Iran interested in Russia's $20 billion pharmaceutical market

By Al Mayadeen English
Source: Agencies
16 Oct 2022 22:22

Trade Promotion Organization of Iran says that Iran has made all the necessary arrangements and is ready to become part of Russia's large pharmaceutical industry given the consequences of EU sanctions.

Iran interested in Russia's $20 billion pharmaceutical market

Following the exit of Western corporations from Russia's pharmaceutical market, the ground is prepared for Iranian enterprises, according to the head of the Trade Promotion Organization of Iran (TPOI).

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."

The TPOI has completed the required preparations to establish a significant presence in Russia's profitable pharmaceutical and medical equipment markets, he noted.

According to the TPOI head, good agreements have been reached on the export of anticancer drugs and pharmaceuticals to the Russian Federation.

Iran ready to share sanctions-related experience with Russia: Iran VP

Iran's First Vice President Mohammad Mokhber said, on October 6, that Iran is ready to share its experience in fighting sanctions with Russia and to further cooperate on joint energy projects.

During a meeting with Russian Prime Minister Mikhail Mishutin, Mokhber said, "Our main strategy concerning the sanctions issue is their neutralization and mitigation of their consequences. I assume that it is a very good accumulated experience and that we can share it with our Russian counterparts."

The Iranian politician said that over the last four decades, Iran withstood the "toughest sanctions", and he further suggested that a joint working group be established between the two countries to withstand potential destabilization caused by sanctions imposed on Russia.

He also noted that Tehran shares mutual interests with Moscow in the energy sector, and he welcomed Russian companies to generate new outputs for LNG production in Iran.

Mokhber informed the Russian prime minister about previous meetings he held with major Russian companies, where both sides discussed cooperation in the fields of energy investment, agricultural exports, and transport.