Tashkent Pharma Park Investing $470 Million in 12 Projects
The pharmaceutical industry in Uzbekistan is set to undergo significant changes by 2025, as a mandate has been issued to reduce drug prices by 20% due to industry digitization.
Tashkent Pharma Park, the flagship pharmaceutical project in the country, is gearing up to implement 12 investment projects totaling $470 million. To finance these projects, $100 million of “inexpensive resources” have been allocated, and Asakabank has secured $200 million in funding.
Since the beginning of the year, two projects with a combined worth of $30.5 million have already been launched by the park, leading to the creation of 160 new jobs. These projects have also resulted in the production of goods worth 1.5 trillion UZS, with $51 million worth of goods exported.
Looking ahead, the park aims to increase its production to $400 million and boost exports to $200 million by 2024. The future roadmap includes a total of 147 projects worth $2 billion, with 28 projects scheduled to become operational this year, contributing to the localization of 450 new types of products.
In line with these developments, there is a strong emphasis on saturating the domestic market with locally produced pharmaceuticals. Efforts are also underway to transition production to international standards and achieve a balance between price and quality by reaching 65% digitization in the industry this year and achieving full digitization by 2025. As a result, a significant reduction in drug prices is expected.
To further drive innovation in the sector, plans are underway to establish a biotechnological cluster within Tashkent Pharma Park. The president has issued a decree outlining a roadmap to accelerate the implementation of pharmaceutical projects by the end of 2025.
These initiatives signal a transformative period for the pharmaceutical industry in Uzbekistan, as it strives to enhance productivity, competitiveness, and affordability in the market.
