Pakistani pharmaceutical companies eager to create JV in Azerbaijan (Exclusive)
Baku, Azerbaijan, Oct. 14
By Gulgiz Muradova - Trend:
Pakistani companies are eager to enter Azerbaijan's pharmaceutical market.
Pakistani Ambassador to Baku Saeed Khan Mohmand said several pharmaceutical companies currently eye partnership with Azerbaijan.
"They plan to create joint venture in the Pirallahi Industrial Zone, which offers tax reliefs," the envoy said in an interview with Trend.
Khan Mohmand further stressed that Pakistan's pharma industry is quite huge and owns modern technologies, further mentioning that Azerbaijan can also import surgical goods and medical instruments from Pakistan.
Pakistan has a very vibrant pharma industry, with about 400 pharmaceutical manufacturing units including those operated by 25 multinationals present in the country. The Pakistan Pharmaceutical Industry meets around 70% of the country’s demand of Finished Medicine.
The Pirallahi Industrial Park was created by the order of the President of Azerbaijan Ilham Aliyev in September 2016 and specializes in the production of pharmaceutical products.
Currently, three pharmaceutical plants are being constructed in the Pirallahi Industrial Park.
The first plant is a joint venture with a group of companies R-Pharm (Russian Federation), Vita-A LLC (Azerbaijan) and Azerbaijan Investment Company (AIC). The foundation of the Hayat Farm was laid in November 2016.
The joint pharmaceutical plant between Iranian company Tamin Pharmaceutical Investment Company (TPIC) and Azerbaijan’s Azersun Holding, Caspian Pharmed became the second resident of the plant. The foundation of the plant was held in January 2017.
The Azerbaijani company Diamed Co, founded in April 2017, is the third resident of Azerbaijan’s Pirallahi Industrial Park.