First Indo/Russian Pharma Venture Launched

The first Indo/Russian joint venture in the field of pharmaceuticals was established during the recent visit to Moscow of India's Commerce Minister, Mr P Chidambaram. The JV is between Dr Reddy's Laboratories of Hyderbad and Russia's Ao-Biomed, a well-known pharmaceutical factory in Russia, with several decades of experience in the manufacture of vaccines, immunologicals and other health care products.

To be called Reddy-Biomed, the JV will manufacture antibiotics and other formulations for the Russian and international markets. During Mr Chidambaram's visit, both countries agreed to set up a sub-group on pharmaceuticals under the working group on Trade and Economic Cooperation, which was decided on in discussions with Russia's Minister of Health, Mr E Nachaev.