Domestic Biopharmaceuticals Production Saving Iran $1bn Annually

Date: 16 March 2020 - 22:18

News ID: ۷۷۱۷۴

TEHRAN (Fars) - Iran’s Vice-Presidency of Science and Technology announced that indigenous production of biopharmaceuticals saves the country up to $1 billion in a year.
In the past few years, the country has managed to domestically produce 22 types of biopharmaceuticals out of nearly 50 types currently available in the market. This has saved the country up to $1 billion in a year.
According to the Vice-Presidency of Science and Technology, the technical know-how for the production of the remaining types has been obtained and they are ready for industrial production.
It is expected that this new series of biopharmaceuticals will be able to save the sanctioned country around $570 million.
Iran’s biotechnology sector currently amounts to 0.4% to 0.5% of the global biotechnology market.
The Vice-Presidency of Science and Technology seeks to increase Iran’s share in the global biotechnology market up to 3% by 2026, which amounts to about $20 billion.
The focus is on macroeconomic fields, such as agriculture, livestock and poultry, the sea and energy.
Iran has taken long strides in producing different types of drugs and medical equipment.
All the drugs have been produced based on the highest international standards using state-of-the-art technologies.