TODAY.AZ / Business

Pharmaceutical giant enters Azerbaijan’s market

14 July 2017 [14:39] - TODAY.AZ

By Azernews


By Sara Israfilbayova

A groundbreaking ceremony was held for the first plant for production of solid consistency drugs in Azerbaijan.

The plant, which will be commissioned in late 2018, will produce cardiological, nephrological, gastroenterological, diabetic and other medicine necessary for the Azerbaijani market.

The products of the plant, being built by the Indian company SunPharma, which is the 1st in India and the 5th in the world pharmaceutical company, will meet the European standards GMP (Good Manufacturing Practice).

Economy Minister Shahin Mustafayev took part in the ceremony that took place in Sumgayit on July 13.

The plant’s production capacity will be 200 million tablets, 40 million capsules and 20 million ampoules per year. The produces medicines will also be exported to CIS countries and other foreign markets.

In late 2015, the government announced that Azerbaijan will create its own enterprises that will manufacture medicines to cease dependence on imports. Today, the local market of medicines is heavily dependent on imports.

To this end, the Pirallahi Industrial Park is established by the order of President Ilham Aliyev “On Establishment of Pirallahi Industrial Park” dated September 14, 2016.

Currently, 3 pharmaceutical plants are being constructed in the Pirallahi Industrial Park.

The first plant is a joint venture with a group of companies R-Pharm (Russian Federation), Vita-A LLC (Azerbaijan) and Azerbaijan Investment Company (AIC). The foundation of the Hayat Farm was laid in November 2016.

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

The joint pharmaceutical plant between Iranian company Tamin Pharmaceutical Investment Company (TPIC) and Azerbaijan’s Azersun Holding, Caspian Pharmed became the second resident of the plant. The foundation of the plant was held in January 2017.

The project cost is more than $20 million.  The joint plant is to be operational in summer 2018 and in the first stage it will produce 84 medicines.

The Azerbaijani company Diamed Co, founded in April 2017, is the third resident of Azerbaijan’s Pirallahi Industrial Park.

The plant, covering an area of one hectare, will produce 55-58 million syringes annually, based on advanced European, Japanese and Korean technologies.






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