Development of the pharmaceutical sector to attract new investments in Azerbaijan – SMBDA

BAKU, Azerbaijan, October 7. The development of the pharmaceutical sector will serve to attract new investments to Azerbaijan, chairman of the board of directors of the Agency for the development of small and medium enterprises of Azerbaijan, Orkhan Mammadov, told a conference organized by the Public union “Pharmacists Club”, reports Trend.

According to Mammadov, the successful economic policy conducted in Azerbaijan has created a favorable basis for bringing the medical services provided to the population up to modern standards and strengthening the material and technical base of this system.

“One of the priority areas is to increase the competitiveness of entrepreneurs operating in this field, the quality and compliance of their services with modern standards,” he noted. “In general, the establishment of enterprises for the production of medical products in Azerbaijan is important in terms of developing the country’s economic industry and increasing the share of the non-oil sector.

“At the same time, since an average of $300 million is spent on pharmaceutical imports every year, the development of the pharmaceutical sector will also help reduce the outflow of foreign currency from Azerbaijan,” the official also noted. .

“During the COVID-19 pandemic, the importance of self-sufficiency in medical products has once again been confirmed. In Azerbaijan, during and before the pandemic, significant work has been done to develop both the pharmaceutical and medical industries as a whole. In this context, the Pirallahi Industrial Park, which specializes in the pharmaceutical sector, is of great importance,” added Mammadov.