TODAY.AZ / Business

Foundation of pharmaceutical production facility laid in Pirallahi Industrial Park

07 December 2023 [12:55] - TODAY.AZ
By Azernews

Abbas Ganbay

A ceremony of laying the foundation stone of pharmaceutical production of Gen Pharma Colombia Manufacturing Operations LLC was held in Pirallahi Industrial Park, Azernews reports.

The event was attended by Economy Minister Mikail Jabbarov, and head of the production department of "Gen Pharma Caucasus" Abidin Gulums, as well as officials.

It is reported that on 31 July 2023, a partnership and joint participation agreement was signed between Azerbaijan Investment Company, Turkish company "GEN ?laç ve Sa?l?k Ürünleri Sanayi ve Ticaret A.?" and SIA Pharmaceutical LLC on the establishment of a pharmaceutical enterprise in Pirallahi Industrial Park.

As a result of the works carried out following the document, the foundation of the drug production factory of "Gen Pharma Caucasus Manufacturing Operations" Ltd. was laid today on the territory of 7.8 hectares of Pirallahi Industrial Park.

The enterprise will produce 42 high-quality medicines in various dosages and packages using the advanced technologies of Turkiye. The investment cost of the factory under construction is AZN 59.3mln ($34,9mln). The factory will employ 165 people permanently. After the launch of the factory, the demand for several pharmaceutical products in the country will be met by local production, and the dependence on imports will be reduced.

In addition to the sale of products manufactured at the factory with an annual production capacity of 50 mln boxes, it is planned to export them to the countries of the region under the brand "Made in Azerbaijan".

It should be noted that the activity of Pirallahi Industrial Park, established in 2016 by the relevant Decree of the head of state, contributes to the development of the pharmaceutical industry, meeting the population's demand for medicines, localizing production, and stimulating employment.

Residency status has been granted to 6 business entities with a total investment in the park of over AZN 115 mln ($67,7mln). To date, residents have invested about AZN 37 mln ($21.8mln) in the industrial park and more than 120 permanent jobs have been created.

Two out of 6 registered residents are already active.

URL: http://www.today.az/news/business/242194.html

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