs are imported – said Ilic.