On March 27, Green Cross(www.greencross.com) announced that it signed an agreement of strategic partnership with Nanolek, Russian pharmaceutical company to commercialize the biopharmaceutical products of Green Cross.
With this contract, Green Cross will exclusively supply its biopharmaceutical products to Nanolek at the initial phase and provide them in bulk as soon as it transfers the know-how of producing them. In turn, Nanolek(http://nanolek.ru) will carry out clinical development, permission, production and commercialization of Green Cross’ biopharmaceutical products in Russia.
It is interpreted that Green Cross will establish a foothold to expand its market to the European market as well as Commonwealth of Independent States(CIS) and Central and Eastern Europe by making inroads to Moscow.
The way of Green Cross’s advance into the Russian market is considered to be a discreet decision after figuring out the local situation. In fact, Green Cross will start to export their products directly to Russia and then produce them in a local way after transferring its production know-how. This is because of Russia’s policy to promote the pharmaceutical industry.
Russia’s plan, so-called Pharma 2020, is aiming to make its own pharmaceutical products account for 50 percent of the distributed in Russia. It seems that Russia is trying to lower its dependency on imports of pharmaceutical products.
“The partnership with Nanolek is perfect for Green Cross’ global business strategy,” said Huh Eun-cheol, CEO of Green Cross, “I think Green Cross’ penetration in the Russian market will be a chance to share a long-term commercial success with Nanolek.”
Meanwhile, Mikhail Nekrasov, Nanolek’s CEO said, “We can supply necessary and important medicines to Russia with Green Cross. The local production will lessen the financial burden of Russia and make contribution to the Russian pharmaceutical market after all.”
