A jubilee award in honor of the Industrial Development Fund’s 150th project was presented to the pharmaceutical company Grotex, which is planning a third phase of construction at its plant in St. Petersburg. With the help of a loan from the Fund, the company will increase its volume of import-substituting medicine production.
Grotex plans to add a third line (cost – 1.32 billion rubles) at its pharmaceutical plant in St. Petersburg, the total cost of which is 8 billion rubles.
The loan obtained from the Fund will help the company expand its production of ophthalmic, otolaryngological and pulmonary drugs, infusion and injection solutions that meet Good Manufacturing Practices (GMP) standards. As part of the project, it is planned to produce more than 60 different products under the brand name Solopharm.
“An entire range of measures has been directed to the development of the Russian pharmaceutical industry, the reduction of import dependence, and the deepening of localization. For the most part, they are concentrated within the State program ‘Development of the Pharmaceutical and Medical Industry’ in the form of state contracts and subsidies for research and development. In total, 52 import-substituting and 2 innovative medicines have already been developed and marketed within the State program. Thus, their share reached 31% in value terms. I am confident that the Russian pharmaceutical industry will achieve even greater results, having enterprises and companies as Grotex in its arsenal,” commented Gleb Nikitin, the First Deputy Minister of Industry and Trade of the Russia Federation.