The European base of US drug group ICN Pharmaceuticals has been switchedfrom Belgrade (former Yugoslavia) to Moscow, Russia. The new headquarters has been inaugurated by ICN president Milan Panic.
ICN has been on the Russian drug market for three years, and is now the only foreign drugmaker to be involved in both developing local production and marketing its products. The firm has acquired three plants in St Petersburg, Kursk and Chelyabinsk, with investment of $100 million; modernization projects are underway at all three companies. Mr Panic said Russia "is to remain a priority market," and all profits made there will be reinvested.
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