The Mumbai-based pharmaceutical company Elder Pharmaceuticals Ltd. has signed a memorandum of understanding or MoU with Russia-based Holding PharmEco. for establishing a joint venture company in Russia for setting up manufacturing facilities for pharmaceutical formulations/APIs.
The MoU between the two companies was signed as part of the Russian President Vladmimir Putin's visit for the 13th annual Indo-Russian bilateral summit.
In the pharmaceutical sector, where India had emerged as the most reliable supplier of quality generic drugs to Russia, potential for further cooperation is promising. Under Pharma 2020 programme of the Russian Government which aims at developing domestic production base, leading Indian Pharma companies have started engaging with Russian partners to consider possibilities of joint investments.
Company's Joint Managing Director Alok Saxena said, "India is already become most reliable supplier of quality drugs to Russia and potential for enhanced exports is promising. India's major pharmaceutical companies are represented in Russia with many actively exploring the possibility of setting up joint ventures."
Holding PharmEco includes six subsidiaries and works in all major segments of pharmaceutical industry; distribution of medicines, medical equipment and medical products, production/packaging of medicines and research on creation of new medicines. The Group employs more than 800 persons across countries.
At the BSE, Elder Pharmaceuticals closed Monday's trading at Rs.405.60, up 1.06 percent from the previous close.
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