Sri Lanka Considering Medical JV With Russia’s Binnopharm

Russia’s Binnopharm Group, owned by AFK Sistema, and members of a Sri Lankan delegation have been discussing options for interaction and international cooperation in the pharmaceutical sector.

Binnopham produces around 300 pharmaceutical products and is a major antibiotics producer in Russia. Approximately 35% of its medicines are produced in a full cycle from the company’s pharmaceutical substances.

Boris Zhorov, the CEO of the company Sintez Plant in Kurgan, said “The Binnopharm Group is actively moving into international markets. During the visit of the Sri Lankan delegation to the Kurgan facility, it became clear that we have many points of contact, and Sri Lanka may become another partner for Binnopharm Group.”

Pakeer Mohideen Amza, the Sri Lankan Ambassador to Russia, said “The Sintez Plant, which produces a wide range of medical products not only for the Russian market but also for foreign markets, is a potentially interesting partner for us.”

Various options for cooperation are being considered, including procurement of medical products from Kurgan, establishing joint production, and using Sri Lanka as a hub for accessing the markets of neighboring countries in the Asian region. The island nation is strategically located in the Indian Ocean and provides access to all the Southeast Asian region, including markets such as the Middle East, India, the ASEAN bloc, and China. A Russian-Indian JV has recently taken over the management of Sri Lanka’s Hambantota airport, which also includes a Free Trade Zone offering tax incentives. Sri Lanka has also applied to join the BRICS.