Minpromtorg and RVC create the venture fund for high-tech medical projects
The agreement on cooperation in action organization and venture fund finance in the area of pharmaceutical and medical industry had been signed by the Minpromtorg of Russia and RVC within the SPIEF. Sergey Tsyb, First Deputy Minister of Industry and Trade of the Russian Federation, and Alexandr Povalko, General Director of RVC, took part in signing the agreement.
A new fund is created to increase the share of high-tech and scientific products in the total volume of the pharmaceutical and medical industries.
Sergey Tsyb, First Deputy Minister of Industry and Trade of the Russian Federation
Among the priority investment segments are the creation of new medical drugs and their delivery means in the area of oncology, cardiovascular diseases, the production of high-tech medical products, the software development for monitoring the body functions and other projects.
It is also planned to make the investments in early stage projects (phase I, II clinical trials for medical drugs). As explained by First Deputy Minister, the fund being created will become a comprehensive universal financing instrument of the promising domestic developments.
For the next three years the total amount of the fund will equal to RUB 4.5 billion; the fund duration will be 10 years with the option of renewal.
Alexandr Povalko, General Director of RVC
Modern medicine has long been one of the most high-tech industries in the Russian and global economy. New fund will allow us to increase the number of promising projects in this area. When conducting an open selection, we will pay special attention to the experience and competencies of the management company. Its task is to observe the balance between the innovation development goal achievement of the pharmaceuticals industry and the investment returns provision.