Today in the Pirallahi Industrial Park a grand ceremony was held, laying the foundation of the Hayat Pharm modern pharmaceutical industry. To implement the project, a joint venture has been established, in which 45 percent of the equity is owned by LLC Vita-A (Azerbaijan) and R-Pharm (Russian Federation) each, and 10 per cent is owned by Azerbaijan Investment Company (Ministry of Economy, Azerbaijan).
The foundation of the pharmaceutical enterprise was laid by the Economy Minister Shahin Mustafayev and the Deputy Minister of Economic Development of the Russian Federation Alexander Cybulski.
The joint venture Hayat Pharm was established in order to implement a long-term program to establish the first pharmaceutical complex in Azerbaijan, including the manufacturing, laboratory and logistics units.
Investment in the project will amount to 74 million dollars. The production at full capacity is expected to start in late 2019.
JV Hayat Pharm is a long-term project aimed at ensuring drug safety of Azerbaijan, provision of population with quality pharmaceutical products of local production, reducing imports of medicines and development of export potential. It is assumed the pharmaceutical products will be sold both on the local market and in neighboring countries. The project will create more than 200 jobs.
Hayat Pharm will produce preparations of various pharmaceutical groups, including cancer, anti-fungal, anti-emetics, anti-viral, including the treatment of HIV infection, for the treatment of nervous system diseases, cardiovascular, musculoskeletal and respiratory systems, antibiotics, drugs against diabetes, as well as X-ray contrast agents and agents for magnetic resonance examinations. In total, the company will adjust the production of 89 kinds of medicines and 58 international non-proprietary names. The plant's capacity will be 22.5 million packages or 500 million tablets and capsules.
"The use of modern drugs, produced on the territory of Azerbaijan, will significantly improve the level of health of the population, as well as reduce the cost of care for patients and the financial burden for the health system of the republic.
The attractive investment climate created in Azerbaijan for the development of the manufacturing sector by the government, the export-oriented areas, the establishment of a free economic zone, tax breaks and other incentives for the development of private initiatives contribute to a more efficient implementation of complex innovation projects. This project will contribute to the development of a new pharmaceutical industry and will further expand the export potential of our country,” said General Director of Vita-A Murad Sadikhov. -06D--
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