Moscow-based pharmaceutical companies increased their annual output by 40%

In 2017, the manufacturing of drugs in Moscow increased by 40%, announced the Department of Economic Policy and Development of the city government.

“The high-tech sectors of the real economy, including pharmaceutical and IT production companies accounting for 20% of the demand for the office space in Moscow, are the priorities for the new industrial policy of the city. In 2017, the manufacturing of drugs in Moscow increased by 40%,” said the Department.

It added that, at the end of 2017, the Moscow government signed its first ever offset contract, in which the investment obligations of the supplier provide for the localization of drug manufacturing within the city. The main goal of the contract is to establish a modern high-tech production facility that meets the strict environmental requirements. The long-term orders of localized products will allow to reduce the price of purchased drugs.

“As part of its program to support the high-tech companies, the city provides a comprehensive range of tax and other benefits to promising enterprises of the “new economy.” As a result, the leading companies are able to invest the available funds in accelerated development, including the creation of new jobs and renewal of production capacities, which ultimately results in higher output,” said Vladimir Efimov, the Head of the Department.