Indian investor to launch pharmaceutical complex in Arctic

Indian investor to launch pharmaceutical complex in Arctic

August 14, 2023

The enterprise, as a resident of the Russian Arctic, will produce general, hormonal and oncological drugs.

#ARCTIC. #SIBERIA. THIS IS TAIMYR. The SAFFARM company from India, as a resident of the Arctic zone of the Russian Federation, will launch the production of import-substituting drugs in 2027. The complex, which will produce 1.3 billion units of general, oncological and hormonal drugs, will be located in Murmansk.

Under an agreement with the Far East and the Arctic Development Corporation (FEADC), more than 9.2 billion rubles will be invested in the project, including Indian capital, and 280 people will be employed. The cooperation agreement between the FEADC and SAFFARM was signed at the St. Petersburg International Economic Forum – 2023.

“We will be able to meet domestic Russian demand by supplying medicines to public hospitals and pharmacies, and, if necessary, we will be able to export about ten percent of the total production to the CIS countries”, said Kumar Divesh, the SAFFARM LLC general director.

Alexey Chekunkov, minister of the Russian Federation for the Far East and the Arctic Development, noted that state support measures created for residents of the Arctic have equally favorable conditions for both Russian and foreign investors. The FEADC will help a new resident of the Arctic to obtain a land plot, ensure the use of tax benefits and administrative preferences.

Now 645 projects with investments of 817 billion rubles are being implemented in the Arctic, creating more than 24.3 thousand new jobs. The Russian Arctic residents are building fitness centers, camp sites, and hotels in the Arctic. With the support of the Norilsk Development Agency, 22 entrepreneurs became residents of the Arctic.

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Text: Angelica Stepanova, Photo: Nikolay Shchipko

August 14, 2023

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