Details added (first version posted on 11:34)
Baku, Azerbaijan, Dec. 8
By Azad Hasanli – Trend:
Four plants on medicine production will operate in Azerbaijan by 2018, said Azerbaijan’s Economy Minister Shahin Mustafayev.
Mustafayev made the remarks during the international investment conference in Baku Dec. 8.
“Today Azerbaijan is dependent by almost 100 percent on medicine import and the government works to change that: Pirallahi Industrial Park was created and the relevant legal base is being prepared,” said Mustafayev.
The minister recalled that recently, the groundbreaking ceremony of a pharmaceutical plant – project, which is being implemented jointly with Russian and German investors, has been held in the Pirallahi Industrial Park.
“This month, we will also lay the foundation of a joint pharmaceutical plant with Iran. Moreover, we are now considering other two similar projects,” he noted.
Pirallahi Industrial Park was created by the order of Azerbaijan’s President Ilham Aliyev in September 2016. In the park, as in other industrial parks, investors are exempt from the payment of various taxes and customs duties for seven years.
The first pharmaceutical plant Hayat Pharm will come to full production capacity in 2020 and $74 million will be invested in its construction.
Russia’s R-Pharm, Azerbaijan Investment Company (AIC) and Azerbaijan’s Vita-A LLC are the plant’s shareholders.
Hayat Pharm will produce medicines of various pharmaceutical groups, including cancer, antifungal, antiemetic, antiviral and other drugs.
The plant's capacity will be 22.5 million packages, or 500 million pills and capsules.