IDF loan will enable Petrovax Pharm to increase production of substances and finished drugs

| By | Drug Manufacturing, Industry development Fund, Petrovax
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“The Advisory Committee of the Industrial Development Fund approved the first projects in 2017. Out of total 1.3 billion rubles for the implementation of the projects, 600 million rubles have to be concessional loans,” said Gleb Nikitin, the First Deputy Minister of Industry and Trade.

Petrovax Pharm LLC will place the production of pharmaceutical substances and finished drugs for immunology, gynecology, urology, surgery and pediatrics in Pokrov village of Podolsky District in Moscow Region. With the help of the Fund’s loan, the company plans to expand the production capacity of pharmaceutical plant in order to increase the production of drug substances and finished dosage forms (tablets and suppositories) of original drugs that are used in relevant areas of medicine.

Implementation of the project will enable the company to achieve 2.5-fold increase in the production of pharmaceutical substances, 7-fold increase in tablets and 4-fold incerase in suppositories by 2019.

The cost of the project is 907 million rubles, out of which 300 million rubles may be provided by IDF as a concessional loan.

SOURCE: gmpnews.ru
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