Updated on 11 September 2013
Bayer also entered into a strategic partnership with Sverdlovsk-based drug manufacturer Medsintez to jointly manufacture and commercialize diagnostic imaging products
Singapore: Bayer is going to expand its operations in Russia by adding more than 800 staff over the next four years to fuel sales in the country. The firm expects sales of its products in Russia to rise by 80 percent to $1.73 billion (€1.3 billion) by 2017, aided by growing demand from a rising middle class.
Bayer CEO Dr Marijn Dekkers, while announcing the investment, said that the new products and other launches would propel the company into third place by 2017 with anticipated sales of some $1.19 billion (€900 million).
Key products for the company will be Nexavar (sorefinib), for which Bayer is seeking to expand its licence from kidney cancer into thyroid and breast cancer, and its recently approved colorectal cancer drug Stivarga (regorafenib). It also has high hopes for anti-hypertensive riociguat, which it says could reach blockbuster status, as well as an over-the-counter (OTC) portfolio that includes its new multivitamin Supradyn and Aspirin.
Bayer entered into a strategic partnership with Sverdlovsk-based drug manufacturer Medsintez to jointly manufacture and commercialize diagnostic imaging products. The deal, which was signed last year, also covers Bayer's anti-infective Avelox. The twofrims will begin joint marketing activities this year.
"We are committed to Russia as a partner and want to continue to offer valuable contributions to the development in this country, both in business and in the Russian community," said Dr Dekker.