The government of Venezuela and the Russian company Gerofarm have concluded an agreement on long-term cooperation, which involves the localization of insulin production in the Bolivarian Republic, the press service of the pharmaceutical company reports.
The document was signed by the CEO of Gerofarm Petr Rodionov and the Minister of People’s Power of Health of Venezuela Carlos Alvarado. The ceremony was also attended by Deputy Chairman of the Russian Government Yuri Borisov, Executive Vice President of the Bolivarian Republic Delsi Rodriguez and others.
The long-term agreement covers the period from 2021 to 2026. As part of the project, Gerofarm acts as an investor.
“The company will transfer to ESPROMED BIO the know-how for the production of ready-made insulin preparations, invest in the modernization of existing equipment on the site, and will also transfer the technology for bottling a ready-made dosage form of human genetically engineered insulins and provide training for personnel who will be engaged in production,” the statement said.
The company will continue to supply insulin analogues from Russia.
The Venezuelan government, in turn, will provide the necessary assistance to the pharmaceutical manufacturer in the implementation of the project and guarantees the purchase of insulin products for the company in the future for the next five years – until 2026.
“It is worth noting that, according to the data of the Ministry of People’s Power for Health of the Bolivarian Republic of Venezuela, the five-year need for the country’s health system is at least 34 million packages of insulin,” the Geropharm said in a statement.
The company has been supplying insulin drugs to Venezuela since 2019. At that time, international manufacturers almost completely stopped the supply of this drug to the country. At the same time, there are no local insulin producers in Venezuela. At the moment, Gerofarm has delivered more than 3 million packages of drugs to Caracas.