EximBank and Romanian pharmaceutical company Antibiotice Iasi have recently concluded a financial agreement of some EUR 13.5 million (RON 60 million), which will finance the drug maker's activity in order to reach its business targets, namely to increase production activity and the sales volume, mainly via exports.

The financial package will be used by the pharmaceutical company to finance its current activity as well as re-finance a credit contracted from another bank.

“We want to achieve business growth and be competitive and this is not a simple target. We base our intention on a solid business plan with main directions the continuous process of adapting our product portfolio along with reducing operational costs and most important of all, increasing our international presence,” said Ioan Nani, General Manager of Antibiotice.

Antibiotice Iasi estimates this year a 20 percent increase in export sales compared to 2012, based on the expansion of partnerships on the U.S market. The estimated value of exports for this year amounts to USD 24 million, out of which some USD 5 million represent sales on the U.S. market.

Antibiotice  Iasi, majority owned by the Romanian state via the Health Ministry, exports pharmaceutical products to 60 countries worldwide through more than 120 business partners. The company, located in Iasi, had in 2012 a turnover of some EUR 68.4 million (RON 304.7 million) and a net profit of around EUR 6 million (RON 27.1).

EximBank is a specialized bank whose product portfolio focuses on financing,  guarantees and insurance. The bank has a network of 15 units in Bucharest, Bacau, Brasov, Buzau, Constanta, Cluj, Craiova, Deva, Galati, Iasi, Oradea, Pitesti, Ploiesti, Timisoara and Sibiu.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: Antibiotice Iasi)