At the request of JSC Pharmstandard, JSC VTB Bank issued four bank guarantees totaling RUB 303.2 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 guarantees were issued as part of the RUB 3.9 billion documentary credit limit set for Pharmstandard Group in July this year.
According to Yuri Soloviev, First Deputy President and Chairman of the Management Board, “the development of mutually beneficial relationships with Pharmstandard is in line with the Bank’s initial plan to support of the companies operating in the Russian pharmaceutical industry. We expect to actively increase our portfolio of guarantee transactions for the leading companies of the industry, thus securing, without limitation, our customers’ obligations under the contracts of state procurement of pharmaceuticals”.
JSC Pharmstandard is a leader in the Russian pharmaceutical industry. It develops and produces 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. In addition, the company has a plant of medical equipment and tools, JSC TZMOI in Tyumen.At 2010 year-end, JSC Pharmstandard was ranked the 2nd among TOP 10 Russian pharmaceutical corporations, with a 4.2% market share. The sales volume in 2010 exceeded RUB 29 billion.