AsianScientist (Apr. 9, 2015) – Green Cross, a South Korean biopharmaceutical company and Russian pharmaceutical company Nanolek have entered into a strategic partnership agreement for the commercialization of Green Cross’ biologics in the Russian market.
Under the terms of the agreement, Nanolek will obtain marketing authorizations and set up the production of a number of Green Cross’ biologics. The production will be organized at Nanolek’s facility, a state-of-art biopharmaceutical complex built and equipped in compliance with EU GMP standards and launched in December 2014.
“This partnership is a perfect strategic fit for Green Cross’ global business model,” said Dr. Huh EC, President of Green Cross Corporation. “We are excited to work with the team at Nanolek and to share in the longer-term commercial success of Green Cross’ products as it enters Russia.”
“Our project with Green Cross will make socially significant drugs more accessible and minimize the state’s financial burden for the procurement of these drugs outside of Russia,” said Mr. Mikhail Nekrasov, CEO of Nanolek.
Russia’s pharmaceutical market is one of the most attractive in the emerging European region, mainly due to its absolute size, plus a growing economy and increasing government investment in healthcare, according to a report from Business Monitor International. The Russian market is set to grow at twice the pace of the global pharmaceutical market, with growth estimates around 10-15 percent annually reaching an approximate market value of $43-60 billion by 2020.
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Source: Green Cross.
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