Business news

MINSK, 31 July (BelTA) – A pharmaceutical holding company will be established in Belarus. Belarus President Alexander Lukashenko has signed corresponding Decree No. 258, BelTA learned from the press service of the Belarusian leader.

Setting up a holding company is aimed at improving property relations and raising the efficiency of managing public assets. This will be achieved by ensuring the independence of licensing bodies, state registration of medical preparations and certification of production from the interests of state-owned manufacturers what is global practice. Besides, pharmaceutical companies will be united for raising their competitiveness on global markets, maximizing their value through the consolidation of assets, optimizing the structure of management, and reducing costs.

The holding company will be open for enterprises of all forms of ownership and any departmental affiliation.

In accordance with the decree, the Pharmaceutical Industry Department will be closed down. Its functions of state regulation in the pharmaceutical industry will be performed by the Healthcare Ministry.