BAKU, Azerbaijan, May 5. Another pharmaceutical plant, built by Scandens Pharmaceutical Industries LTD, is set to begin operations in the Hokmali settlement of Azerbaijan’s Absheron district, said Elnur Aliyev, the country's First Deputy Minister of Economy, Trend reports.
In his speech at the event "Azerbaijan’s Pharmaceutical Industry: Yesterday, Today, and Tomorrow", held at the Heydar Aliyev Center, Aliyev also provided updates on other developments in the pharmaceutical sector, specifically regarding BioPharmax, an Israeli company registered in the Alat Free Economic Zone (FZ).
"The plan is to produce 50 medical products, with a focus on insulin. It is important to highlight that the Alat Free Economic Zone, a key initiative for diversifying our economy, is being progressively opened to investors. The favorable conditions within the zone, along with the attractive concessions offered, are significantly boosting interest from potential investors," he said.
The Deputy Minister also highlighted ongoing discussions with the Turkish company Nobel İlaç Sanayi ve Ticaret Anonim Şirketi (Nobel Pharmaceuticals and Trade Co., Ltd.) regarding the establishment of a pharmaceutical plant in Azerbaijan. He expressed confidence that such investments would contribute to the sector's development.
"We are confident that the company's investments in the pharmaceutical sector will significantly contribute to its growth and development. As a result of ongoing efforts, Azerbaijan's pharmaceutical sector has seen notable progress in recent years. In 2024, the country produced pharmaceutical products valued at 20 million manats, marking an impressive 81.5 percent increase compared to the previous year. Specifically, the production of medicines reached a value of 9 million manat ($5.2 million), reflecting a 4 percent growth from the prior year," he added.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel