EXIAR insures exports of medicines to Kyrgyzstan
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Pharmasyntez have concluded a one-year insurance policy for short-term credit.
According to the signed agreement, exports of Russian-made medicines from Pharmasyntez will be insured by EXIAR for approximately $1 million.
EXIAR actively supports Russian pharmaceutical manufacturers. The Agency plans on further expanding its support programs for pharmaceutical products.
Short-term credit insurance is designed to protect Russian companies from the risk of non-payment by foreign buyers due to commercial or political reasons. Coverage extends to exports of like products made on credit terms to consistent foreign buyers.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR operates as a part of Russian Export Center Group, which is the sole shareholder of EXIAR. The agency's charter capital is RUB 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.
Pharmasyntez was founded in 1997. Since 2002, Pharmasyntez has been among the top 20 pharmaceutical companies in Russia in terms of production. The company produces medicines for sexually transmitted diseases and is the largest producer of antibiotics in Russia. Pha: masyntez produces approximately 70 drug brands in various forms at three production facilities: capsules, tablets, granules, and solution-based treatments.
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