GEROPHARM becomes the first Russian pharma manufacturer to sign a SPIC

On December 13, 2017, a special investment contract (SPIC) was signed at the Russian Ministry of Industry and Trade between the Russian Federation, the city of St. Petersburg and GEROPHARM, a pharmaceutical company.

The SPIC provides the construction of a plant for insulin substances in the Pushkinsky district of St. Petersburg. The special investment contract is concluded for a period of seven years until 2024. GEROPHARM becomes the first Russian pharmaceutical manufacturer to sign a trilateral SPIC. To implement the project, the company will invest more than 3.3 billion rubles, including about 1.5 billion rubles during the effective period of SPIC. 100 high-tech jobs will be created in accordance with the terms of the contract. The new plant will be the first production site in the Russian Federation with the full-cycle manufacturing of the substance for insulin analogs.

“SPIC is an effective tool to motivate the businesses for establishing new production capacities in Russia. Its implementation will contribute to deeper localization of manufacturing in the Russian Federation,” said Petr Rodionov, the General Director of GEROPHARM. “As a leader among Russian companies in the development and manufacturing of insulin drugs, GEROPHARM makes every effort to provide modern and high quality biosimilars of insulin to the patients with diabetes mellitus. Today, the company portfolio includes genetically engineered human insulins, which dominated the market of genetically engineered insulins in Q3 2017. In a few years, GEROPHARM plans to bring the insulin analogs to the market. This means that Russia will have the full-cycle manufacturing of all insulin products known today.”

SOURCE: gmpnews.ru
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