Azerbaijan is conducting negotiations with companies from Turkey, Ukraine, Germany and Switzerland for joint output of pharmaceutical products, Azerbaijan’s Economy Ministry said in a message.
The country also has agreements with two foreign companies – Iran’s Tamin Pharmaceutical Investment Company and Russia’s R-Pharm.
Tamin Pharmaceutical Investment Company is Iran’s largest pharmaceutical holding, which includes 31 companies. The company signed a memorandum of understanding with Azerbaijan’s Azersun Holding that envisages production of medicines in Azerbaijan’s Sumgait Chemical Industrial Park.
According to the project, medicine production will be implemented in several phases. During the first phase, which will allow opening 60 new permanent jobs, the joint venture will produce 84 kinds of various vitamins, antihistamines, diabetic and anti-infective drugs, as well as medicines for diseases of nervous system and gastroenterological diseases.
Meanwhile, Azerbaijan Investment Company and Vita-A company signed a protocol of intention with Russia’s R-Pharm company in June to produce medicines. Hayat Pharm company was established with this purpose. The joint venture, cost of which is estimated at 47 million manats, will produce antibiotics and drugs for cancer, neurological, psychiatric diseases, hepatitis and AIDS. It is expected that 200 new jobs will be created within the project. It is also planned to export drugs to Georgia, Iran, Turkey, Central Asia and Ukraine.