BIO-PHARMACEUTICALS
Business Development
INDUSTRY OVERVIEW
11:30AM
The Cuban biotechnology and pharmaceutical industry are enjoying an excellent reputation internationally; particularly in the branch of oncology and cardiovascular. Moreover, it’s emerging as a major player internationally in the areas of research and development. The industry now owns about 1200 international patents in pharmaceutical products and vaccines marketed in 49 different countries with yearly revenues of 280 million euros.
The Cuban biotechnological and pharmaceutical industry, branded as BioCubaFarma, offers a significant opportunity for foreign investment by facilitating its scientific research, productions, and integrated commercial system. The growth of the bio pharmaceutical industry is support by the new foreign investment law, along with the special development zone at Mariel Harbor. Ever since, biotechnology products have increasingly drawn interest as possible exportable products to other international markets, including the EU.
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EXPANSION
BioCubaFarma is now developing a large business agenda that will boost the operations of two joint ventures overseas, counting with the participation of the Genetic Engineering, Biotechnology, and the Molecular Immunology institutes. The industry expects to attract € 134,9 million to complete domestic projects, improve the manufacturing of finished products and active drug ingredients, as well as the expansion of existing production capabilities. Although the group has received requests from 25 foreign companies from 12 countries; the need for external investment and international partnerships is still a high priority to increase access to state-of-the-art technology and export markets.
