MOSCOW, November 22. /TASS/. Binnopharm Group plans to open a branch office in China in January 2023, CEO of the Russian pharmaceutical company Rustem Muratov said at the Pharmtech & Ingredients exhibition.
"We will open a representative office in China in January. This is a big deal for us for several reasons. First and foremost, we are buying quite a lot of materials in China, while European deliveries in the company have declined 6-7% at present. Therefore, a company supporting Chinese logistics and procurements in China will succeed in itself. We also look at this company as a platform, as a springboard for sales," the top manager said.
A company dealing with logistics and procurement of materials will be established at the first stage, Muratov told TASS. "Then we plan to continue dealing with regulatory matters and bring products there on this platform," he noted.
Binnopharm Group is also eyeing the option of entering Asian markets, the CEO said. The company’s turnover outside Russia is about ten percent and will continue growing.
"We are on the verge of the next phase now. We will start marketing on TV, radio and in other media in CIS countries next year. We understand a portion of our portfolio will be successful in CIS countries, the portfolio of OTC drugs and generics," Muratov added.