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Iran has saved billions of dollars due to its pharmaceutical industry producing the vast majority of needed medicines in the country, a member of the Board of Directors of the Iranian Syndicate of Pharmaceutical Industries said Saturday.

According to Morteza Kheriabadi, Iran has saved more than $20 billion worth of riyals since managing to produce more than 97% of locally-needed medicines.

Pharmaceutical companies, the top official said, managed to produce all the drugs needed by the local population throughout the COVID-19 pandemic, which not only saved millions of dollars but thousands of lives.

Kheirabadi underlined that government officials should support drug firms with all their capabilities in order to boost the achievement of their objectives and help with cutting Iran's dependency on foreign states and imports.

Moreover, Iranian pharmaceutical companies have set up offices in numerous regional states, which Kheriabadi called a source of pride for the country.

The head of the Trade Promotion Organization of Iran said in October 2022 that in the wake of Western corporations leaving Russia's pharmaceutical market, the ground was set for Iranian enterprises to enter the market.

The comments were made by Alireza Payman-Pak, Deputy Minister of Industry, Mine, and Trade, at a conference titled Promotion of Export of Medical, Dentistry, and Pharmaceutical Equipment that took place in Moscow on the sidelines of the Moscow Health Week Exhibition.

Payman-Pak added that medical supplies are one of the commodities for which the government has devised a detailed and strategic plan for export.

Statistics show that the Russian annual imports of medical equipment and medicines total $20 billion, said Payman-Pak, adding, "With the withdrawal of Western companies from Russia due to sanctions imposed on the country, suitable opportunities have been paved for Iranian companies, so Iranian firms should make their utmost efforts in exporting their products to Russia's lucrative market."