More than 11.2 million dollars will be invested by the Russian Direct Investment Fund (RDIF) to develop – together with BioCubaFarma – innovative medicines against geriatric and oncological diseases.
According to the general director of the fund, Kiril Dmítriev, the initial investment, of up to 1 billion rubles (11.26 million dollars at the current exchange rate), could be tenfold in the future, in correspondence with the priority given by that institution to the health.
“We strive to attract the best global drug producers to the Russian market to localize research and production, replace imports and create our own industrial base,” he said.
Through the announcement, made in the context of the XXVII edition of the Saint Petersburg International Economic Forum, Dmítriev recognized that “the BioCubaFarma company has become the first partner of RDIF in the Republic of Cuba.”
The manager assured that “investments in biopharmaceuticals and the creation of drugs against geriatric and oncological diseases will in the long run facilitate help to a greater number of patients and will significantly expand the capabilities of Russian medicine.”
The BioCubaFarma group is dedicated to the research, development, production and marketing of medicines, diagnostic systems, equipment and high-tech services. This biopharmaceutical corporation is made up of 46 companies, of which 33 are in Cuba and 13 abroad.
The current edition of the Saint Petersburg International Economic Forum will take place until June 8, with the participation of representatives from 136 countries, including Cuba, which attends with a delegation chaired by Deputy Prime Minister Ricardo Cabrisas Ruiz and made up of officials from the portfolios of Transportation, Foreign Trade and Foreign Investment, and Foreign Relations.
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