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Iran’s pharmaceutical industry
Iran’s domestic pharmaceutical industry is one of the most developed in the MENA region.
According to the World Health Organization all the medicine incorporated into the latest version of the WHO Model List of Essential Medicines is available in Iran.
At the end of 2019, Iran’s pharmaceutical industry was valued at two and a half billion euros annually and is expected to grow 3.1 euro billion by 2024.
Iran is currently manufacturing 90% of the medicine for its population, and Iranian manufacturers are prioritizing the development of partnerships with foreign pharmaceutical companies to improve industry and quality standards.
In 2020, Iran’s pharmaceutical exports stood at 90 million euro, mostly destined for Central Asia. Other markets Also welcome Iranian pharmaceutical products. In 2019 for example, pharmaceutical imports from Iran into Germany stood at 26.95 million euro.
There are around 100 pharmaceutical manufacturing companies active in Iran with more than 60 plants committed to producing almost 40 billion drug units annually.
Following international trends, Iran is constructing a 1,85 billion euro government-backed “Industrial Pharmaceutical City” near Tehran, as a hub for incubators, research laboratories, biotechnology manufacturers and start-ups active in the Pharmaceutical sector. The hub provides tax exemptions to foreign investors.
In May 2020, Iran and Germany signed an agreement to boost trade in pharmaceuticals. Pharmaceutical imports reached almost 820 million euros which estimates at 538.56 million euro in 2024.
In 2019, The Iranian government Has developed plan to initiate domestic production of 135 medical products.
This, coupled with Iran’s large population and high burden of chronic diseases, provides impetus for the growth of the local pharmaceutical market, with innovative international, manufacturers able to participant in.