Russian-owned company Cytomed has been granted an operating license by the Finnish Medicines Agency Fimea for its pharmaceutical factory located near the border with Russia in Lappeenranta, eastern Finland. The license makes it possible for the company to import active drugs into the country and to test their processes.
According to Cytomed’s CEO Julia Volkov, the company will be testing its equipment and validating its processes during the next six months before starting production around March-April 2014. Cytomed’s products will mainly be sold on the Russian market.
‘Made in Finland’ has good reputation
Pharmaceutical products manufactured in Finland have a good reputation among Russian consumers, which is one of the reasons Cytomed decided to establish its factory in Lappeenranta. Volkov says that the decision to invest in Finland was also influenced by the speed and price of construction work in Finland. The most important factor, however, was that in Finland the laws work and they are respected.
According to Cytomed, it is planning to manufacture six different products at the factory, which will create more than 20 new jobs. Founded in 1989, Cytomed is one of Russia’s first private pharmaceutical manufacturing companies.
Sources: Yle, Talouselämä, Cytomed