YEREVAN, February 14. / ARKA /. The Yerevan-based Institute of Fine Organic Chemistry, Swiss company Azad Pharmaceutucals Ingredients AG and the Armenian Development Agency (ADA) have signed a memorandum of understanding today to establish a laboratory in the Armenian capital city for production of medicinal raw materials.
ADA head, Robert Harytynyan, said after the signing ceremony that the laboratory will be set up within next six months to be followed by pilot production of medicinal raw materials.
He said the objective is to promote development of pharmaceutical sector in Armenia and increased use of innovation in this area.
Head of the Institute of Fine Organic Chemistry, Vigen Topuzyan, said the institute will provide premises to the Swiss company for conducting joint research , while Azad Pharmaceuticals Ingredients AG will provide specialists and equipment .
Head of Azad Pharmaceuticals Ingredients AG, Mike Baronyan, said the initial investment in this project is approximately $500,000. He added that this amount will increase later.
Deputy economy minister Tigran Harutyunyan who was present at the signing ceremony, pledged the government’s support in the implementation of this project.
He said the project would contribute to the development of the Armenian economy, create new jobs and open up new pharmaceutical markets for Armenia. -0-