Projects to build two enterprises in Baku are estimated at $100 million

| By | Azerbaijan, Investments, Pharmaceutical Manufacturing

“Azerbaijan previously had no plants to manufacture drugs, and we can say that there is none even today. We provided for the construction of the first plants here. Construction of two plants is now under way. The investments in their construction will be about 100 million dollars. This will create here new jobs and new production facilities,” said the President of the Republic of Azerbaijan Ilham Aliyev on July 21 at a meeting with the representatives of Pirallahi district dedicated to the launch of the project to provide the settlement of Pirallahi with drinking water,” reported the press service of the official website of the President of the Republic of Azerbaijan.

In November 2016, the foundation of Hayat Pharm, a joint venture between Azerbaijan and Russia, was laid in the Pirallahi industrial park. The planned annual program of pharmaceutical manufacturing is 22.5 million packages or 500 million tablets and capsules. At the initial stage, the plant will manufacture 89 medicinal products. The project involves such participants as AIC, Vita-A (Azerbaijan), and R-Pharm (Russia). The investment value of the pharmaceutical plant is $74 million.

In January 2017, the foundation of Caspian Pharmed plant, a joint venture between Azerbaijan and Iran, was laid in the same industrial park in Pirallahi. In that project, a 49% share is held by TPICO (Iran), 26% by Azersun Holding (Azerbaijan), and 25% by Azerbaijan Investment Company (AIC).

The plant will be put into operation within two years. At the first stage, the plant is expected to produce 200 million tablets and capsules a year, 84 medicinal products, including the main types of drugs for the treatment of cardiovascular disease, infectious and non-infectious diseases, as well as various types of antibiotics and painkillers.