Memorandum of Understanding between the Ministry of Economy and Hayat Farm LLC signed

Baku / 28.09.17 / Turan: Today, under the framework of the 23rd International Healthcare Exhibition BIHE-2017 held in the Baku Expo Center, a Memorandum of Understanding has been signed between the Ministry of Economy of Azerbaijan and Hayat Farm LLC, expressing the parties' intentions for cooperation in the creation and development of pharmaceutical production by the highest technological standards. The document was signed by the Deputy Minister of Economy of Azerbaijan, NiyaziSafarov and RaminHajiyev, the general director of the Azerbaijani-Russian joint venture LLC Hayat Farm.

The parties agreed on cooperation with a view to creating favorable conditions for the successful implementation of the project for the creation of production of medicines in Azerbaijan meeting international standards (including GMP, GDP, etc.), as well as organizing the distribution of pharmaceutical products both in the territory of the country and in other countries of the region .

The company "Hayat Farm", which was first exhibited at the exhibition BIHE-2017, is implementing a project in the Pirallakhi industrial park near Baku.

"Hayat Farm" LLC is a joint venture created with a 45 percent equity participation of the private company Vita-A (Azerbaijan Republic) and the group of companies R-Pharm (Russian Federation). In the coming days, it is expected to enter the project with a 10 percent share of the "Azerbaijan Investment Company" (Ministry of Economy, Azerbaijan Republic).

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," said the general director of "Hayat Farm" RaminHajiyev.

"The implementation of this innovative project is favored by the attractive investment climate created by the Azerbaijani government to develop the production sector," he stressed.

Information about the founders of the joint venture "Hayat Farm"

LLC Vita-A is an Azerbaijani private company established in 2015 with the purpose of realization of innovative high-tech projects, including in the fields of medicine and pharmaceuticals. On the basis of the Vita-A team a professional team of JV Hayat Pharm was formed with the participation of experts in the fields of oncology, hematology, neurology, treatment of AIDS, hepatitis and others. For a short period after the start of operations, the company has formed a team of professionals with vast experience in the domestic and foreign markets. In addition, the team Hayat Pharm includes specialists in the field of high technology, ensuring the implementation of the latest scientific and medical research and applications.

R-Pharm is a Russian high-tech pharmaceutical company. R-Pharm works on the whole territory of the Russian Federation, the CIS countries, the USA, Germany, Japan, Turkey and India. There are more than 60 branches and representative offices. The main activities are: production of finished dosage forms, active pharmaceutical ingredients and chemical nature of the biotechnological substances, research and development of innovative products and technologies in the market of the medicinal products, as well as education and training of specialists for the pharmaceutical industry and healthcare. www.r-pharm.com

AIC was established by Presidential Decree of 30 March 2006 in order to support the development of the country's non-oil sector by term investments.--0--