Azerbaijan moves into pharmaceuticals in latest attempt to diversify economy

Azerbaijan’s deputy health minister Elsevar Aghayev has announced that the construction of two pharmaceutical manufacturing facilities in partnership with Iranian and Russian companies is expected to be finished by the end of 2019.

The pharmaceutical plants are located in the Pirallahi Industrial Park.

In addition, Belarusian investors will also build a facility in Azerbaijan which will provide the country’s pharmaceutical market with oncology medicines.

Speaking to the Azerbaijani press, the deputy health minister said the aim of the investments is to reduce dependence on imports in the pharmaceutical industry, noting that pharmaceutical manufacturing might be one of the major directions towards diversifying the non-energy sector of the country’s economy.

He noted that German companies are also eyeing investments in the sector and could possibly enter the Azerbaijani market by next year, at the latest.