TODAY.AZ / Business

Third pharmaceutical factory to appear in Azerbaijan

26 April 2017 [17:47] - TODAY.AZ

By Azernews


By Sara Israfilbayova

Azerbaijan Investment Company (AIC) and VPS Healthcare Company (UAE) are planning to lay the foundation of a joint pharmaceutical plant in the Pirallahi Industrial Park in summer 2017, Azerbaijan’s Deputy Economy Minister Sahil Babayev said on April 26.

The Abu-Dhabi based company signed a relevant MoU with Azerbaijan Investment Company on February 9, he reminded.  The document envisages cooperation of the sides in the sphere of joint production of medicines, which will meet all international standards.

Babayev said representatives of the company held a meeting next month, where the details of joint production will be discussed.

VPS Healthcare has 20 specialized clinics, 13 hospitals and 100 health centers around the world. VPS Healthcare delivers its products to the countries of Asia, Europe, North and South America.

Azerbaijan’s pharmaceutical industry is taking a shape as several plants on medicine production will appear in the country in the near future.

The foundation of the pharmaceutical complex "Hayat Farm” was held in Pirallahi Industrial Park in November, 2016. This is a joint venture with a group of companies R-Pharm (Russian Federation), Vita-A LLC (Azerbaijan) and AIC.

The total preliminary investment in the project exceeds $70 million. The plant should be producing finished products by the end of 2019.

A groundbreaking ceremony for launching a joint pharmaceutical plant between Iran and Azerbaijan was held in January, 2017. The joint plant is to be operational in summer in 2018 and in the first stage it will produce 84 medicines.

URL: http://www.today.az/news/business/160579.html

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