27 February 2014
Iran has signed a contract with a major US pharmaceutical company, Merck Sharp & Dohme (MSD), for the licensed production of medicines.
Nasser Riahi, the head of Iran's Drug Importing Union, also said Iran has a high capacity for investment, particularly in the pharmaceutical industry, ISNA reported.
He predicted that in the near future, a number of international companies will enter the Iranian market.
MSD is one of the largest pharmaceutical companies in the world. Its headquarters is currently located in the state of New Jersey.
The company's revenues reportedly stood at $48 billion in 2011. It was established in 1891 as the US subsidiary of the German company now known as Merck KGaA.
Riahi noted that a German company has expressed interest in purchasing the share of Shiraz Serum Company and participate in the production without using the German company's name. "The US MSD, which is one of the largest pharmaceutical companies in the world, wants to manufacture its products under license in Iran," he said, adding that in order to gain the trust of Iranian partner, the US company has reduced its product prices by 30 to 40 percent.
Riahi also announced that the Swiss-based multinational drug-maker Novartis has started production in Iran and signed a contract.
"A Japanese company has also signed an agreement for the production of medicines in Iran," he added.
MSD is the first US drug company to sign a cooperation contract with Iran since the 1979 Islamic Revolution.
International sanctions against Iran have hindered medicinal trade, as pharmaceutical firms have been refusing to sell Iran drugs due to difficulties in receiving payments. This has led to shortages of some vital medicines in the country.
Iran's Health Ministry official, Hossein Ayati, said earlier that 97 percent of Iran's required medicines are currently produced domestically.
"About 50 percent of the raw materials needed for producing medicines are imported," he said.
Iran imported 16,000 tons of drugs worth $1.46 billion in the last Iranian year (which ended on March 20).
Drug imports ranked 10th on the list of Iran's imported goods last year. Iran's drug import has increased by 900 percent since March 21, 1997.
Statistics from Iran's Health Ministry shows 89 pharmaceutical companies were active during 2011, while 123 companies were involved in importing drugs this year.
Iran has signed a contract with a major US pharmaceutical company, Merck Sharp & Dohme (MSD), for the licensed production of medicines.
Nasser Riahi, the head of Iran's Drug Importing Union, also said Iran has a high capacity for investment, particularly in the pharmaceutical industry, ISNA reported.
He predicted that in the near future, a number of international companies will enter the Iranian market.
MSD is one of the largest pharmaceutical companies in the world. Its headquarters is currently located in the state of New Jersey.
The company's revenues reportedly stood at $48 billion in 2011. It was established in 1891 as the US subsidiary of the German company now known as Merck KGaA.
Riahi noted that a German company has expressed interest in purchasing the share of Shiraz Serum Company and participate in the production without using the German company's name. "The US MSD, which is one of the largest pharmaceutical companies in the world, wants to manufacture its products under license in Iran," he said, adding that in order to gain the trust of Iranian partner, the US company has reduced its product prices by 30 to 40 percent.
Riahi also announced that the Swiss-based multinational drug-maker Novartis has started production in Iran and signed a contract.
"A Japanese company has also signed an agreement for the production of medicines in Iran," he added.
MSD is the first US drug company to sign a cooperation contract with Iran since the 1979 Islamic Revolution.
International sanctions against Iran have hindered medicinal trade, as pharmaceutical firms have been refusing to sell Iran drugs due to difficulties in receiving payments. This has led to shortages of some vital medicines in the country.
Iran's Health Ministry official, Hossein Ayati, said earlier that 97 percent of Iran's required medicines are currently produced domestically.
"About 50 percent of the raw materials needed for producing medicines are imported," he said.
Iran imported 16,000 tons of drugs worth $1.46 billion in the last Iranian year (which ended on March 20).
Drug imports ranked 10th on the list of Iran's imported goods last year. Iran's drug import has increased by 900 percent since March 21, 1997.
Statistics from Iran's Health Ministry shows 89 pharmaceutical companies were active during 2011, while 123 companies were involved in importing drugs this year.
© Iran Daily 2014
