BAKU, Azerbaijan, October 7. The development of the pharmaceutical sector will serve to attract new investments to Azerbaijan, Board Chairman of the Azerbaijan Small and Medium Business Development Agency Orkhan Mammadov said at a conference organized by the ‘Pharmacists Club’ Public Union, Trend reports.
According to Mammadov, the successful economic policy pursued in Azerbaijan has created a favorable basis for bringing medical services provided to the population up to modern standards and strengthening the material and technical base of this system.
"One of the priority areas is to increase the competitiveness of entrepreneurs operating in this area, the quality and compliance of their services with modern standards,” he noted. “In general, the creation of enterprises for the production of medical products in Azerbaijan is important in terms of developing the country's economic industry and increasing the share of the non-oil sector.”
“At the same time, given that an average of $300 million is spent annually on pharmaceutical imports, the development of the pharmaceutical sector will also help reduce the outflow of foreign currency from Azerbaijan,” the official also noted.
“During the COVID-19 pandemic, the importance of self-sufficiency in medical products has once again been confirmed. In Azerbaijan, both during the pandemic and before it, significant work was done to develop both the pharmaceutical and medical industries as a whole. In this context, the Pirallahi Industrial Park, which specializes in the pharmaceutical sector, is of great importance," added Mammadov.