NOVARTIS will invest $500m (£322m) in Russia over the next five years, strengthening its position in the country as it joins rivals looking to get around tough rules on imported medicines.
The Swiss drugmaker plans to build a new pharmaceutical manufacturing plant in St Petersburg as part of a partnership, which will focus on local manufacturing, R&D partnerships and public health development, Novartis said.
“The ongoing partnership with Russia enables us to expand our commercial presence in a key emerging market,” Novartis chief executive Joe Jimenez said in a statement yesterday.
Emerging markets, such as Russia, are the new battleground for pharmaceutical companies as sales stall in Western markets.
City A.M. Reporter