Tashkent, Uzbekistan (UzDaily.com) —  On December 18, President of Uzbekistan Shavkat Mirziyoyev visited the Tashkent Pharma Park innovation cluster, where he met with pharmaceutical industry leaders.

The pharmaceutical industry, which holds significant economic and social importance, continues to receive active state support. Over the past seven years, the production of pharmaceutical products in Uzbekistan has doubled, exports have increased elevenfold, and the number of enterprises has tripled. Investments totaling $750 million have been attracted.

Currently, Uzbekistan produces 3,500 types of medicines and medical products, but this is not enough to fully meet domestic demand.

President Mirziyoyev proposed several initiatives for localizing production and expanding exports. Specifically, “AsakaBank” and the Pharmaceutical Industry Development Agency, together with major enterprises, will develop a program by 2025 to manufacture and release 200 in-demand medicines. This will allow the production volume to be doubled. The projects will be financed with $400 million raised on favorable terms.

Additionally, an Investment Fund for Advanced Pharmaceutical Projects will be established. The fund will act as a shareholder and catalyst for projects in fields such as biopharmaceuticals, cell technologies, and oncology.

The Reconstruction and Development Fund will open a $100 million credit line for “AsakaBank” to finance pharmaceutical projects, including leasing. The bank will also establish a venture company with $10 million in capital to finance startups and the commercialization of new developments. Companies will be able to receive additional funds, equal to the amount of investments they have attracted, without expert assessment.

To support new domestic developments, 20 billion soums will be allocated from the Innovation Fund in the form of grants. These funds will be directed toward the commercialization of new medicines and supporting startups.

A decision was also made to extend the customs privileges for local pharmaceutical enterprises for three more years, as the current privileges will expire on January 1, 2025.

Domestic pharmaceutical enterprises are ready to produce medicines based on technologies and formulations from leading international companies, but this requires an appropriate legal framework. Currently, clinical testing and registration of such medicines is needed, which takes considerable time. The President emphasized the importance of simplifying this process.

To stimulate exports, the costs of obtaining certifications from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) will be covered by the state budget.

Moreover, the production of plant-based substances and cosmetic components is actively developing in Uzbekistan. As part of “AsakaBank” projects, next year, plantations of 5 hectares each of medicinal plants will be created, along with 5 pilot projects for their processing.

In general, a $1 billion portfolio of projects will be formed in the pharmaceutical industry to improve the quality of in-demand medicines, enhance competition, and make prices more affordable.

During the meeting, industry participants shared their proposals for developing production, improving product quality, increasing exports, and stimulating science and education in the pharmaceutical sector.