Azerbaijan expects 15% decline in prices of medicines due to local production

Drug prices in Azerbaijan are expected to decrease by 15% due to the launch of the Gen Pharma Caucasus Manufacturing Operations drug production plant, the foundation laying ceremony of which took place December 7 in the Pirallahi Industrial Park, the head of the company Abidin Gulmus said, Report informs.

"The pharmaceutical market of Azerbaijan is growing by 10% annually. After the introduction of compulsory health insurance, it has become easier for people to purchase medicines," he noted.

Turkish Ambassador to Azerbaijan Cahit Bagci added that the creation of this enterprise will become an example for the development of other sectors of the economy.

"The plant was created as a result of cooperation with the Azerbaijan Investment Company OJSC. We organize joint meetings of Turkish investors with the OJSC and recommend that they invest in Azerbaijan," the ambassador said.

Azerbaijan Investment Company OJSC owns a 29% stake in Gen Pharma Caucasus Manufacturing Operations.