Takeda Pharmaceuticals International, a Zurich-based subsidiary of Takeda Pharmaceutical Company, has announced the completion of construction work at its new pharmaceutical manufacturing facility in Yaroslavl, Russia.

The 24,000m² production plant, built at a cost of €75m, is expected to be fully operational by 2014.

The new plant will allow Takeda to meet demand in Russia, and will initially produce Cardiomagnyl, Actovegin and calcium tablets.

The Yaroslavl plant will be staffed by around 200 managers and technical staff, and will have an initial manufacturing capacity of 90 million sterile ampoules and two billion tablets per year.

Yaroslavl Oblast’s governor, Sergey Yastrebov, said the project is a good example of the benefits international investment can bring to Russia.

"Takeda is one of the flagship companies in Yaroslavl’s pharmaceutical cluster and is the first major international pharmaceutical company to invest in a new world class manufacturing facility in the region," said Yastrebov.

IMS Health statistics show that Russian pharmaceutical sales reached $14.7bn in 2011, making it the 11th largest pharmaceutical market in the world.

Pharma sales in Russia and the Commonwealth of Independent States are expected to grow at a compound annual rate of 11% between 2012 and 2016, and Takeda plans to achieve annual growth of 15% in Russia over the same period.

Takeda Pharmaceutical Company president and CEO Yasuchika Hasegawa said the completion of the plant is a further sign of Takeda’s transition into a truly global business.

"Russia is our largest emerging market in terms of revenues, and is expected to contribute significantly to our growth over the next few years," Hasegawa said.