Russian-Azerbaijani pharmaceutical plant to be launched soon

By Azernews

By Leman Mammadova

Development of pharmaceutical manufacturing in oil-rich Azerbaijan may become one of the major directions in the country's aspiration to diversify its non-oil sector of the economy.

At present, Azerbaijan takes significant steps to develop pharmaceutical industry as it is mainly dependent on imports.

Thus, Pirallahi Industrial Park was established in 2016 to develop the pharmaceutical industry in the country. Specialized in the production of pharmaceutical products, the Park aims to reduce dependence on imports in this area, to meet the population’s demand in medicines and to increase employment.

Pirallahi Industrial Park currently has four residents including the joint Azerbaijani-Russian plant Hayat Pharm, Azerbaijani-Iranian plant Caspian Pharmed, plant of Diamed Co. and plant of IFFA. Recently, Diamed Co. syringe plant has been launched. Other plants are under construction.

The Azerbaijani-Russian joint pharmaceutical company Hayat Pharm will be commissioned by late 2019, Minister of Economy of Azerbaijan Shahin Mustafayev said at a meeting with Russian Minister of Industry and Trade Denis Manturov on July 8 in Yekaterinburg.

“Azerbaijan and Russia successfully cooperate in the investment sphere along with other areas. One of such joint projects is the construction of a pharmaceutical plant of the Russian company R-Farm on the territory of Pirallahi Industrial Park in Baku,” said Mustafayev.

The annual production capacity of the Hayat Pharm plant, founded by Azerbaijan Investment Company OJSC, Azerbaijan’s Vita-A and Russian R-Farm, will be 22.5 million packages or 500 million tablets and capsules. In general, the plant will produce 89 kinds of medicines at the initial stage. Investments in the plant are estimated at $74 million.

The products of the plant will be supplied not only to domestic market, but also abroad.

The ministers also discussed the development of cooperation in the fields of oil and gas engineering, shipbuilding, special equipment, agricultural machinery, as well as in transport, pharmaceutical and other fields.

At the same time, the meeting discussed an increase in the export of Azerbaijani products to Russia, the expansion of relations of Azerbaijan with Russian regions and a number of other issues.

Manturov invited the Azerbaijani side to take part in the Neva shipbuilding exhibition in September in St. Petersburg.