By John Lee.
Construction has started at a new Azerbaijan-Iran pharmaceutical plant in the Azerbaijani capital Baku.
Caspian Pharmed is 49-percent owned by Iran’s Tamin Pharmaceutical Investment Company, with the Azerbaijan Investment Company owning 25 percent and Azersun Holding 26 percent.
The plant will be commissioned within two years, at a cost of over $30 million.
Initial capacity will be 200 million tablets and capsules per year, spanning a range of 84 drugs, including some for the treatment of heart diseases, various types of antibiotics, and painkillers.
The ceremony was attended by Azerbaijani Minister of Economy Shahin Mustafayev and Iran’s Minister of Cooperatives, Labor and Social Welfare Ali Rabiei, among other dignitaries.
(Sources: Azerbaijani Economy Ministry, Trend)