On September 3, 2015 in St. Petersburg, Russia, an agreement was signed between a Russian innovative biotech company BIOCAD and the Egyptian company MED. PHARMA GROUP regarding supplies of anti-cancer drug Rituximab into Egypt.
The contract's value is estimated at $42.7 million over 5 years, with an automatic renewal option every subsequent 5 years. Ministry of Industry and Trade of the Russian Federation finalized the agreement. The agreement was signed within the framework of the Egyptian delegation's return visit to Russia. Earlier in May, the Ministry of Industry and Trade's business delegation visited Cairo and contributed to the expansion of business contacts between domestic producers and the Egyptian government.
The Ministry actively supports Russian companies in foreign markets.
Rituximab is the first domestic monoclonal antibody-based product for the treatment of cancers, especially non-Hodgkin lymphoma. In addition, the drug has become the first Russian product to enter Egypt's pharmaceutical market.
Egypt is ranked 29th in exports among Russia's foreign trade partners. Until recently, in the structure of Russian exports to this country a major share of supplies accounted for grain (48%), lumber (18%), machinery and equipment (11%) and ferrous metals (7%).
"Now the country's global changes in the work to ensure people's medications. With the support of the Ministry of Industry and Trade, the Ministry of Health and Ministry of Economic Development, Russian pharmaceutical companies create a powerful technological platform for the production of domestic innovative products and compete in the global pharmaceutical market. Now we can produce not only high-quality generics, but also innovative drugs, which have no analogues in the world "- praised the potential of the domestic pharma in the global markets Dmitry Morozov, CEO of BIOCAD.
As part of the business mission, "Commerce and Industry Russia-Egypt dialogue", held on May 25-26, 2015 in Cairo, Russian Ministry of Industry and Trade held a series of important meetings with senior officials of the Ministry of Health of Egypt, as well as with the leaders of the Egyptian Ministry for Small and Medium business and investment.
During this meeting, the deputy head of Russian Industry and Trade Ministry, Sergei Tsyb recommended BIOCAD corporation as one of the best Russian biotech companies, possessing the latest technology and willing to share their achievements with Egyptian partners.
BIOCAD is the only Russian pharmaceutical company that has been licensed as an importer into Egypt. Deputy Head of the Ministry of Health of Egypt, Tarek Saliman, who incidentally has biotechnological education, is interested in the manufacturing processes of Russian corporations, and has promised to support the registration of biosimilars in the Egyptian market. During the meeting, it was repeatedly mentioned that the Egyptian Government is ready to promote Russian companies, allow construction of their production facilities in Egypt, and assist in the gradual technology transfer for the production of finished drug forms and substances.
It is expected that the signing of the agreement between the
Russian Corporation and the Egyptian company MED. PHARMA GROUP will be the beginning of a close cooperation on the registration and delivery of mAb-based biosimilars produced by BIOCAD to the Republic of Egypt. This, in turn, will make the costly high-tech products more accessible to the Egyptian patients.