The groundbreaking ceremony of the pharmaceutical production facility of "Gen Pharma Caucasus Manufacturing Operations" LLC was held in Pirallahi Industrial Park.
The groundbreaking ceremony of the pharmaceutical production facility of "Gen Pharma Caucasus Manufacturing Operations" LLC was held on December 7 in Pirallahi Industrial Park. Minister of Economy Mikayil Jabbarov, Turkish Ambassador to Azerbaijan Cahit Bagci, Head of "Gen Pharma Caucasus Manufacturing Operations" Abidin Gulmush, as well as officials took part in the event.
It was pointed out at the foundation ceremony that industrial zones producing modern, high-quality and competitive products operate in our country, which serves the development of the non-oil economy in accordance with the industrialization policy. It was reported that a Partnership and Joint Participation Agreement was signed on July 31, 2023 between Azerbaijan Investment Company, Turkish company "GEN İlaç ve Sağlık Ürünleri Sanayi ve Ticaret A.Ş" and "SIA Pharmaceutical" LLC on the establishment of a pharmaceutical plant in Pirallahi Industrial Park. As a result of the works carried out according to the document, the foundation of the drug production plant was laid today by "Gen Pharma Caucasus Manufacturing Operations" LLC in the area of 7.8 hectares of the Pirallahi Industrial Park.
The enterprise will produce 42 high-quality medicinal products in various dosages and packaging with the application of advanced technologies of Turkey. The investment cost of the plant to be built is 59.3 million manats. 165 people will be permanently employed in the enterprise. The demand for a number of pharmaceutical products in the country will be met through local production, and dependence on imports will be reduced after the plant starts operating.
In addition to selling the products produced in the factory with an annual production capacity of 50 million boxes, it is planned to export them to the countries of the region under the "Made in Azerbaijan" brand.
It should be noted that the activity of the Pirallahi Industrial Park, established in 2016 by the relevant Decree of the head of state, contributes to the development of the pharmaceutical industry, meeting the population's demand for medicines, localization of production and promotion of employment. Residence status was granted to 6 business entities with a total investment of more than 115 million manats in the park. So far, about 37 million manats have been invested in the industrial park by residents, and more than 120 permanent jobs have been created. 2 out of 6 registered residents are already active.
