For the past few months, the U.S. Federal Reserve has been squarely in the financial markets' corner, thanks to its massive dollops of monetary stimulus. But signs that the central bank is discussing reducing that support by purchasing fewer bonds mean that trading is likely to get bumpier in coming months. Full Article
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
UPDATE 2-Russia to spend $4 bln on pharma industry by 2020
* 120 bln rbls to come from budget - industry min
* Total investment seen at 188 bln roubles
* GV Gold owner to create pharma cluster near Moscow
(Adds GV Gold owner's plans)
ST PETERSBURG, Russia, June 19 (Reuters) - Russia is planning to pump 120 billion roubles ($4 billion) into its fledgling pharmaceutical sector this decade as part of a broader push to diversify the economy from oil and gas.
"The launch of the innovative trend in the development of the pharmaceutical sector will not (happen) without help from the government," Industry Minister Viktor Khristenko said on Saturday.
Under its strategy for pharmaceutical sector development until 2020, which has yet to be finalised, Russia aims to increase local producers' share of total drug sales to 50 percent from 20 percent now.
According to the Association of International Pharmaceutical Manufacturers, global drugmakers are ready to spend at least a combined $1 billion on setting up local production in Russia to get in on the act. [ID:nLDE6570W4]
AztraZeneca (AZN.L) and Switzerland's Novartis (NOVN.VX) are among several international drug makers considering ways to ramp up investment in Russia. [ID:nLDE6570XL]
Sergei Dokuchaev, a co-owner of Russian gold miner GV Gold, said he plans to create a pharmaceutical cluster near Moscow to host production facilities of 10-15 top international drug manufacturers, costing 70-120 million euros ($90-$150 million). Khristenko said that total investment into the Russian pharmaceutical market would amount to 188 billion roubles until 2020, implying that private investments by Russian and international drugmakers would amount to 68 billion roubles.
"We will be ready to provide resources within the framework of the federal target programme in order to share the risks with the business," Khristenko told reporters at Russia's annual International Economic Forum. (Reporting by Maria Plis, Writing by John Bowker and Maria Kiselyova; editing by Patrick Graham)
- Tweet this
- Share this
- Digg this