The Turkiye And Azerbaijan Pharmaceutical Plant construction project has signed a partnership agreement. According to official sources, the Azerbaijan Investment Company (AIC) OJSC formed a joint venture with Turkish Gen Ilac ve Saglik Urunleri Sanayi Ve Ticaret A. S pharmaceutical company. Collaboratively, the firms will develop the plant, situated in the Pirallahi Industrial Park.
An official statement noted that the Turkiye And Azerbaijan Pharmaceutical Plant will significantly reduce import dependence. Moreover, the development is said to potentially enable local production capacity to meet pharmaceutical needs.
Over time, the pharmaceutical industry in Azerbaijan has shown significant infrastructural growth. A report by the State Statistics Committee of Azerbaijan revealed that the industry’s production value grew at an average of 18.7% between 2015 and 2019. Without a doubt, the report further illustrates the country’s commitment to enhancing the pharmaceutical sector.
Turkiye And Azerbaijan Pharmaceutical Plant Investment Cost
The Turkiye And Azerbaijan Pharmaceutical Plant’s initial investment cost is about $35 million. Furthermore, a press release statement noted that it strives to manufacture several pharmaceutical products in varying packaging as well as dosages. Additionally, the plant is reported to comprise 100 types of products, with up to 42 names.
Quite impressively, the Turkiye And Azerbaijan Pharmaceutical Plant spans an area of 11,500 square meters. Moreover, its production capacity is approximately 35 million packages. While commenting on the project, Turkish Gen Ilac ve Saglik Urunleri Sanayi Ve Ticaret A. S Company’s Chairman of the board expressed delight over the partnership. He further remarked that the development targets to contribute to the well-being of both countries.
As a whole, the pharmaceutical plant project will also further continue to strengthen economic relations between Turkey and Azerbaijan. Furthermore, the country’s strategic location between Asia and Europe offers Turkish investors access to markets, especially in the Caspian region. Considering the current growth in the pharmaceutical sector, the project will further leverage and encourage the development of additional research centers and manufacturing facilities.