Volume of pharmaceutical market reached $2 billion in Kazakhstan

Over the past 5 years, the volume of the pharmaceutical market in Kazakhstan has doubled, in monetary terms - from $1 billion to $2 billion,  the Vice Minister of Health Zhandos Burkitbayev announced during a meeting with the Ambassadors Extraordinary and Plenipotentiary of the Member States of the EU to Kazakhstan, El.kz reports with reference to the department.

According to him, over the past ten years, the volume of investments in the pharmaceutical industry has increased 6 fold, from $7 million to $44 million. There was also an increase in the production of pharmaceutical products from 2019 to 2023, which indicates the high potential of this area.

"The Ministry of Health of the Republic of Kazakhstan is tasked to bring the share of domestically produced medicines to 50% in the domestic market by 2029. To achieve it and implement a number of projects for the localization of innovative drugs with foreign participation, the Ministry is working in two areas: improving regulatory acts and attracting companies from BIGPHARMA," the Vice Minister said.

He named a number of state support measures that will increase the potential of the pharmaceutical industry with foreign partners. According to the vice minister , it is planed to conclude long-term agreements for the supply of medicines by a single distributor for a period of up to ten years with customers of contract manufacturing of original drugs.

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