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SWISS COMPANY TO INVEST $0.5 MILLION IN PHARMACEUTICAL MANUFACTURING IN ARMENIA
February 14, 2014 | 14:12
YEREVAN. - A Swiss pharmaceutical company is going to invest $0.5
million to experimental manufacturing of drugs in Armenia.
Azad Pharmaceutical Ingredients, Armenian Ministry of Economy and the
Armenian Development Agency signed a cooperation memorandum in Yerevan.
"We are going to open a raw materials lab and then pilot production.
In few years, we will probably open a full-fledged pharmaceutical
plant," said Mike Baronian, chairman of Swiss company's board of
directors.
The company is going to focus on trainings of pharmaceutical chemists
first.
"Armenia has a considerable potential of human resources," he said.
The company's investments will make $10-15 million, while the pilot
production may open in 3-4 years.
The Swiss company chose Armenia mainly due to an opportunity of
facilitated exports to the markets of Customs Union states.
"The procedures inside the Customs Union will be more simplified,"
Baronian added.
Since 1960s Mike Baronian has been working for Johnson&Johnson
corporation, then was appointed a vice president of oilag AG. In 2003
he set up his own company focusing on ophthalmology and oncology drugs.
News from Armenia - NEWS.am
February 14, 2014 | 14:12
YEREVAN. - A Swiss pharmaceutical company is going to invest $0.5
million to experimental manufacturing of drugs in Armenia.
Azad Pharmaceutical Ingredients, Armenian Ministry of Economy and the
Armenian Development Agency signed a cooperation memorandum in Yerevan.
"We are going to open a raw materials lab and then pilot production.
In few years, we will probably open a full-fledged pharmaceutical
plant," said Mike Baronian, chairman of Swiss company's board of
directors.
The company is going to focus on trainings of pharmaceutical chemists
first.
"Armenia has a considerable potential of human resources," he said.
The company's investments will make $10-15 million, while the pilot
production may open in 3-4 years.
The Swiss company chose Armenia mainly due to an opportunity of
facilitated exports to the markets of Customs Union states.
"The procedures inside the Customs Union will be more simplified,"
Baronian added.
Since 1960s Mike Baronian has been working for Johnson&Johnson
corporation, then was appointed a vice president of oilag AG. In 2003
he set up his own company focusing on ophthalmology and oncology drugs.
News from Armenia - NEWS.am