The Russian Direct Investment Fund has announced the launch of the first production site under its Investment Lift program, which supports high-tech small and medium-sized business projects related to non-primary exports, RDIF’s webpage reports. Geropharm’s insulin production complex has launched in St Petersburg.
The fund made an investment in Geropharm in October 2016 as part of its strategy to promote import substitution and improve quality of life in Russia. Geropharm is the only Russian manufacturer of full-cycle insulin and, taking into account its running capacity, is able to meet 100% of Russia’s insulin requirements. Thus, the launch of the complex will contribute significantly to ensuring a secure supply of pharmaceuticals in Russia and will allow the business to begin to export.
Under the terms set by RDIF’s Supervisory Board, investments using the Investment Lift mechanism can be made without foreign co-financing. Geropharm is the first project to receive investments from RDIF under this program. During a visit to the production site by members of a committee chaired by Russian President Vladimir Putin, RDIF’s Investment Lift mechanism and the new Geropharm complex were highly commended for their role in improving the efficiency of the country’s drug supply system.
“Geropharm was the first project to receive funding from RDIF under the Investment Lift program which enables investment without the participation of foreign co-investors. It is also the first initiative to have developed production facilities from funding received from the Investment Lift mechanism. The company will now be able to supply 100% of Russia’s insulin requirements and begin to export. Furthermore, thanks to RDIF and Geropharm’s network of partners, the company will be able to open similar production facilities in the Middle East, including potential facilities in Saudi Arabia and the UAE. We are ready to use this experience for the further development of Geropharm and other Russian companies,” said Kirill Dmitriev, CEO of the Russian Direct Investment Fund.