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Official News

Monday, 11 April 2016

PM gets acquainted with AZAD Pharmaceutical Ingredients AG investment programs

Prime Minister Hovik Abrahamyan visited today AZAD Pharmaceutical Ingredients AG to get acquainted with its activities and upcoming investment programs. It was noted that these programs will implemented in the framework of Armenia’s export-oriented industrial policy strategy as pasty of the pharmaceutical and biotechnology program of activities, in cooperation with the Development Fund of Armenia.

The company has already carried out the first stage of the program; in particular, they have refurbished and equipped 5 laboratories and auxiliary areas on the 3rd floor of the 1st Corps at Azatutyan-26. The company imported from Germany and installed the appropriate laboratory equipment. Overall, the company has already made nearly 3 million euro-worth investment. The company currently employs 30 chemists and researchers with a minimum salary of 250 thousand drams. 5 research programs are being carried out on the development of raw materials for new medicines in the amount of USD2 million, which will soon be made available to the customers.

It was reported that according to the policy pursued in the framework of the investment program, the company is planning to carry out investment worth about 10 million euros over the next 3-5 years to expand research activities and increase the number of employees to 100.

Prime Minister Abrahamyan welcomed the development programs of the company and expressed the Government’s support in their implementation.

May 2020