Pharmaceutical import decreases by 91%

October 11, 2021 - 17:43

TEHRAN – The import of pharmaceuticals has declined in Iran by 91 percent, which shows the capability of the country’s pharmaceutical industry, Mohammad Reza Shanehsaz, head of the Food and Drug Administration, said on Monday.

Today, all medicine used in the treatment of coronavirus are produced by domestic manufacturers, and if we wanted to import all the items, there would be a high exchange rate, he further stated, emphasizing that COVID-19 vaccine development indicates the pharmaceutical industry’s capability.

In pharmaceuticals, around 70 percent of Iran’s $4.5 billion markets are domestic products. With the support of the domestic pharmaceutical industry, we were able to reduce the total of preferred currencies and other currencies used in the country from $4.2 billion to $2.84 billion from 2017 to 2020, he emphasized.

Shanehsaz went on to say that the consumption of foreign exchange in raw materials increased by 2 percent, while medicine import decreased by 31 percent in value, IRNA reported on Monday.

In 2018, the National Medical Device Directorate reported that the Iranian medical equipment market was worth $2.5 billion, 30 percent of which belonged to over 1,000 domestic firms.

On a global scale, 56 percent of 500,000 medical equipment items available in the world market have Iranian versions. In pharmaceuticals, around 70 percent of Iran’s $4.5 billion markets are domestic products and, in 2018, 97 percent of pharmaceuticals consumed in the country were manufactured locally.

In 2018, 67 percent of the active pharmaceutical ingredients (APIs) used to produce drugs in Iran were made locally.

A total of 227 knowledge-based firms are supplying medical equipment for health centers across the country, according to the Vice Presidency for Science and Technology.