CubaHeadlines

Russia Commits Millions to BioCubaFarma Investment

Friday, June 7, 2024 by Robert Castillo

Russia Commits Millions to BioCubaFarma Investment
BioCubaFarma - Image © Granma

The Russian Direct Investment Fund (RDIF) has announced an investment exceeding $11.2 million in collaboration with BioCubaFarma to develop innovative medications for geriatric and oncological diseases aimed at the Russian market. Kirill Dmitriev, CEO of the RDIF, stated that this initial investment of up to 1 billion rubles (approximately $11.26 million) could potentially double in the future, as reported by the state-run portal Cubadebate.

Dmitriev emphasized the goal of "attracting the world's top drug producers to the Russian market" to localize research and production, replace imports, and establish a domestic industrial base. This announcement was made at the XXVII St. Petersburg International Economic Forum, where Dmitriev acknowledged BioCubaFarma—currently grappling with a severe shortage of raw materials that hampers its ability to provide essential medicines for Cubans—as RDIF's first partner in Cuba.

"The investment in biopharmaceuticals and the creation of medications for geriatric and oncological diseases will, in the long run, help a greater number of patients and significantly expand the capabilities of Russian medicine," Dmitriev assured.

BioCubaFarma, a bio-pharmaceutical corporation consisting of 46 companies—33 in Cuba and 13 abroad—focuses on the research, development, production, and commercialization of medications, diagnostic systems, high-tech equipment, and services. However, its president, Eduardo Martínez Díaz, admitted last year that the institution manufactures over 1,000 products and is developing more than 390, but only 795 are for the National Public Health System. Of these, 65% (383) are essential medicines, but given the "very complex situation," numerous medications "are in short supply, both produced domestically and imported," Martínez said.

Cubans often have to obtain their medications through social networks or the black market. Martínez explained that the current drug shortage in Cuba is due to the low availability of raw materials and necessary supplies for production, plant shutdowns due to breakdowns or maintenance, and a lack of fuel, among other factors.

Key Details About Russia's Investment in BioCubaFarma

This section addresses common questions about the recent investment by Russia in BioCubaFarma, focusing on the objectives, implications, and challenges faced by the Cuban pharmaceutical industry.

What is the purpose of Russia's investment in BioCubaFarma?

The investment aims to develop innovative medications for geriatric and oncological diseases, with the intention of localizing research and production in Russia, replacing imports, and establishing a domestic industrial base.

How much is the initial investment and could it increase?

The initial investment is up to 1 billion rubles, approximately $11.26 million, and it has the potential to double in the future.

What challenges is BioCubaFarma currently facing?

BioCubaFarma is facing a severe shortage of raw materials, leading to a lack of essential medicines. Additional challenges include plant shutdowns due to maintenance or breakdowns, and a shortage of fuel.

How are Cubans obtaining their medications amidst the shortages?

Many Cubans are forced to obtain their medications through social networks or the black market due to the scarcity of drugs in the official supply channels.

© CubaHeadlines 2024

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