Uzbekistan will establish an Investment Fund for Advanced Pharmaceutical Projects.

On December 18, President of Uzbekistan Shavkat Mirziyoyev visited the Tashkent Pharma Park innovation cluster, where he held a meeting with leaders of pharmaceutical companies. The pharmaceutical industry, which holds significant economic and social importance, continues to receive robust support from the government. Over the past seven years, the production volume 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 to the sector.

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Several initiatives have been proposed for the localization of production and the expansion of exports. In particular, “Asakabank” and the Agency for the Development of the Pharmaceutical Industry, in collaboration with major enterprises, will develop a program by 2025 for the production and release of 200 in-demand types of medicines. This will enable the production volume to double. A total of 400 million dollars will be allocated for the implementation of these projects, raised under favorable conditions.

Additionally, an Investment Fund for Advanced Pharmaceutical Projects will be established, which will act as an equity participant and catalyst for projects in areas such as biopharmaceuticals, cell technologies, and oncology.

The Reconstruction and Development Fund will open a credit line for “Asakabank” amounting to 100 million dollars to finance pharmaceutical projects, including for leasing. The bank will also establish a venture company with a capital of 10 million dollars that will focus on financing startups and commercializing new developments. Companies will be able to receive additional funds without expertise, equal to the amount of investments they attract.

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

Furthermore, a decision has been made to extend the customs benefits for local pharmaceutical enterprises for three more years, which are set to expire on January 1, 2025.

Domestic pharmaceutical enterprises are prepared to produce medications based on the technologies and formulations of leading international companies, but this requires an appropriate legal framework. Currently, it is necessary to clinically test and register such medications, which is a time-consuming process. The President emphasized the importance of simplifying this process.

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

In addition, the production of plant substances and cosmetic components is actively developing in Uzbekistan. As part of Asakabank’s projects, plantations covering 5 hectares for each type of medicinal plant will be created next year, as well as 5 pilot projects for their processing will be implemented.

Overall, a project portfolio worth 1 billion dollars will be formed in the pharmaceutical sector, aimed at improving the quality of in-demand medicines, enhancing competition, and increasing affordability.

During the meeting, industry participants shared their proposals for improving production, enhancing product quality, boosting exports, and stimulating science and education in the pharmaceutical field.