Monday, July 15, 2024

Iran Plans to Increase Pharmaceutical Exports by 30% in 2024, Aiming for Long-Term Growth

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The Head of the Export Department at the General Directorate of Pharmaceuticals and Controlled Substances in Iran, Seyed Ali Maboudi, announced a mid-term plan to increase pharmaceutical exports by 30% this year. Maboudi highlighted that the value of Iran’s exports in raw materials and pharmaceutical products exceeded $100 million in 2023. Although pharmaceutical exports have historically held a small share among non-oil industrial exports, there has been a positive growth trend in recent years.

Maboudi added that the Food and Drug Administration (FDA) aims to double pharmaceutical exports in the short term and increase them tenfold in the long term. This ambitious goal reflects the administration’s commitment to enhancing Iran’s presence in the global pharmaceutical market. Maboudi pointed out that exporting pharmaceuticals is one of the most complex types of goods exports due to the necessity of registration and obtaining quality approvals in each destination country. These stringent requirements ensure that pharmaceutical products meet the high standards necessary for market entry, reflecting their critical impact on public health.

Given the sensitive nature of pharmaceutical products and their direct link to public health, successful entry into export markets requires passing all these tests. The comprehensive evaluation process aims to ensure that exported pharmaceuticals maintain high safety and efficacy standards, crucial for gaining and maintaining market trust. The plan to increase pharmaceutical exports is part of a broader strategy to bolster Iran’s economic resilience by diversifying its export portfolio. By focusing on pharmaceuticals, the administration hopes to tap into a high-value, high-impact sector that can significantly contribute to the country’s economic growth.

Iran’s Plan to Enhance Pharmaceutical Exports and Global Industry Standing

This strategic focus on pharmaceuticals not only aims to enhance export revenues but also to position Iran as a competitive player in the global pharmaceutical industry. By investing in quality improvements and regulatory compliance, the administration seeks to build a robust and sustainable export framework. The government’s commitment to supporting pharmaceutical exports includes facilitating access to international markets, providing necessary support for regulatory compliance, and fostering innovation within the pharmaceutical sector.

These efforts are designed to ensure that Iranian pharmaceutical products are competitive on the global stage, meeting the diverse needs of international markets. The mid-term plan to increase pharmaceutical exports by 30% represents a significant step towards boosting Iran’s presence in the global pharmaceutical market. By addressing the complexities of pharmaceutical exports and focusing on quality and regulatory compliance, the administration aims to create a sustainable and competitive export strategy. This plan is expected to enhance economic resilience and contribute to the country’s long-term economic growth.

In addition to these measures, the Iranian government is prioritizing partnerships with international pharmaceutical companies to further bolster its export capabilities. By establishing joint ventures and collaborative agreements, Iran aims to benefit from advanced technologies and global best practices, which will help improve the quality and competitiveness of its pharmaceutical products. Furthermore, the administration is working on improving the infrastructure needed for pharmaceutical manufacturing and distribution, ensuring that the supply chain is efficient and capable of meeting international standards.

Pharmaceutical Exports

Iran Prioritizes R&D and Regulatory Reforms to Boost Pharmaceutical Exports

Another crucial aspect of the strategy is the emphasis on research and development (R&D) within the pharmaceutical sector. By allocating resources to R&D, Iran seeks to foster innovation and develop new pharmaceutical products that cater to both domestic and international markets. This focus on R&D is expected to lead to the creation of high-value pharmaceutical products, thereby increasing the attractiveness of Iranian exports. Moreover, the government is implementing training programs for pharmaceutical professionals to ensure that the workforce is skilled and knowledgeable about the latest industry trends and regulatory requirements. These training programs are aimed at enhancing the overall capabilities of the pharmaceutical sector, making it more competitive on a global scale.

To support these initiatives, the administration is also focusing on improving the regulatory environment for pharmaceutical exports. By streamlining approval processes and reducing bureaucratic hurdles, the government aims to make it easier for pharmaceutical companies to export their products. This includes ensuring that Iranian pharmaceutical products comply with international standards and regulations, which is crucial for gaining access to key markets around the world.

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The Iranian government’s comprehensive strategy for boosting pharmaceutical exports encompasses a wide range of initiatives aimed at improving quality, fostering innovation, enhancing regulatory compliance, and building international partnerships. These efforts are expected to position Iran as a competitive player in the global pharmaceutical industry, contributing to the country’s economic resilience and long-term growth. Through these measures, Iran aims to create a sustainable and thriving pharmaceutical export sector that can meet the demands of international markets and support the nation’s economic development.

 

Resource: Mehr News Agency, June 14, 2024

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