Pharmaceutical factory established by Syrian-Armenian businessmen in Armenia to enable 30- 40% price reduction of drug
The Tufenkchi Group pharmaceutical factory was opened on April 1 in Jrvezh village, Kotayk province. The factory has been established by Syrian-Armenian businessmen. Healthcare minister Levon Altunyan, minister of economic development and investment Suren Karayan and Diaspora minister Hranush Hakobyan attended the opening ceremony.
Healthcare minister Levon Altunyan told reporters any medication in demand in the domestic market will be produced in the factory. “In case of consumption of the production, it will enable to decrease medication prices in the market up to 30-40 percent,” he said.
According to him, this kind of a factory hasn’t existed in Armenia. “Of course we have pharmaceutical productions, which are engaged in other functions, however we didn’t have this kind of a factory yet. I hope similar industries will develop,” he said.
The factory will produce painkillers, hypertension drugs, nutritional supplements, vitamins, anti-diabetic drugs etc. Minister of economic development and investments Suren Karayan highlighted the fact that the factory is established by Syrian-Armenians, and expressed the ministry’s support to all Diaspora-Armenians in such initiatives.
“This initiative is important for the development of the pharmaceutical sector, which has a rather big potential and prospect, which isn’t yet realized. By joining the EEU, Armenia received wide opportunities to be able to export its production to the large EEU market,” Karayan said.
CEO of the Tufenkchi Group factory Carlo Gaspar said the factory plans to produce 350-400 thousand USD worth of production in 2017 and create 25-30 jobs. “In the future it is planned to expand production, which will result in an addition 50-60 jobs.
We closely cooperated with the minister of economic development and investments. The ministry showed us the shortest and easiest way in order to accelerate the factory’s launch,” he said. According to him, the factory plans to export production to Syria, Lebanon, Jordan, Libya, Algiers, Yemen and others.
