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November 24, 2017 7:00 am | FILED UNDER: business

PRO.MED.CS to Begin Producing Drugs in Russia to Avoid EU Sanctions

By ČTK

Prague, Nov 23 (CTK) – Czech pharmaceutical company PRO.MED.CS Praha signed a contract with Russian partner ZiO Zdorovie on moving of part of its production to Russia, Jiri Musialek, PRO.MED.CS’s head for the Russian market, said in an interview with CTK today.

 

The contract was signed at a Czech-Russian business forum in Moscow on Wednesday during President Milos Zeman’s visit to Russia.

 

“We have found a company that is focused on making products for other pharmaceutical companies. We will provide technology and their machines will produce for us what we will need,” Musialek said.

 

The Russian company will be producing 70 percent of PRO.MED products for the local market, which can be volumes worth Kc1.3bn a year in a couple of years, he added.

 

“However, a major portion of our products will still be made in the Czech Republic,” Musialek said. The annual turnover is worth several billion crowns, he added.

 

PRO.MED.CS Praha is a leading Czech independent pharmaceutical company with its own scientific-research base for the development of medicines for human use. It specialises in the production of tablets, coated tablets and capsules with a daily production exceeding two million units. The company’s portfolio primarily covers the fields of gastrointestinal, cardiovascular and musculoskeletal medicines.

 

PRO.MED.CS exports its products to more than 25 countries, especially to the Russian Federation, countries of Central and Eastern Europe and Central Asia. In recent years it has also been asserting its position on West European markets.

 

The company has 800-1,000 employees, Musialek said.

 

According to data in the Register of Companies, its net profit increased to Kc421.1m last year, growing by more than a half on an annual basis.

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