Foundation of pharmaceutical production plant laid in Azerbaijan's Pirallahi Industrial Park

Economy Materials 7 December 2023 10:38 (UTC +04:00)
Foundation of pharmaceutical production plant laid in Azerbaijan's Pirallahi Industrial Park
Ali Gasimov
Ali Gasimov
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BAKU, Azerbaijan, December 7. The foundation-laying ceremony for the Gen Pharma Caucasus Manufacturing Operations LLC pharmaceutical production enterprise has been held in Azerbaijan's Pirallahi Industrial Park, Trend reports.

The event was attended by Azerbaijani Minister of Economy Mikayil Jabbarov, head of the "Gen Pharma Caucasus Manufacturing Operations" company (Türkiye) Abidin Gulmus, and other officials.

During the event, the Azerbaijan Investment Company OJSC and the Turkish Gen Ilac ve Saglik Urunleri Sanayi ve Ticaret A.S. company signed an agreement on partnership and joint participation in the creation of a pharmaceutical plant in the Pirallahi Industrial Park on July 31, 2023.

According to the document, when the work was completed, Gen Pharma Caucasus Manufacturing Operations LLC laid the groundwork for the pharmaceutical facility on 7.8 hectares of industrial park land.

In Türkiye, the company will use innovative technologies to manufacture high-quality pharmaceuticals with 42 different names, forms, and dosages.

The firm will employ 165 people and cost 59.3 million manat ($34.88 million).

Following the plant's completion, Azerbaijan's demand for a variety of pharmaceutical items will be met locally, reducing its reliance on imports.

The enterprise's products, with an annual capacity of 50 million packages, are intended not only for the home market but also for export to countries in the area under the Made in Azerbaijan trademark.

The activities of the Pirallahi Industrial Park, which was founded in 2016 by the applicable presidential order, contribute to the development of the pharmaceutical industry by addressing the population's need for medications, localizing production, and encouraging employment.

Resident status in the park was granted to six business entities with a total investment of approximately more than 115 million manat ($67.6 million).

To date, residents have invested about 37 million manat ($21.7 million) in the industrial park, creating more than 120 permanent jobs. Two of the six residents have already started their activities.

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