The construction of the first pharmaceutical plant Hayat Pharm, which is a joint Azerbaijani-Russian project, will be completed by 2019, said Azerbaijani Deputy Economy Minister Niyazi Safarov, TREND reports.
He made the remarks at the ceremony of signing a memorandum of understanding (MOU) between Azerbaijan’s Ministry of Economy and Hayat Pharm LLC.
Safarov noted that $74 million have been invested in the plant’s construction.
“The project will be implemented in stages. I think that the plant will start operating in 2019,” he added.
The plant plans to reach its full production capacity in 2020, said Safarov. The deputy minister added that the plant’s capacity will be 22.5 million packages or 500 million pills and capsules.
The plant’s groundbreaking ceremony was held in Pirallahi Industrial Park in November 2016. Russia’s R-Pharm (45 percent), Azerbaijan Investment Company (AIC, 10 percent) and Azerbaijan’s Vita-A LLC (45 percent) are the plant’s shareholders.
Hayat Pharm will produce medicines of various pharmaceutical groups, including cancer, antifungal, antiemetic, antiviral and other drugs.