Russian Direct Investment Fund to Invest over $11.2 Million in Geriatric and Cancer Meds with BioCubaFarma

The Russian Direct Investment Fund (RDIF) will invest over 11.2 million dollars to develop innovative pharmaceutical drugs against geriatric and oncological diseases with BioCubaFarma.

The RDIF came into existence under the leadership of the President and Prime Minister of Russia, in 2011 with the purpose of co-investing alongside top investors and acting as a catalyst for direct investment in Russia.

BioCubaFarma is the Cuban business group overseeing 30 pharmaceutical and biotechnological companies responsible for about 50% of all Cuban research activities in the sector.

The announcement, made within the framework of the XXVII International Economic Forum of Saint Petersburg. The Cuban Vice Prime Minister Ricardo Cabrisas Ruiz took part, described the Caribbean biopharmaceutical entity as “the first partner of the RDIF in the Republic of Cuba,” according to the General Director of the Fund, Kirill Dmitriev.

“We are striving to attract the best global drug producers to the Russian market, to localize research and production, replace imports and create our own industrial base,” Dmitriev added.

Source: Embajada de Rusia en Cuba Telegram