A Turkish company has laid the foundation of the first pharmaceutical production facility to be established in Azerbaijan Thursday.
The groundbreaking ceremony for the Gen Pharma Caucasus Manufacturing Operations, a pharmaceutical production facility in Pirallahi Industrial Park, near Baku, was attended by Azerbaijan's Minister of Economy Mikail Jabbarov, Turkish Ambassador to Baku Cahit Bağcı, and other guests.
Minister Jabbarov said at the ceremony that Azerbaijan is carrying out policies to develop the non-oil sector, and that "pharmacy, pharmaceutical production is of particular importance for every state.
"Every resource can be exhausted. These limits can only be expanded based on human capital. This initiative is a step forward in the development of the sector."
For his part, Bağcı emphasized the importance of the enterprise's establishment as a result of cooperation with the Azerbaijan Investment Company.
"We are organizing joint meetings of Azerbaijan Investment Company and Turkish investors. We recommend representatives of the companies to invest with the Azerbaijan Investment Company."
Abidin Gülmüş, chairperson of the board of directors of GEN Pharma, said a 15% decrease in drug prices is expected in Azerbaijan with the start of production.
Emphasizing that Azerbaijan's first pharmaceutical production facility will be built by applying Türkiye's advanced technologies, he said: " Some 42 high-quality medical products in various dosages and packages will be produced."
"The investment cost of the facility will be 59.3 million manat ($34.9 million), and permanent job opportunities will be provided for 165 people," he added.
