Swiss pharmaceutical giant Novartis International AG said Monday the company would invest $500 million in Russia over a 5-year period, as part of its strategy to expand further into one of the world's lucrative emerging pharmaceutical markets.
The proposed investment will be in local healthcare infrastructure and collaborative healthcare initiatives including manufacturing, research and development (R&D), and public health development.
As part of its strategy the company signed a MoU with the city of St Petersburg to build a full-scale pharmaceutical plant in the city.
The MoU signing deepens the company's existing commitment to becoming Russia's leading healthcare partner in supporting governmental healthcare reform, a Novartis statement said.
Novartis CEO Joseph Jimenez said: ''Novartis is making a strategic investment in Russia for long term growth. This collaboration shows our commitment to contributing to the ambitious healthcare goals of the Russian government."
"The ongoing partnership with Russia enables us to expand our commercial presence in a key emerging market," Jimenez further stated.