The foundation of the first pharmaceutical production facility to be established in Azerbaijan was laid by a Turkish company.
Azerbaijani Minister of Economy Mikayil Cabbarov, Turkiye’s Ambassador to Baku Cahit Bagci and guests attended the groundbreaking ceremony of Gen Pharma Kafkasya Production Operations Ltd’s pharmaceutical production facility in Pirallahi Industrial Park near Baku.
Minister Cabbarov stated that Azerbaijan is implementing policies for the development of the non-oil sector and said, “Pharmaceuticals and drug production are of particular importance for every state. Every resource can be depleted. These limits can only be expanded based on human capital. This initiative is a step towards the development of the sector.”
Ambassador Bagci also emphasized that it is important to establish the business as a result of cooperation with the Azerbaijan Investment Company.
Bagci said, “We are organizing joint meetings of the Azerbaijan Investment Company and Turkish investors. We recommend the representatives of the companies to invest together with the Azerbaijan Investment Company.”
GEN Pharmaceuticals and Health Products Chairman of the Board of Directors, Abidin Gulmus, stated that a 15% decrease in drug prices is expected in Azerbaijan with the start of production of the enterprise.
PERMANENT JOB OPPORTUNITIES FOR 165 PEOPLE
Emphasizing that Azerbaijan’s first pharmaceutical production facility will be built by applying Turkiye’s advanced technologies, Gulmus said, “42 high-quality medical products in various dosages and packages will be produced. The investment cost of the facility will be 59.3 million manats. Permanent employment opportunities will be provided for 165 people in the facility.”
“Gen Pharma Kafkasya Production Operations Ltd” was established on July 31, with the Partnership and Joint Participation Agreement regarding the establishment of a pharmaceutical company between the Azerbaijan Investment Company, the Turkish company GEN Pharmacy and Medical Products Industry and Trade Inc. and SIA Pharmaceutical. According to this shareholder agreement, GEN has 66%, Azerbaijan Investment Company has 29% and SIA Pharmaceutical has 5%.
Source: Patronlardunyasi / Prepared by Irem Yildiz