New Icelandic Pharmaceuticals to Hit Market in 2013 Skip to content

New Icelandic Pharmaceuticals to Hit Market in 2013

The Icelandic pharmaceuticals company Genís is far ahead in the development of two types of medicine: to reduce swelling and increase bone density. A factory to mass produce these drugs will be built in Siglufjörður, North Iceland, and they are scheduled to hit the market in late 2013.

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Róbert Guðfinnsson. Photo by Páll Stefánsson.

The company’s owners are Róbert Guðfinnsson, the former CEO and chairman of the fisheries company Þormóður rammi, and his business partner Vilhelm Már Guðmundsson. They hold 79 percent of shares and NSA Ventures 21 percent, Morgunblaðið reports.

Initially, 40 to 50 people will be employed at the factory and if Genís proves successful, operations will be extended.

In the past seven years, three scientists based in Reykjavík have carried out research and developed the drugs. They are made from chitin from the shells of shrimp.

Róbert also plans for hotel construction in Siglufjörður, which he hopes can begin in the coming autumn.

Róbert said he and Vilhelm had sold their business in Chile and Mexico to fund the employment development in Siglufjörður.

The town of approximately 1,200 inhabitants used to be Iceland’s herring capital with as many as 3,000 inhabitants in the 1950s but has suffered from decline after the herring disappeared.

Click here to read about Róbert’s other ventures in his hometown. A long interview with the entrepreneur was included in the 0112 issue of Iceland Review. Click here to subscribe to the magazine.

ESA

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