The Ministry of Health of Iraq recognized the quality of PROMOMED products

January 20, 2025, Moscow – PJSC PROMOMED (MOEX: PRMD) (formerly "PROMOMED", the "Company", and together with its subsidiaries– the "Group") announces the successful registration of the production site of JSC Biochemik according to international GMP standards and plans to enter the pharmaceutical market. the Iraqi market.

In October 2024, JSC Biochemik, the PROMOMED Group's production site, underwent an international audit by the Ministry of Health of the Republic of Iraq. Foreign inspectors highly appreciated the modern production lines and the work of quality control laboratories at the Saransk enterprise.

The received production site certificate from the Iraqi Ministry of Health covers a wide range of sterile and non-sterile dosage forms. The audit results confirmed the compliance of the Company's pharmaceutical quality system with the requirements of good manufacturing practices and opened the Company's entry into the Middle East market.

A wide range of PROMOMED Group drugs is planned for registration and further circulation in Iraq: used in neurology, antitumor, antibacterial, anti-inflammatory, etc. It affects about 300 drug positions in various forms, names and dosages.

About the pharmaceutical market in Iraq

The Iraqi pharmaceutical market shows significant growth potential in the coming years. According to Statista[1], the market will grow at an average annual rate (CAGR) of over 5% in US dollars between 2025 and 2029. The main contribution will be made by the growth of the segment of antitumor drugs.

The key drivers of market growth are the rapidly increasing population, the growing need for high-quality medical products and the high share of imports, which is about 90%[2].

Sergey Koida, Director of Export Sales in Foreign Countries of PJSC PROMOMED:

"The visit of the Iraqi delegation confirmed the recognition of the quality of our products by foreign experts and opened up great potential for mutually beneficial cooperation. In the near future, a product dossier will be ready in accordance with the requirements of the Iraqi Ministry of Health, and the Company's first drugs will appear on the Middle East market.

I am grateful to the staff of the Biochemist plant for the high level of organization of the audit, dedication and support of our Export Department in achieving sales goals.

Entering the Iraqi market opens up new horizons for PROMOMED to strengthen its international position and allows it to play an important role in the region, which demonstrates an increasing demand for modern medicines."

Zeljko Markovich, Director of Export Sales, PROMOMED PJSC:

"The development of export supplies is one of the important elements of our Company's strategy. Export sales showed faster growth in 2023-2024, increasing their share of the Group's total sales. In line with our strategic goals, we plan to increase the share of export revenue to 15% by 2032. Thus, the expected entry into the pharmaceutical market in Iraq contributes to the achievement of these goals.

Our export plans fit well into the national strategy for the development of the pharmaceutical industry, approved by the Russian Government, which plans to more than double the volume of exports of Russian medicines in monetary terms to $3.4 billion by 2030."

About the Company

PJSC PROMOMED is a leading innovative biopharmaceutical company with the potential for significant growth in promising segments of the pharmaceutical market.

In the structureThe Company includes its own unique world-class R&D center and a high–tech enterprise, the Biochemist plant. Thanks to this, PROMOMED implements the concept of a full production cycle "from Idea to Molecule, from Molecule to Patient", promptly responds to the current needs of the industry, and also implements the latest technologies to create innovative medicines. The company is developing a diversified portfolio of more than 330 medicines in the top 10 segments of the pharmaceutical market. The Company's portfolio includes blockbuster drugs and innovative biotechnological drugs that have no analogues on the Russian market. Based on its own developments, the Company produces drugs for the treatment of socially significant diseases: oncological, neurological, infectious, rheumatic, diabetes, obesity, etc. Thanks to its own innovative chemical technologies and biotechnologies, as well as modern production facilities, the Company is an active participant in the system of ensuring national drug safety and import independence of the country.

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[1] Statista

[2] Fitch Solutions Iraq Pharmaceuticals Report