Quintiles and Russian Venture Company (RVC) Biofund, a Russian-based investment firm, have joined to support expansion of clinical development services within the Russian Federation, the world's ninth most populous country.
"With a population of almost 140 million, Russia is under-represented in terms of clinical development activity and over-represented in term of unmet medical needs," said Ben Cons, global vice president, Quintiles. "Quintiles' goal is to address both of those issues in partnership with RVC Biofund, which has experience in starting businesses in Russia and capital to invest in the biopharma sector."
Quintiles and RVC Biofund will work to address Russia's healthcare initiatives in accordance with its Healthcare 2020 Development Program. This will include implementing best practices to support medical science and the development of healthcare in line with international standards.
“This partnership will help create high-technology services companies within the Russian Federation to advance biopharma, using RVC Biofund venture capital investments,” said Egor Beketov, CEO of RVC Biofund. “With Quintiles, RVC Biofund gets a partner with the global resources and expertise to further expand development capabilities in Russia.”
Quintiles and RVC Biofund anticipate announcing plans for specific joint ventures in the near future.