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Galenika builds pharmaceutical factory in Russia

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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.

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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.

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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.

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