Searle Establishes Joint Venture In Russia

US pharmaceutical company Searle, part of the Monsanto group, has signeda joint-venture agreement with the Biopreparaty/Russian Research Center for Molecular Diagnostics and Therapy to build a pharmaceutical manufacturing facility outside Moscow. The plant will produce 40-50 different products, including cardiovascular and anti-infective medications. Investment in the project by both partners is estimated to be $32 million.

The agreement, which is supported by the US Agency for International Development with the full cooperation of the Ministry of Health and Medical Industry of the Russian Federation, will help improve Russia's access to quality health care and increase investment in the country's industrial infrastructure, said Searle.

The US firm's chairman and chief executive, Richard De Schutter, said: "this partnership represents an excellent example of international cooperation and a win-win opportunity for the US government, the Russian Federation and Searle. Despite the difficulties which the Russian pharmaceutical industry is experiencing in meeting the current and future demands for high-quality pharmaceutical products, Searle is convinced that this market has significant potential to become a sizeable marketplace for high-quality, cost-effective pharmaceutical products."