At the request of JSC Pharmstandard, JSC VTB Bank issued six bank guarantees totaling RUB 1,754 million in favor of the Russian Ministry of Public Health to secure the company’s obligations under contracts entered into within the program of state procurement of pharmaceuticals.
The total amount of guarantees issued by VTB in Q4 2011 at the request of JSC Pharmstandard in favor of the Russian Ministry of Public Health has exceeded RUB 2 billion. The limit set for the Pharmstandard Group by the Bank is RUB 3.9 billion.
Support of such important social projects as state procurement of pharmaceuticals is one of top priorities of JSC VTB Bank.
JSC Pharmstandard is a leader in the Russian pharmaceutical industry producing advanced medical products of more than 250 names, with 86 of them included in the Vitally Essential Drug List.
The company has 4 up-to-date factories such as OJSC Pharmstandard-Leksredstva in Kursk, OJSC Pharmstandard UfaVITA in Ufa, OJSC Pharmstandard-Tomskchemfarm in Tomsk and Pharmstandard-Bioleck in Kharkov, Ukraine, as well as a plant of medical equipment and tools, JSC TZMOI in Tyumen.
At 2010 year-end, JSC Pharmstandard was placed 2nd among TOP 10 Russian pharmaceutical corporations, with a 4.2% market share. The sales volume in 2010 exceeded RUB 29 billion.