Agency: Azerbaijan to attract new investments as result of pharmaceutical sector development

Chairman of the board of the Azerbaijan Small and Medium Business Development Agency Orkhan Mammadov has said that Azerbaijan will attract new investments as a result of the development of the pharmaceutical sector.

Mammadov made the remarks at a conference organised by the Pharmacists Club Public Union on October 7, Trend reports.

He noted that the successful economic policy which is pursued in Azerbaijan has created a favourable basis for bringing medical services which are rendered to the population up to modern standards and strengthening the material and technical base of this system.

“One of the priority spheres was to increase the competitiveness of entrepreneurs operating in this sphere, the quality and compliance of their services with modern standards. 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,” he said.

On the other hand, taking into account that an average of $300 million is spent annually on the import of pharmaceutical products, the development of the pharmaceutical sector will also help reduce the outflow of foreign currency from Azerbaijan and attract new investments.

The importance of self-sufficiency in medical products has once again been confirmed during the COVID-19 pandemic.
“Both during the COVID-19 pandemic and before it, huge work related to the development of both the pharmaceutical and medical industries as a whole was carried out in Azerbaijan during the COVID-19 pandemic. In this context, the Pirallahi Industrial Park, which specialises in the pharmaceutical sector, is of great importance,” Mammadov said.