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Pharmaceuticals case studies in Belarus

One example of the opportunities within Belarus’ substantial pharmaceuticals sector.


State-owned pharmaceutical manufacturer ‘Borimed’ is a prime example of the privatisation and investment opportunities in Belarus’s state-owned businesses.

The company was founded in 1965 in the city of Borisov about 60 miles from Minsk, and is the largest pharmaceutical firm in Belarus, with a dominant market share. It produces over 200 different products for medical complaints or conditions, including four billion pills, 80 million capsules and 400 million ampoules per year.

The majority of products are generic versions of mainstream drugs although it has a development laboratory and links to various international research institutes. Half of its products are sold to the government, and half are sold wholesale commercially, mainly to overseas markets like Russia, other CIS states, and the Baltic states.

Turnover in 2008 was US $65 million and the business has seen 10% year-on-year growth in recent years, with 20% profit margins.

Fully internationally certified, Borimed has recently invested US $20 million on manufacturing upgrades. It has a licence from Icelandic pharmaceutical company Actavis to manufacture and distribute products across Eastern Europe.

Borimed was turned into a joint-stock company in 2009 in anticipation of privatisation, and is looking for a strategic investor. In 2009 it was seeking US $60 million investment to build a new pill production line.

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