Domestic production of biopharmaceuticals saves Iran $1bn annually

The domestic production of biopharmaceuticals saves Iran up to $1 billion in a year, according to the Vice-Presidency of Science and Technology.

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.

Source: Mehr News Agency