Support The Moscow Times!

EBRD Lends $6.55M to Geropharm Drug Maker

The European Bank for Reconstruction and Development has provided a 5 million euro ($6.55 million) loan to Geropharm, one of Russia's leading pharmaceutical companies, to help it upgrade its drug manufacturing plant in Obolensk in the Moscow region.

The loan was issued for five years to Geropharm-Bio, a Geropharm subsidiary, the EBRD said in a statement Wednesday. It is expected to help the company meet the Good Manufacturing Practices standard.

The company plans to install a new filling and packaging line for existing products. The company's insulin production will more than double as a result. Geropharm also plans to shift its production line to more profitable drugs.

In 2011, the value of Russia's pharmaceutical market was estimated at nearly $21 billion, with domestically manufactured drugs accounting for only around 22 percent of this amount.

The EBRD has so far invested more than 150 million euros in Russia's pharmaceutical and healthcare industries.

Geropharm is a privately owned manufacturer and distributor of human insulin and other drugs.

Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.