Azerbaijan to save $54M using local meds instead of foreign (PHOTO)

Azerbaijan to save $54M using local meds instead of foreign (PHOTO)

Baku, Azerbaijan, Nov. 2

By Azad Hasanli – Trend:

A groundbreaking ceremony for the Azerbaijani-Russian joint pharmaceutical plant was held in Azerbaijan’s Pirallahi industrial park on November 2.

Shahin Mustafayev, Azerbaijani minister of economy, Alexander Tsybulskiy, Russian deputy minister of economic development, Rovshan Najaf, executive director of Azerbaijan Investment Company (AIC), Murad Sadikhov, director of the Azerbaijani Vita-A company and Alexey Repik, chairman of the board of the Russian R-Pharm company attended the ceremony.

During the ceremony, the officials of R-Pharm, AIC and Vita-A signed an agreement, envisaging the establishment of Hayat Pharm joint pharmaceutical plant.

The medications vitally important and essential for Azerbaijan’s healthcare system will be supplied to Azerbaijan in the fourth quarter of 2016 as part of the plant construction.

According to the project, a logistics center will be established in a 5,000-square-meter area in Azerbaijan in 2016-2018.

The formation of the industrial complex, which is to consist of two stages, namely, the establishment of an enterprise for packing the officinal medicines and production of medications (tablets, capsules and pharmaceutical substances) will begin in 2017-2020.

Moreover, a quality control laboratory will be established in the country in 2016-2020.

As expected, Hayat Pharm’s share in the Azerbaijani pharmaceutical market will reach 6 percent by 2025. The local production will account for $70 million or 0.15 percent of GDP by 2025.

As a result, it will be possible to save budgetary funds worth $53.6 million thanks to import substitution in medications.

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