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Banking

Bonsian Hemofarm to operate part of German Stada production.

Bonsian Hemofarm to operate part of German Stada production. Germany’s pharmaceuticals producer Stada will transfer part of its production in its majority controlled subsidiary Bosnian drug company Hemofarm, ONASA reported. According to Stada CEO Harmut Retzlaff, Hemofarm facilities will be used mainly for Stada’s antibiotics production, adding that the move came in response to the German legislation change under which higher contributions and taxes will be paid as of 2007. RS PM Milorad Dodik stated that the entity government would provide all the necessary conditions to facilitate the process. Hemofarm president Miodrag Babic said that EUR 3mn (KM 5.9mn) worth of investments are planned in the operation of the new product lines. By the end of August or the beginning of September some 30 new workers will be hired, while the antibiotics production is expected to be launched in 2008, when additional 60-70 new employees will be hired.

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