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FinancialNews


  • 09-06-20

    Iran saved 788m USD through localizing medicine production

    (MENAFN)

    Iran's minister of health Saeid Namaki states a domestic effort to localize the production of major drugs has allowed the government to save some 788 million U.S. dollars in the year ending March 2020.

    Namaki said on Sunday, June 7th that the government has considerably risen its support for the pharmaceutical field in Iran, helping many companies to begin manufacturing of treatments whose imports have been blocked because of the American sanctions or limitations imposed on financial settlements.

    Namaki said that cutting 788 million U.S. dollars in imports of drugs into Iran over 2019 enabled the pharmaceutical sector in the country to significantly lessen its need to draw from the government's hard currency reserves.

    According to the minister, "This was a major achievement for the country's pharmaceutical industry that we witnessed a 20-percent reduction in exchange needs for medicine (imports)."

    Namaki made the comments while in a video briefing session to open a major plant for the production of active ingredients needed in the pharmaceutical sector.

    MENAFN0906202000450000ID1100294038

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