Cuba invests $240M in pharma expansion

Cuba is to invest over 190.0 million euros ($240.0 million) to expand its pharmaceutical industry in the period to 2010. The program includes the construction of modern plants to manufacture injectables, aerosols and medicinal compounds.

Older units will be revamped with the aim, the authorities say, of making drugs "more efficacious" and to achieve a higher level of stability for the sector. The drug industry was badly affected by the economic crisis after the break-up of the Soviet bloc.

Currently, Cuba imports drugs worth over $100.0 million annually though it also produces 95% of national consumption, according to Farmacuba director Roberto Dominguez, and exports generic drugs and blood products worth $220.0 million (+22% on 2008) to over 50 countries.