January 16, 2017
A groundbreaking ceremony of the Azerbaijani-Iranian joint pharmaceutical plant, Caspian Pharmed, was held in the Pirallahi Industrial Park in Baku.
Azerbaijani Minister of Economy Shahin Mustafayev and Iran’s Minister of Cooperatives, the Labor and Social Welfare Ali Rabiei, the Azerbaijani Deputy Economy Minister Niyazi Safarov, the Director General of Azersun Holding Savas Uzan and the Executive Director of the Azerbaijan Investment Company Rovshan Najaf attended the ceremony.
49% of the shares belong to Iran’s Tamin Pharmaceutical Investment Company, while 25% go to the Azerbaijan Investment Company and 26% to Azersun Holding.
Iran’s Darou Pakhsh Holding Company inked a memorandum of understanding with the Azerbaijan Investment Company and Azersun Holding in Baku April 21, 2016. Over $30 million has been invested in the establishment of the joint plant, Trend reports.
The plant will be commissioned within two years. At the first stage, 200 million tablets and capsules, as well as 84 drugs, including essential ones for treatment of heart diseases, contagious diseases, non-communicable diseases, as well as various types of antibiotics and painkillers are expected to be produced at the plant annually.