New biotech JV in Cuba offers scope for Indian pharma firms: Pharmexcil
JV designed to attract venture capital for financing clinical trials in underdeveloped markets A new joint venture established in Cuba is offering opportunities to Indian pharma and biotech companies for investments and partnerships. According to R Udaya Bhaskar, Director General, Pharmaceutical Export Promotion Council (Pharmaexcil), a new joint venture has been set up for the development and commercialisation of innovative biotechnology products at the Mariel Special Development Zone, Cuba.
“The joint venture, named IncuBIO SA, is being established between the Center of Molecular Immunology (Cimab SA), Cuba, and Neuronic Mexicana SA, Mexico, and is designed to attract venture capital for financing clinical trials in underdeveloped markets,” he said. One of the first products scheduled to undergo trial would be NeuroEPO, a promising drug manufactured by Cimab SA. It is a drug used for the treatment for various neurodegenerative diseases such as Alzheimer’s, Parkinson and Ataxia, said Bhaskar. The Ministry of Commerce & Industry, Government of India, is in close coordination with missions around the globe to explore opportunities for the growth of the Indian pharmaceutical sector. Mariel Special Development Zone is the first-of-its-type in Cuba, and enjoys a privileged geographic location in the center of the Caribbean Sea and lies at the crossroads of the main maritime commercial traffic routes in the western hemisphere. The main industries in Cuba focus on the processing of agricultural and tobacco products.