Russia announces investment of millions of dollars in BioCubaFarma.

The Russian Direct Investment Fund (RDIF) announced an investment of over 11.2 million dollars in collaboration with BioCubaFarma to develop innovative drugs against geriatric and oncological diseases; but aimed at the Russian market.

Kiril Dmitriev, General Director of the RDIF, reported that this initial investment of up to 1,000 million rubles (11.26 million dollars at the current exchange rate) could double in the future, as quoted by the pro-government portal Cubadabate.

Dmítriev emphasized the intention to "attract the best global drug producers to the Russian market" to localize research and production, replace imports, and establish their own industrial base.

This announcement was made at the XXVII edition of the Saint Petersburg International Economic Forum, where Dmitryev recognized BioCubaFarma - facing a serious raw material crisis that prevents it from ensuring the basic health care needs of Cubans - as the RDIF's primary partner in Cuba.

Investment in biopharmaceuticals and the creation of medications for geriatric and oncological diseases will facilitate helping a greater number of patients in the long term and significantly expand the capabilities of Russian medicine," he stated.

BioCubaFarma, a biopharmaceutical corporation composed of 46 companies, 33 of them in Cuba and 13 abroad, is dedicated to the research, development, production, and commercialization of medicines, diagnostic systems, equipment, and high-tech services.

However, the president of BioCubaFarma, Eduardo Martínez Díaz, acknowledged last year that the institution manufactures more than 1,000 products and develops over 390, but only 795 are for the National Public Health System. Of those, 65% are part of the basic list (383) but due to "the situation being very complex," there are numerous medications "that are scarce, both manufactured in Cuba and imported," said Martínez.

Cubans often have to get their medicines through social networks or the black market.

He stated that the shortage of medications in Cuba today is due to the low availability of raw materials and supplies necessary for production, plant shutdowns due to breakdowns or maintenance, and the lack of fuels, among other factors.