Targeting Russian Market
Dong-A Socio Holdings announced on April 17 that the company signed a strategic partnership with Russian pharmaceutical company Pharmasyntez in Moscow, Russia.
Dong-A Socio Group has been exporting such as Cycloserine and Terizidone, both of which are materials for tuberculosis medicines and Morning Care, a hangover reliever to Pharmasyntez since 2011. Its exports to the Russian company hit about 5.2 billion won (US$4.6 million) last year.
The signing of the partnership will lead Dong-A Socio Holdings to expand its supply of the products to the Russian company, including the consumer products like general pharmaceuticals of Dong-A Phamaceuticals, the specialty medicines and raw material drugs of Dong-A ST, and the biosimilars being developed by DM Bio. Also, in order to secure price competitiveness, the Korean pharmaceutical company plans to transfer manufacturing technology on some items necessary for the local production in Russia.
In addition to distribution, sales and marketing of the products in Russia, Pharmasyntez will be in charge of production of products whose technologies are transferred to the company.
One of the top 10 pharmaceutical companies in Russia, Pharmasyntez is a pharmaceutical company that specializes in production and sale of anti-tuberculosis drugs, antibiotics, and AIDS treatment products, and ranked first among Russian pharmaceutical companies in the annual sales including that for hospitals by posting 230 billion won (US$207 million) last year.