Azerbaijan’s Economy and Industry Minister Shahin Mustafayev and a delegation of the Iranian Darou Pakhsh Company have discussed establishment of a joint facility engaged in production of pharmaceuticals.
The discussions were held in Baku on February 29. The sides also mulled offers earlier made by Iran to the Azerbaijani side. Later, the delegation of the company visited the Sumgayit Chemical-Industrial Park, where Iran eyes to establish a joint facility to produce drugs. Earlier, Iranian Ambassador to Azerbaijan Mohsen Pak Ayeen said the project will consist of three stages.
“In the first stage, necessary medicines will be imported to Azerbaijan from Iran, while in the second stage, Iran will provide Azerbaijan with the technology necessary for the production of drugs. As part of the third stage, production of medicines will be started,” he said.
The implementation of these three stages will take around 3-5 years, the diplomat said adding that experts from Iran will visit Azerbaijan next week for talks on the establishment of the facility. Developing pharmaceutical manufacturing in Azerbaijan may become one of major directions in the country’s aim to diversify its non-oil sector of the economy. The government is keen to cooperate with foreign companies in this sector.
The modern Iranian pharmaceutical system in the country commenced 100 years ago. It experienced a sharp growth last year, rising to $1.2 billion. The Darou Pakhsh is the largest pharmaceutical company of Iran with annual turnover of about $400 million. The company belongs to the Organization of Social Protection of the Islamic Republic.