India's Aurobindo Forms JV with OJSC Diod for Russian Market
The joint venture, named Aurospharma, will include a manufacturing facility near Moscow, due to be completed in 2013.
India-based pharmaceutical company Aurobindo announced last week that the company formed a joint venture with Russian healthcare equipment company OJSC Diod to circumvent Russia' measures against imported medicines.
The 50:50 joint venture, named Aurospharma, will include the construction of a manufacturing facility near Moscow, due to be completed in 2013, and will look to service pharmaceutical markets in Russia, Belarus and Kazakhstan.
As per the terms of the agreement, OJSC Diod’s pharmaceutical ingredient manufacturing unit, CJSC Olifen, will be transferred to Aurospharma.
In 2009, Russia invoked a clause, titled the national reimbursement system, which gave preference to domestically manufactured drugs over imp
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